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Equipment Finance News US equipment finance new business volume up 14% Published: 28th September 2018 Share The US equipment finance sector posted new business volume of $8.9 billion in August, up 14% year-over-year from the same month in 2017 and up 9% on July’s total of $8.2 billion, according to data from the Equipment Leasing and Finance Association (ELFA). Its monthly leasing and finance index (MLFI-25), which reports economic activity from 25 companies representing a cross section of the industry, showed cumulative new business volume was up 5% compared to 2017. Receivables over 30 days were 1.9%, unchanged from the previous month and up from 1.5% for the same period in 2017. Charge-offs were 0.29%, down from 0.31% the previous month, and down from 0.44% in the year-earlier period. Ralph Petta, ELFA president and CEO, said: “Members report continued strong origination volume as the summer comes to a close. Fundamentals in the US economy are favorable for capex investment by both large and small borrowers, and a number of asset classes and equipment verticals are benefiting.” Reflecting on recent developments, Petta continued: “Steadily rising interest rates, a spate of disagreements with our trading partners and a powerful hurricane have seemingly little, to no, effect on the US economy and its continued vitality.” However, Mark Duncan, executive vice-president and general manager, commercial finance and corporate development at captive lender Hitachi Capital America, cautioned: “Economic headwinds may be appearing on the horizon; we expect these to impact specific sectors uniquely and not necessarily in the same timeframe. Accordingly, at Hitachi Capital America, along with many other ELFA members, we are executing a diversified strategy and continue monitoring our clients’ underlying fundamentals closely. “It is our hope that the market works its way through any potential turbulence with minimal impact on both our clients and our industry.” Pat Sweet Correspondent - Asset Finance Connect Sign up to our newsletter Featured Stories Corporate Member NewsGrenke partners with IUI Global to strengthen service offerings NewsTransport UK London Bus expands electric fleet NewsPACCAR reports strong Q3 revenues and profits Equipment Finance