Volume was down 19 percent month-to-month from $9.8 billion in June. Year to date, cumulative new business volume was up 6 percent compared to 2016.
Receivables over 30 days were 1.40 percent, up from 1.30 percent the previous month and up from 1.30 percent in the same period in 2016. Charge-offs were 0.35 percent, down from 0.38 percent the previous month, and down from 0.38 percent in the year-earlier period.
Credit approvals totaled 76 percent in July, relatively unchanged from 75.9 percent in June. Total headcount for equipment finance companies was up 15.3 percent year over year, largely attributable to continued acquisition activity at an MLFI reporting company.
ELFA President and CEO Ralph Petta said, “The second half of the year gets off to a strong start, with double digit, year-over-year growth. Business fundamentals appear solid, with low unemployment, continued low interest rates and an active equities market buoying the economy. With a number of difficult public policy decisions on the horizon, all eyes will be on Washington in the coming months to glean whether this benign economic condition continues.”