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Washington, DC – The Equipment Leasing and Finance Association (ELFA) released its 2009 Survey of Equipment Finance Activity (SEFA), which shows that new business volume among a sample of the ELFA member companies declined 2.2% in 2008.

This compares to a 2% increase in 2007 originations among the respondents to the 2008 survey. Banks’ share of new business volume grew slightly by 0.9%, while Captives and Independents’ volume decreased by 1.8% and 8.1%, respectively.

Other key findings include:

• Portfolio Performance. Equipment finance organizations report average charge-offs of 0.7% of the average net lease receivables balance, a slight improvement from 0.8% in 2007. Receivables over 90 days jumped to 1.0% from 0.6% the prior year.
• Margins. Average pre-tax yield decreased to 7.29% from 8.19% in 2007. Average cost of funds were lower at 4.21%, down from 5.25% in 2007. Pre-tax spreads increased 15 basis points to an average of 3.08% in 2008.
• Lease Applications Processed. Total number of applications submitted (1.78 million) is down slightly from 2007 (1.79 million), with the number of applications approved (71.6%) also declining when compared to the previous year (74.4%).
• Workforce. Total number of full-time equivalent employees (FTE) declined 4.2 % from 2007 total headcount. The largest FTE decline (29.9%) is in the portfolio management staff. Independent/financial services organizations were the only company type that, on average, added to headcount in 2008 (0.7%). Captives led the way in FTE reduction, cutting 8.5 % of its staff in 2008.

Read the full press release at elfaonline.com.

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