Please replace the release (dated: December 30, 2005)
with the following corrected version due to multiple revisions.
The corrected release reads:
EQUIPMENT LEASING ASSOCIATION'S MONTHLY LEASING INDEX FOR NOVEMBER SHOWS A DOWNTURN IN ORIGINATIONS MIDWAY THROUGH FOURTH QUARTER 2005
Equipment Leasing Association's Monthly Leasing Index For November Shows Originations In Line With Prior Months After October Spike
The Equipment Leasing Association (ELA) recently issued the results of the Monthly Leasing Index (MLI), which surveys approximately 20 major equipment leasing companies on a monthly basis. In November, respondents reported $3.9 billion in new business volume for equipment leases and loans originated during the period. This total was down from the prior month's $6.59 billion. However, the spike in October's originations data reflected an extraordinary increase in new business on the part of at least one reporting company. The November total appears in line when compared to new business volume originated by MLI respondents in prior months.
Portfolio performance remained stable, with delinquencies and charge-offs fairly constant when compared to the prior month's data. "This is all the more noteworthy, given the fact that at least one responding company experienced some deterioration in its portfolio quality that resulted from a write down of commercial aircraft assets leased to bankrupt airlines," observed Ralph Petta, ELA Vice President-Industry Services .
November's credit approval ratio mirrors the October number, at 82.7 percent. The total number of employees decreased slightly to 8,953 compared to 8,962 the prior month.
"We look for a typically strong December to end the year," said Petta.
The MLI provides trend analysis across all major performance areas of lessors, including new business volume, aging of receivables, average loss, credit approval ratios and number of employees.
Because the same companies participate in the study each month, the MLI provides a fairly reliable and consistent trend analysis of current industry activity. Results of each MLI are posted on the ELA website and in Equipment Leasing Today magazine.
Charts and graphs are available for reprint to members of the accredited media. The illustrations reflect the data provided by those companies responding to that particular question. Typically, not every company polled responds to every question.
In addition to the MLI, ELA provides a variety of data, including customized market analyses, to ELA members and organizations involved in the forecasted $248 billion equipment leasing industry. To access this and other industry information, visit the ELA website at http://www.elaonline.com/IndustryData/ or contact Dean Frutiger at (703) 516-8380.
About ELA
Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, which is directly responsible for generating a minimum of three million jobs and $75 billion in GDP to the economy annually, ELA promotes the forecasted $248 billion industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, VA, ELA has more than 750 member companies and a staff of 25 professionals. For more information on ELA, please visit www.ELAOnline.com.
ELA Reports Monthly Leasing Index for November -0- ADP Credit Corporation Amsouth Leasing Corporation Bank of America Caterpillar Financial Services Corporation CIT De Lage Landen Financial Services First American Equipment Finance GreatAmerica Leasing Hitachi Credit America Corp. HP Financial Services John Deere Credit Corporation Key Equipment Finance LaSalle National Leasing Corporation Marlin Leasing Corporation RBS Asset Finance Siemens Financial Services U.S. Bancorp Leasing & Financial Verizon Capital Corporation Wells Fargo Equipment Finance
The corrected release reads:
EQUIPMENT LEASING ASSOCIATION'S MONTHLY LEASING INDEX FOR NOVEMBER SHOWS A DOWNTURN IN ORIGINATIONS MIDWAY THROUGH FOURTH QUARTER 2005
Equipment Leasing Association's Monthly Leasing Index For November Shows Originations In Line With Prior Months After October Spike
The Equipment Leasing Association (ELA) recently issued the results of the Monthly Leasing Index (MLI), which surveys approximately 20 major equipment leasing companies on a monthly basis. In November, respondents reported $3.9 billion in new business volume for equipment leases and loans originated during the period. This total was down from the prior month's $6.59 billion. However, the spike in October's originations data reflected an extraordinary increase in new business on the part of at least one reporting company. The November total appears in line when compared to new business volume originated by MLI respondents in prior months.
Portfolio performance remained stable, with delinquencies and charge-offs fairly constant when compared to the prior month's data. "This is all the more noteworthy, given the fact that at least one responding company experienced some deterioration in its portfolio quality that resulted from a write down of commercial aircraft assets leased to bankrupt airlines," observed Ralph Petta, ELA Vice President-Industry Services .
November's credit approval ratio mirrors the October number, at 82.7 percent. The total number of employees decreased slightly to 8,953 compared to 8,962 the prior month.
"We look for a typically strong December to end the year," said Petta.
The MLI provides trend analysis across all major performance areas of lessors, including new business volume, aging of receivables, average loss, credit approval ratios and number of employees.
Because the same companies participate in the study each month, the MLI provides a fairly reliable and consistent trend analysis of current industry activity. Results of each MLI are posted on the ELA website and in Equipment Leasing Today magazine.
Charts and graphs are available for reprint to members of the accredited media. The illustrations reflect the data provided by those companies responding to that particular question. Typically, not every company polled responds to every question.
In addition to the MLI, ELA provides a variety of data, including customized market analyses, to ELA members and organizations involved in the forecasted $248 billion equipment leasing industry. To access this and other industry information, visit the ELA website at http://www.elaonline.com/IndustryData/ or contact Dean Frutiger at (703) 516-8380.
About ELA
Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, which is directly responsible for generating a minimum of three million jobs and $75 billion in GDP to the economy annually, ELA promotes the forecasted $248 billion industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, VA, ELA has more than 750 member companies and a staff of 25 professionals. For more information on ELA, please visit www.ELAOnline.com.
ELA Reports Monthly Leasing Index for November -0- ADP Credit Corporation Amsouth Leasing Corporation Bank of America Caterpillar Financial Services Corporation CIT De Lage Landen Financial Services First American Equipment Finance GreatAmerica Leasing Hitachi Credit America Corp. HP Financial Services John Deere Credit Corporation Key Equipment Finance LaSalle National Leasing Corporation Marlin Leasing Corporation RBS Asset Finance Siemens Financial Services U.S. Bancorp Leasing & Financial Verizon Capital Corporation Wells Fargo Equipment Finance