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In December, overall new business volume in the equipment finance sector declined 13.3 percent compared with December 2007’s total, according to the Equipment Leasing and Finance Association's (ELFA) monthly leasing and finance index.

New business volume increased 120 percent from November to December, from $4 billion to $8.8 billion. But for the full year, volume dropped 3.6 percent.
 
Receivables over 30 days decreased to 3.5 percent in December from November’s 3.7 percent. For the year, receivables over 30 days increased 100 basis points from 2007’s level. Total headcount for equipment finance companies declined slight (by 1 percent) in December.
 
"The year-end numbers underscore the transformation of a financial market recession to a Main Street recession," said ELFA President Kenneth Bentsen Jr. in a prepared statement. "While demand for commercial credit held up through the first three quarters, as did credit quality, the fallout from the financial sector has spilled over.”