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In September, new equipment business volume decreased 2.4 percent compared with September 2007’s volume, according to the Equipment Leasing and Finance Association's (ELFA) monthly leasing and finance index.

In addition, third-quarter volume dropped 0.1 percent year over year. But through 2008’s first nine months, volume increased 1.9 percent compared with the same 2007 period, according to the report, which tracks economic activity for the $650 billion equipment finance sector, including equipment produced, acquired and financed.

"The year-to-date volume increase can be attributed somewhat to greater utilization of lease financing by borrowers in light of the tight credit markets,” said BB&T Equipment Finance President and ELFA board member Thomas Jaschik in a prepared statement. “Lessors continue to cope with increased delinquencies and charge-offs, and most expect this to continue into 2009.”

Credit standards remained relatively stable in September, as credit approval ratios increased 0.1 percent to 73.8 percent, the report states. Total headcount for equipment finance companies remained relatively flat from August to September.