09/07/2021 | Press release | Distributed by Public on 09/07/2021 05:07
Wondering about the current and forecasted state of credit and collections within the equipment finance industry? ELFA's 10th Annual Credit Manager Survey provides key insights into credit and reflects the thoughts and perspectives of executive leadership and credit personnel within the industry.
The survey uniquely provides qualitative insight into hard data and a forward-looking perspective. The results are based on feedback from 211 ELFA credit, collections and executive management leaders and covers a wide array of topics, including: credit process, credit scoring, turnaround times, policy changes, regulations, deferrals and modifications, application thresholds, booking volume, unfavorable industries, and the macroeconomic environment at bank, captive and independent leasing companies.
The 2021 Credit Manager Survey was presented via a Wednesday Webinar on August 25, 2021. A replay and slide deck are available via the ELFA website at https://www.elfaonline.org/events/elearning/web-seminars/credit-managers-survey.
Top takeaways include:
Credit Process
Credit Scoring
Credit Turnaround Time
Collateral Values
Regulation
Credit Policy
Deferrals
Modifications
Default Rates
Lessons Learned from the Pandemic
Booking Volume
Approval Rates
Unfavorable Industries do exist
Economy and Industry are coming Full Circle
What Keeps you Up at Night
Overall Conclusion
Are we ready for the unexpected events and the inevitable challenges to the credit cycle? Are we managing our portfolios accordingly? Only time will tell!
Survey Committee
The 2021 Survey Committee consists of six equipment leasing and finance professionals, including: Cecile Latouche of Atalaya Leasing; Chris Maudlin of Wintrust Specialty Finance; Scott McCann of Wells Fargo Equipment Finance; Patrick Moore of Equifax; Michael (Mic) Mount of US Bank Equipment Finance; and Kevin P. Prykull of PNC Equipment Finance - retired.
Looking Ahead to 2022
As Richard Dawson used to remark on Family Feud, 'And the survey says!' Stay tuned for next year's survey. If you would like to become active in the 2022 survey, please contact Heather Staverman at ELFA ([email protected]) or Kevin P. Prykull ([email protected]) for details. And, save the date for the 2022 Credit & Collections Conference, June 6 - 8 at the Hilton Palacio Del Rio in San Antonio, Texas.
About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the nearly $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 575 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. In 2021, ELFA is celebrating 60 years of equipping business for success. For more information, please visit www.elfaonline.org.
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