Activity at all three institution types declined in November. New deal growth at banks edged down by 1.0% to $4.9 billion, while volumes at captives declined by 9.3% to $2.9 billion and new activity at independents declined by 12.9% to $1.9 billion.

The overall credit approval rate remains elevated. The industry-wide average edged up to 78.2% in November. It continues to hover around its decade high. The average small ticket approval rate ticked up from the prior month to 81.4%, down from its 2025 high but still well above its 2024 average of 75.4%. The rate at banks dipped to 79.4%. The rate at captives fell to 81.7%, while the rate at independents rose to 72.6%.

Delinquencies drop, while losses edged up. The overall delinquency rate dropped by 0.23 percentage points to 2.0%. The November decline offset the 0.24 percentage point increase in the previous month. The overall rate continues to oscillate in a narrow band between 1.9% and 2.2%. The average delinquency rate at banks and independents fell sharply, while the rate at captives rose.

The overall loss rate ticked up by 0.05 percentage points to 0.49% in November. The average loss rate for small ticket deals increased by 0.13 percentage points to 0.69%, the second-highest reading of 2025. Loss rates moved up modestly at banks and captives, and rose more sharply at independents.

“Across the United States, demand continues to strengthen as companies reassess how they deploy capital amid rapid technological change. AI is accelerating refresh cycles for both devices and data-center infrastructure,” said Wayne Fowkes, Executive Vice President of the Americas, CHG-MERIDIAN. “At the same time, businesses are seeking greater financial flexibility as they navigate uncertain economic conditions. With 2025 shaping up to be one of the strongest years for our industry, we expect this momentum to continue, supported by agile, future-ready investment strategies that set a more resilient path for long-term competitiveness. The latest ELFA CapEx Finance Index underscores this shift and mirrors the strong growth we are seeing at CHG-MERIDIAN.”

Industry Confidence

The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, tracks the sentiment of executives in the industry. The index remains steady at year end at 58.3 from 59.9 in November, a heightened level for the seventh consecutive month.

Technical Note

New business volume data are concurrently seasonally adjusted each month to capture the latest seasonal patterns. Data in previous months and years may change due to updated seasonal factors.

The Equipment Leasing & Finance Association’s CFI

The CapEx Finance Index (CFI) is the only real-time dataset that tracks nationwide conditions in the equipment financing industry. The information is compiled from a diversified set of businesses that respond to questions about demand for equipment financing, employment, and changes in financial conditions. The resulting data is organized by institution type, such as banks, captives, and independents, and is classified into overall activity and financing for small ticket equipment and software. The CFI is released monthly from Washington, D.C., generally one day before the U.S. Department of Commerce’s durable goods report. More detail on the data and methodology can be found at www.elfaonline.org/CFI.