R A E Y -D I M Economic headwinds lie ahead in 2016, but ELFA R attitude of optimism, ranging from cautious to confi dent. With historically low default rates, largely due to tight underwriting restrictions, ELFA members felt the pinch of tight margins but were able to fi nd growth through increased customer demand and targeting niches. At the middle mark of 2016, however, sentiments seem to be more reserved. ELFA’s May 2016 Monthly Leasing and Finance Index (MLFI-25), which reports economic activity from 25 compa-nies representing a cross-section of the $1 trillion equipment fi nance sector, showed year-over-year new business volume was down 7% from overall new business volume in May 2015. Year-to-date cumulative new business volume decreased 9% compared to 2015. Separately, the Equipment Leasing & Fi-nance Foundation’s Monthly Confi dence Index (MCI-EFI) for May was 55.1, a decrease from the April index of 59.1. Such soft ening is also refl ected in other fi nancial data. ELFA’s fi rst-quarter 2016 Beige Book data showed an overall decline of 8.5% year-over-year between the fi rst three months of 2015 and 2016, respectively. Q1 2016 also marked the third consecutive quarter of decline aft er fi ve consecutive quarters of growth. ECENT QUARTERS in the equipment leasing and fi nance market have shown a consistent SHUTTERSTOCK / NOMAD SOUL