USA22 Oct 2013
This is the second Asset Finance International survey of the US equipment and auto finance industry. A year ago, the issues that caused concern in the industry included the prospect of an impasse between the President and Congress over fiscal policy (the so-called ‘fiscal cliff’), the ongoing convulsions in the eurozone and a looming slowdown of China’s economy. All this could have had a negative effect on the tentative US recovery, but the longer-term outlook was generally positive.
Now, 12 months on, some concerns have eased but other problems have remained resolutely unresolved. The economic revival has been maintained, albeit at a moderate rate, but enough for the Federal Reserve to announce that it is considering when to start reducing its programme of quantitative easing (QE3). This in itself was enough to send a temporary shiver through the stock markets, but their overall performance this year has been strong. The Fed will start reducing QE3, but the timing greatly depends on the pace and resilience of the economic recovery.
This Country Survey aims to provide a balanced view of the equipment finance and auto leasing market in the US. The survey covers the following areas:
- A summary of US leasing activity;
- The current economic climate and the incentives for and constraints on doing business;
- Insights from key industry figures on the market, its outlook and the challenges and opportunities that face it; and
- The view on the latest proposals to improve lease accounting.