MUSA Auto Finance partners with defi SOLUTIONS to service full-spectrum lease portfolio

DALLAS, Jan. 13, 2021 /PRNewswire/ -- MUSA Auto Finance, an automotive finance and technology lender specializing in effortless leasing, has announced its partnership with defi SOLUTIONS to handle the day-to-day servicing of MUSA's entire lease portfolio. MUSA will now focus all its efforts on growing originations and creating a surprisingly easy leasing experience through automation.

"By teaming up with defi SOLUTIONS, we will gain tremendous efficiencies in our operations while also providing world-class service to our customers. We're thrilled that defi SOLUTIONS brings in-depth servicing experience across the full credit spectrum, since MUSA originates from subprime all the way through super-prime," said Jeff Morgan, CEO of MUSA Auto Finance.

"In addition, defi SOLUTIONS has a strong history of servicing leases. This is a rare find and especially important to MUSA. Auto leases are structured differently from standard loans, with unique terminology and nuances," Morgan said. "We are confident that defi SOLUTIONS will expertly execute MUSA's servicing strategy, delivering another year of strong performance across the portfolio."

Susie Storey, Chief Sales Officer at defi SOLUTIONS, said the MUSA partnership is exciting for defi because both companies are driven by technology. "We've seen MUSA create first-of-its-kind automation for leases. And at defi, we've developed a modern, modular and robust servicing platform to deliver our servicing operations," she said. "I see this collaboration as two tech companies joining forces to deliver a fantastic leasing product to the market."

MUSA CEO Jeff Morgan said he looks forward to expanding into new business lines as a result of the efficiency gains. "Our vision for MUSA is growing larger by the day, and strategic partnerships like this one set us up for hitting those long-term goals even faster."

Pete Siciliano, who recently joined MUSA Auto Finance as Chief Operating Officer, said customers will noticeably benefit from this partnership. "Since our operations will become more streamlined by leveraging defi SOLUTIONS' existing, scalable servicing platform, we can pass these savings on to our customers in the form of lower rates. We'll also continue to improve the leasing experience by focusing on what MUSA knows best – innovative technology and automation."

Before joining MUSA, Siciliano served as COO for Freedom Truck Finance and held leadership roles with Sierra Auto Finance, Exeter Finance, GE Money and Ford Motor Credit Company. He brings over 30 years of automobile, commercial truck and mortgage finance experience to MUSA Auto Finance. Siciliano will oversee the defi SOLUTIONS partnership to ensure the successful implementation of MUSA's servicing strategies in 2021 and beyond.

About MUSA Auto Finance

MUSA Auto Finance is an auto finance company and a technology innovator in the new and pre-owned vehicle industry. The company originates its customers from franchised and select independent dealers.

Since its inception, MUSA has automated the time-consuming, manual processes traditionally associated with leasing and buying a vehicle. One of MUSA's technology platforms processes the application, calculates the lease, auto-decisions the application, provides an approval back to the dealer partner, and accurately pre-fills the lease contract in seconds. Automated approvals normally occur in just a few seconds, and consumers can even upload supporting documents via their mobile device.

In 2019, MUSA partnered with PowerBand Solutions, Inc. (TSXV: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA) ("PowerBand", "PBX" or the "Company").

For more information, visit www.musaautofinance.com.

About defi SOLUTIONS

defi SOLUTIONS partners with captives, banks, credit unions, and finance companies of all types and sizes to help lenders transform their operations.

The company's comprehensive suite of end-to-end originations, servicing, and analytics solutions, together with technology-enabled processing services, are flexible, configurable, and scalable to address the ever-evolving needs of lenders and borrowers.

defi SOLUTIONS combines the expertise of defi SOLUTIONS and the former Sagent Auto Lending with the backing of Warburg Pincus, Bain Capital Ventures and Fiserv. For more information, visit www.defisolutions.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements relating to the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as at the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

SOURCE MUSA Auto Finance

Related Links

http://www.musaautofinance.com

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