MUSA Auto Finance partners with defi SOLUTIONS to service full-spectrum lease portfolio
Jan 13, 2021, 08:00 ET
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.
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SOURCE MUSA Auto Finance
