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PowerBand to Begin Leasing Vehicles to U.S. Consumers with Initial $USD-300 Million Financing Agreement from U.S. Financial Institution
MUSA, PowerBand's U.S. leasing division, reaches agreement with U.S. Financial Institution t...
About this update from Ameritrust Financial Technologies Inc.
[{"type":"text","content":"PowerBand to Begin Leasing Vehicles to U.S. Consumers with Initial $USD-300 Million Financing Agreement from U.S. Financial InstitutionMUSA, PowerBand's U.S. leasing division, reaches agreement with U.S. Financial Institution to Advance Strategy to Offer Multibillion-dollar Consumer Financing on PowerBand's Virtual Transaction PlatformVANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / July 13, 2020 / PowerBand Solutions Inc. (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt: 1ZVA) (\"PowerBand\", \"PBX\" or the \"Company\") is pleased to announce its U.S. leasing division, MUSA Auto Finance, LLC (\"MUSA\"), has obtained lease financing from a federally chartered U.S. depository financial institution (\"National Funder\") to begin leasing vehicles to U.S. consumers.Lease originations will begin today.\"This is the right solution at the right time, when the automotive industry and consumers are looking for innovations to overcome the challenges of the COVID-19 pandemic,\" said PowerBand CEO Kelly Jennings. \"Consumers and dealers will be able to buy, lease and finance their vehicles on PowerBand, as easily as they purchase a product on Amazon. Our strategy is to aggregate further funding facilities in the weeks and months ahead, to offer multi-billion-dollar financing opportunities to consumers and dealers using our platform in the United States and Canada.\"MUSA, which is 60-per-cent owned by PowerBand, will begin originating leases in Texas and Florida - the second and third largest states in the U.S. with a population exceeding 50 million people, under the Forward Flow Purchase and Security Agreement (the \"Agreement\") with the National Funder. PowerBand expects to enter the California market, with a population of 40 million, soon after.Added MUSA's CEO Jeff Morgan: \"We are thrilled to continue MUSA's and PowerBand's growth through what we believe is a first-of-its-kind funding arrangement. I'd like to thank the MUSA team for their support in helping us reach this pivotal moment.\"Under the Agreement, an initial USD $300 million in financing will be available for vehicle leasing through MUSA.\"The MUSA platform has been upgraded and is once again operational with the most innovative funding solution in the industry,\" said Jennings. \"MUSA will be scaled up to operate across the United States, dramatically changing the funding landscape for dealer...