MUSA Auto Finance launches portal for first-of-its-kind automated, effortless leasing of new and pre-owned vehicles
DALLAS, Texas, Aug. 11, 2017 – MUSA Auto Finance, an auto finance company specializing in new and pre-owned vehicle leasing, announced today the launch of its online portal, where dealers can submit applications, receive decisions and print pre-populated lease contracts. This portal automates a typically complicated process and, for the first time, enables truly effortless leasing.
“In an environment where loan terms continue to escalate, customers are being taken out of the market for far too long. That’s why I believe leasing has drawn so much attention over the past couple of years,” said Jeff Morgan, CEO of MUSA Auto Finance. “The problem is, the standard leasing process is confusing and time-consuming for dealers. It’s so difficult that many dealers don’t even want to consider doing a lease. But our automated leasing program will change that.”
Dealers simply send MUSA the customer and vehicle info, agreed-upon vehicle price, and down payment through DealerTrack, RouteOne or the MUSA portal. Then MUSA structures the lease. With one click of a button in the proprietary dealer portal, dealers can print the completed lease agreement and other documents needed to finalize the funding package.
President Richard Frunzi shared, “When we started this company, our mission was to modernize auto leasing so dealers no longer need to worry with complicated worksheets, tedious deal structuring and kicked contracts. Leveraging this kind of automation for leasing is unheard of in the industry today – and especially for both new and used cars.”
MUSA is now doing business in 29 states, with representatives already on the ground in Alabama, California, Florida, Georgia, Illinois, Missouri, Texas and Washington. The company is also signing up dealers in Arizona, Arkansas, Delaware, Idaho, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Utah and Virginia.
MUSA recently secured $175 million in funding capacity through a warehouse facility with Goldman Sachs and a capital investment from Crestline Investors, Inc. This funding will enable MUSA to launch its auto leasing program nationwide, as well as implement future enhancements to its online portal.
To learn more about MUSA’s effortless leasing, visit www.musaautofinance.com and click “Dealers.”
About MUSA Auto Finance
MUSA Auto Finance maintains its corporate offices in Dallas, Texas, with a servicing and collections center in Jacksonville, Fla. MUSA originates its leases from franchise and select independent dealers and will soon expand its sales force nationwide. The company expects to have marketing reps in 25 major markets and to be doing business in 48 contiguous states within the next two years.
MUSA was founded by Jeff Morgan, who also owns Mortgages USA and Internet Auto Group. Richard Frunzi, President, former co-founder and COO of Exeter Finance Corp., joined Mr. Morgan in 2016 to create MUSA Auto Finance. MUSA’s leadership team also includes Cinde Perales, Chief Compliance Officer; Eric Estes, Chief Operations Officer; and Scott Schondau, Chief Financial Officer. For more information, visit www.musaautofinance.com.