MUSA Auto Finance said its platform now offers capability that separates it from any captive or other provider specializing in leasing of new and pre-owned vehicles, especially for customers who already have strong credit backgrounds.
MUSA Auto Finance announced this week the launch of automated decisioning for leases submitted through Dealertrack, RouteOne or its online portal. The company said this development makes MUSA the first independent auto finance company in the country to pair auto-decisioning with leasing.
Officials said the development also marks the final step toward achieving a completely effortless, fully automated lease for both new and used vehicles.
“Prior to rolling out auto-decisioning, dealers might wait up to 20 minutes for a callback. But when you're dealing with prime customers who already know they're approved and just want to close the deal, that’s 20 minutes too long. With MUSA auto-decisioning, they'll get an answer within 30 seconds,” MUSA Auto Finance chief executive officer Jeff Morgan said
Morgan said MUSA’s underwriters have authority to rehash, make credit decisions and customize the callback to help a dealer over the finish line. “Our dealers can forget about waiting on hold. A couple of rings and you’ve got a live underwriter on the phone,” he said.
Once the decision has been returned, MUSA auto-populates the lease documents needed to finalize the funding package. As of this month, the following documents are automatically pre-populated for the dealer:
— Lease contract
— Credit application
— Agreement to provide insurance
— Vehicle condition report
— Funding checklist
President Richard Frunzi said MUSA completely eliminates or automates many of the challenges associated with the leasing process.
"As a dealer, you don't need to be an expert on leases to get one done with MUSA,” Frunzi said. “In fact, dealers who have never done leasing before will find our process surprisingly simple. New or used, economy or luxury — we offer effortless leases for a wide range of vehicles.”
Frunzi said his company will lease used vehicles up to 7 model years old, a range that is unheard of among the few providers that offer used leasing.
“With the wide variety of vehicles that fit our program, we are converting a lot of customers who were planning to purchase and end up choosing our lease instead,” Frunzi said. “We can get them a lower payment and a shorter term, so they can trade up sooner and not worry about negative equity. The dealer gets repeat business faster, and the consumer saves money on a nicer vehicle. It’s no wonder leasing is skyrocketing in popularity, especially among millennials."
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. 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 leasing program, visit www.musaautofinance.com and click dealers.