MUSA Auto Finance, a company specializing in new and pre-owned vehicle leasing, launched its online portal on Thursday where dealers can submit applications, receive decisions and print pre-populated lease contracts.
MUSA Auto Finance highlighted this portal can automate a typically complicated process in an effort to enable “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,” MUSA Auto Finance chief executive officer Jeff Morgan said.
“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,” Morgan continued.
Dealers can send MUSA the customer and vehicle info, agreed-upon vehicle price, and down payment through Dealerrack, 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.
“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,” MUSA Auto Finance president Richard Frunzi said. “Leveraging this kind of automation for leasing is unheard of in the industry today — and especially for both new and used cars."
MUSA Auto Finance 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 on the dealers tab.