DALLAS — MUSA Auto Finance today announced it has entered into a $125 million warehouse facility with Goldman Sachs and secured a capital investment of up to $50 million from Crestline Investors Inc.
The capital investment and warehouse facility will provide the finance company with the funding needed to launch its auto leasing program nationwide in 2017. MUSA’s business plan is to begin originating new and pre-owned leases in key U.S. markets, with continued geographic expansion and market penetration in 2017 and 2018.
“It has always been a career goal of mine to create an auto finance company that would modernize vehicle leasing and make it accessible to more consumers,” said MUSA owner, CEO and founder Jeff Morgan. “To be entering into this venture with Goldman Sachs and Crestline Investors sets MUSA on the path to become one of the premier consumer vehicle leasing companies in the U.S.”
Morgan also owns Mortgages USA and Internet Auto Group. He was joined by Richard Frunzi, the firm’s current president and cofounder and former COO of Exeter Finance Corp., in 2016 to create MUSA Auto Finance. The company has recently consummated the asset purchase of an originations, servicing and collections platform based in Jacksonville, Fla.
“Our new funding capacity gives MUSA the ability to build out our infrastructure, and launch our innovative lease program nationally,” said Frunzi. “Our effortless lease program greatly simplifies the leasing process, opening doors to dealer personnel that have never offered a lease product before. In addition, our unique product gives customers an option to lease both new and pre-owned vehicles.”