DALLAS — Finance source MUSA Auto Finance announced the launch of its online portal, which allows dealers to submit applications, receive decisions and print pre-populated lease contracts.
This portal was designed to automate a typically complicated process and, for the first time, enables truly effortless leasing, according to company officials. MUSA Auto Finance currently operates in 29 states.
“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 MUSA CEO Jeff Morgan. “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. The finance source then structures the lease. And with one click of a button in the proprietary dealer portal, according to officials, dealers can print the completed lease agreement and other documents needed to finalize the funding package.
MUSA does 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.
“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,” said President Richard Frunzi. “Leveraging this kind of automation for leasing is unheard of in the industry today – and especially for both new and used cars.”