DALLAS — MUSA Auto Finance today announced the launch of automated decisioning for leases submitted through DealerTrack, RouteOne or its online portal. The finance source specializes in leasing for new and pre-owned vehicles.
According to company officials, the development makes MUSA the first noncaptive, independent auto finance source in the country to pair auto-decisioning with leasing. It also marks the final step toward achieving a completely effortless, fully automated lease for both new and used cars.
“Prior to rolling out auto-decisioning, dealers might wait up to 20 minutes for a callback,” said MUSA Auto Finance CEO Jeff Morgan. “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.”
Morgan added that 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,” he said. “A couple of rings and you’ve got a live underwriter on the phone.”
Once the decision has been returned, MUSA auto-populates the lease documents needed to finalize the funding package. As of this month, documents that can be automatically prepopulated for the dealer include the lease contract, credit application, the agreement to provide insurance, vehicle condition report, and funding checklist.
President Richard Frunzi said MUSA completely eliminates or automates many of the challenges associated with the leasing process. He added that his company will lease used vehicles up to seven model years old.
“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,” he 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.
“As a dealer, you don’t need to be an expert on leases to get one done with MUSA,” he added. “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.”
MUSA is now doing business in 29 states, with representatives working in 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, officials said.
For more, visit www.musaautofinance.com and click “Dealers.”