MUSA Auto Finance, an auto finance company specializing in new and pre-owned vehicle leasing, has launched an online portal.
Dealers can submit applications, receive decisions and print pre-populated lease contracts, in a bid to streamline the processes involved.
Jeff Morgan, CEO of MUSA Auto Finance, said: “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.
“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 send MUSA the customer and vehicle information, vehicle price and down payment through DealerTrack, RouteOne or the MUSA portal.
MUSA then structures the lease and dealers can use the portal to print the completed lease agreement and other documents needed to finalize the funding package.
MUSA president Richard Frunzi said: “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. Leveraging this kind of automation for leasing is unheard of in the industry today – and especially for both new and used cars.”
Frunzi is the former co-founder and COO of Exeter Finance.
He teamed up with Morgan, who also owns Mortgages USA and Internet Auto Group, to create MUSA Auto Finance in 2016.
The company is now doing business in 29 states, and recently secured $175 million in funding capacity from Goldman Sachs and Crestline Investors.
This funding will enable MUSA to launch its auto leasing program nationwide, as well as implement future enhancements to its online portal.