MUSA Auto Finance becomes first non-captive automotive leasing company to offer automated decisioning

MUSA also adds pre-populated, automated documents to its proprietary portal, saving dealers from the time-consuming tasks typically associated with leasing.

DALLAS, Texas, Oct. 2, 2017 – MUSA Auto Finance, an automotive lender specializing in effortless leasing for new and pre-owned vehicles, announced today the launch of automated decisioning for leases submitted through DealerTrack, RouteOne or its online portal. This development makes MUSA the first non-captive / independent auto lender 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. 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,” said Jeff Morgan, CEO of MUSA Auto Finance.

Morgan said 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. A couple of rings and you’ve got a live underwriter on the phone,” he said.

Once the decision has been returned, MUSA auto-populates the lease documents needed to finalize the funding package. As of this month, the following documents are automatically pre-populated for the dealer:

• Lease contract
• Credit application
• Agreement to provide insurance
• Vehicle condition report
• Funding checklist

President Richard Frunzi said MUSA completely eliminates or automates many of the challenges associated with the leasing process. “As a dealer, you don’t need to be an expert on leases to get one done with MUSA,” he said. “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.”

Frunzi said his company will lease used vehicles up to seven model years old, a range that is unheard of among the few providers that offer used leasing. “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. 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. It’s no wonder leasing is skyrocketing in popularity, especially among millennials.”

MUSA 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, Inc. 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 effortless leasing, visit www.musaautofinance.com and click “Dealers.”

About MUSA Auto Finance

MUSA Auto Finance maintains its corporate offices in Dallas, Texas, with a servicing and collections center in Jacksonville, Fla. MUSA originates its leases from franchise and select independent dealers and will soon expand its sales force nationwide. The company expects to have marketing reps in 25 major markets and to be doing business in 48 contiguous states within the next two years. 

MUSA was founded by Jeff Morgan, who also owns Mortgages USA and Internet Auto Group. Richard Frunzi, President, former co-founder and COO of Exeter Finance Corp., joined Mr. Morgan in 2016 to create MUSA Auto Finance. MUSA’s leadership team also includes Cinde Perales, Chief Compliance Officer; Eric Estes, Chief Operations Officer; and Scott Schondau, Chief Financial Officer. For more information, visit www.musaautofinance.com.