MUSA Auto Finance — a specialized new and used-lease provider — has secured new funding and plans to launch nationwide this year, the company announced in a press release this week.
The funding comes from a $125 million warehouse facility agreement with Goldman Sachs and another $50 million in capital from Crestline Investors, Inc., the release said.
The company’s leadership team includes names familiar to some in the auto finance industry. MUSA’s President Richard Frunzi is the former co-founder and chief operating officer of Exeter Finance Corp. In 2016 Frunzi joined founder and Chief Executive Jeff Morgan, who also owns Internet Auto Group and Mortgages USA.
“Our new funding capacity gives MUSA the ability to build out our infrastructure, and launch our innovative lease program nationally,” Frunzi said in the release. “Our effortless lease program greatly simplifies the leasing process, opening doors to dealer personnel that have never offered a lease product before.”
The company also stressed that it offers both new leasing, as well as used leasing — which has grown recently, despite lingering concerns, economists said at the 2016 Auto Finance Summit last October.
