MUSA Auto Finance Secures Funding Capacity of $175 Million With Addition of New Revolving Warehouse Facility

DALLAS - MUSA Auto Finance, an auto finance company specializing in new and pre-owned vehicle leasing, announced today it has entered into a $125 million warehouse facility with Goldman Sachs and additionally, secured a capital investment of up to $50 million from Crestline Investors, Inc. The capital investment along with the warehouse facility will provide MUSA Auto Finance with the funding needed to launch its auto leasing program nationwide in 2017. MUSA’s business plan is to begin originating new and pre-owned leases strategically in key U.S. major markets, with continued geographic expansion and market penetration in 2017 and 2018.

MUSA Auto Finance 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. The company has recently consummated the asset purchase of an originations, servicing and collections platform based in Jacksonville, Fla.

“It has always been a career goal of mine to create an auto finance company that would modernize vehicle leasing and make it accessible to more consumers. To be entering into this venture with Goldman Sachs and Crestline Investors sets MUSA on the path to become one of the premier consumer vehicle leasing companies in the U.S.,” said Jeff Morgan, Owner and CEO of MUSA Auto Finance.

Richard Frunzi, President, added, “Our new funding capacity gives MUSA the ability to build out our infrastructure, and launch our innovative lease program nationally. Our effortless lease program greatly simplifies the leasing process, opening doors to dealer personnel that have never offered a lease product before. In addition, our unique product gives customers an option to lease both new and pre-owned vehicles.”