The term, money factor, specifies a finance rate for a car lease.It is similar though not quite the same as interest on a loan, and expressed totally differently.Money factor, which is sometimes called “lease factor” or simply “factor”, determines how much you’ll pay in finance ...
Why Does Money Factor Matter? Since the leasing agency purchased the car from the dealer, you're technically driving the leasing agency's car. And not surprisingly, they expect you to pay interest. 'Money factor' is just a fancy word for 'interest.' According to the Lease Guide over atLe...
Lease payments have to cover the interest expense associated with the leasing company loaning consumers the remaining negotiated capitalized cost of the car less any principal repayment over the lease term. If an interest rate is divided by 2400, a consumer knows the money factor on his lease. ...
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Occasionally, the money factor is expressed as a factor of 1,000, such as 1.5 instead of 0.0015. The higher the money factor, the higher your total lease payment. Money factors are most commonly used in car or equipment leasing— or any asset that often depreciates over time. When you...
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Finding how to save money on car insurance can be as simple as following the rules of the road. That’s because your driving record is a significant factor that’s used to determine your insurance premiums. A driver with a record of safe driving habits is less likely to get in accidents...
When you lease a car, you’re paying for three things: the depreciation on the car between when you take possession and you turn it in; a finance charge to cover the cost of tying up the dealer’s capital over the life of the lease; and of course, taxes.
A lower money factor is more favorable to a borrower, and the money factor can be negotiated. How the Money Factor Is Used An individual who takes out aleaseon a car pays for the amount by which the value of the vehicle depreciates during the time he is in possession of it. The mont...