Money Factor – Explained 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...
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Money factorrepresents the interest you pay when you lease a car. It is included in your monthly lease payment. How Does Money Factor Work? Themoney factoris most often expressed in a lease agreement as a very small decimal, such as 0.00247 (although some dealers willquoteit as a larger d...
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...
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.
Money factor is a method for determining the financing charges on a lease with monthly payments. A money factor can be translated into the more commonannual percentage rate(APR) by multiplying the money factor by 2,400. Money factor is also known as a "lease factor," "lease fee," or "...