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. ...
Determine the money factor multiplier. The money factor is multiplied by 2400 to convert it to an annual percentage rate (APR) because the money factor itself represents a monthly interest charge on the lease's average balance, not the total amount financed. Since interest on a lease is calcul...
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 decimal -- 2.47). Just like interest on aloan, the lower your money factor, the lower your monthly lease payments. To determine your annual i...
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To determine the interest portion of monthly lease payments, the money factor is used. In effect, the money factor is the interest rate that is paid for the duration of a lease term. It is similar to the interest rate paid on aloan, but the value of the money factor is expressed differ...