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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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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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.
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your favor, you can use that toward any excess mileage fees or as a down payment on the next lease. An alternative is to get it appraised independently at a dealership such as CarMax. It will handle the paperwork and, if your car has equity, you can walk away with money in your ...
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...