Buying Or Leasing A Car East Lansing MI
Grand Haven, MI
Fuel Injection Repair,Radiator Repair,Tune up Repair,Van Dealers,Used Car Dealers,Auto Dealers
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers
Fuel Injection Repair,Radiator Repair,Tune up Repair,Used Car Dealers,Auto Dealers
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Van Dealers,Used Truck Dealers,Used Car Dealers,Auto Dealers
Buying Or Leasing A Car
Pop Quiz: What’s the “Money Factor?”
(A) One of the three pillars of capitalism
(B) The reason why your diet for the past week has consisted of ramen noodles and hot sauce
(C) A personal, financial attribute; as in, “He has the wow factor, but not the money factor.”
If you answered any of the above, then you may need to brush up on your car-buying and -leasing terminology. But don't fret. We’ve put together the ultimate crib notes to help you before you head to the dealership.
Leasing: It’s the hottest option out there today, and it’s a great way to get behind the wheel of a brand-new car. The leasing world, however, has a language all its own. Here are some handy phrases and their translations.
Residual Value: The guaranteed value of the vehicle at lease end that is used to calculate the monthly payment of a lease. When buying or leasing a new vehicle, choose a make/model with a high residual value to help lower the lease payment.
Realized Value: The actual, fair-market value of a leased vehicle at the time of the scheduled termination of a lease. The realized value may be either the wholesale or retail value of the vehicle, as specified in the lease contract.
Money Factor: Also known as a lease factor, the money factor is the interest rate of a lease contract, expressed as a multiplier to calculate monthly payments. To convert a money factor to a percentage, multiply it by 2,400....
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