Buying Or Leasing A Car Grand Rapids MI

Are you buying or leasing a car? Here is how to avoid getting ripped off!

23 Unlimited
(616) 243-0521
1037 Burton St SE
Grand Rapids, MI

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Motor Mall Of Grand Rapids
(616) 241-6200
830 28TH St SE
Grand Rapids, MI

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Niewiek Auto Sales Inc
(616) 455-7540
7063 Division Ave S
Grand Rapids, MI

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Car City Supercenter
(616) 249-2000
1515 28TH St SW
Wyoming, MI

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A Lot Of Cars LLC
(616) 892-2277
5566 Lake Michigan Dr
Allendale, MI

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Messina Imports
(616) 241-6200
830 28TH St SE
Grand Rapids, MI

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J D Byrider Auto Sales
(616) 241-5400
3462 Division Ave S
Wyoming, MI

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Delamar Car Co
(616) 530-9544
3949 S Division Ave
Grand Rapids, MI

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Grand Rapids auto auction
(616) 669-1050
2380 Port Sheldon Ct.
Jenison, MI
 
Marv's Car Lot Inc
(616) 772-4684
2 W Washington Ave
Zeeland, MI

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Buying Or Leasing A Car

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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
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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