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Buying Or Leasing A Car Warren MI

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

Mercedes Benz Rochester Hills
(248) 652-3800
595 S Rochester Road
Rochester Hills, MI
Services
Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

FSI Group LLC
(586) 914-4139
29548 Bonnie Dr.
Warren, MI
 
Julian Auto Sales
(586) 759-2222
5785 E 8 Mile Rd
Warren, MI

Data Provided by:
Roseville Chrysler Jeep Inc
(586) 859-2500
25800 Gratiot Ave
Roseville, MI

Data Provided by:
Bangla Motors
(313) 262-7600
5266 Trowbridge St
Hamtramck, MI

Data Provided by:
Wolverine Ford Truck Sales Inc
(313) 849-0800
3550 Wyoming
Dearborn, MI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,SUV Repair,Tune up Repair,Used Car Dealers,Auto Dealers

Mike Riehl's Chrysler Jeep
(586) 772-3700
25520 Gratiot Ave
Roseville, MI

Data Provided by:
Ellis Richards Motors
(586) 778-0606
24900 Gratiot Ave
Eastpointe, MI

Data Provided by:
King Auto Sales Ii
(313) 368-2200
5020 E 8 Mile Rd
Detroit, MI

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M & S Auto Dealers
(313) 893-8226
12030 Joseph Campau St
Hamtramck, 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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