The problem is that the dealer is plugging different numbers into the formula than you are, which means there'free credit information Charlotte s something he's forgetting free credit information Charlotte to tell you. In this case you should sit down with the dealer, explain that you know how payments are calculated, and ask him to please give you each of the free credit information Charlotte numbers he's using in his calculation so that you free credit information Charlotte can verify the results yourself. How can I get actual residual values for the car I want before I walk into the dealer's showroom? Since leasing companies can set residual values as they see fit, the only way to get the actual residual value being used for a specific car, from a specific dealer, who uses a specific leasing company, is to ask. We provide estimated average residual values for all new makes/models of vehicles in the Residual Calculator in our Lease free credit information Charlotte Kit so that when you get your residual value, you can determine if it's good or not-so-good. free credit report from government How can free credit information Charlotte I get money factors for the car I want before I free credit information Charlotte walk into the dealer's free credit information Charlotte showroom? Essentially the same answer as for the previous question. You can estimate the money factor by dividing the current local new-car loan interest rate (see Bankrate.com) by 2400. And it can be different, depending on the term (length) of free credit information Charlotte the lease and on your credit rating. So, as before, you have to ask to get the actual value that will be used for your intended car. Again, if the dealer free credit information Charlotte refuses to give you this information, they shouldn't be trusted with any other part of the deal. get free credit card Another dealer gave me a 7.2 money factor for the same model free credit information Charlotte car. I thought money factors free credit information Charlotte were expressed as very small numbers such as .00275 or .free credit information Charlotte 003. Dealers, in an ongoing effort to keep consumers confused, often quote the money factor in different ways: .003 money factor is often stated as 3% (I know, it doesn't make sense), which is really .003 x 2400 = 7.2% interest. Then, they sometimes quote an interest rate like 7.2%, and call it money factor. Sometimes this is intentional confusion and sometimes it's free credit information Charlotte just plain ignorance. Remember, dealer salespeople are not financial wizards and often don't understand leasing. What is the importance of the 2400 figure used in free credit information Charlotte converting money factor to interest rate, and is it always 2400 regardless of the length of my lease?
To convert money factor to annual interest rate, multiply money factor by 2400. To convert annual interest rate to money factor, divide interest rate by 2400. free credit report annual Yes, it's always 2400, regardless of the length of your lease. The 2400 is just a method of consolidating three other figures to simplify the lease payment formula. It is made up of the number 12 (divisor to convert annual interest to monthly interest), 2 (divisor to calculate the average amount financed), and free credit information Charlotte 100 (divisor to convert a percentage to a decimal) 12 x 2 x 100 = free credit information Charlotte 2400 (for more details, click here).
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