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Money factor |
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Money factor. A money factor, also called a lease factor, is the finance charge you pay on an automobile lease. Unlike interest rates, which are expressed as a percentage of the amount borrowed, the money factor is usually stated as a decimal. You can calculate the actual interest rate you're paying by multiplying the decimal by 24. So, for example, if you're quoted a money factor of 0.00297, the rate you're paying is 7.13% (0.00297 x 24 = 0.07128). You may find that the money factor is non-negotiable. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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