How You Can Get the Best Deals on a Lease
Auto leasing is at a record high; however, before you think about the low monthly payment on a leased car, you need to learn more about what you’ll be getting. By following our leasing tips, you’ll be sure to receive the absolute best deals on a lease from your local car dealerships.
Focus on 3 basic components of the lease deal: sale price, residual value and the money factor. These components are critical to ensuring you get the best car lease deal possible.1) Negotiate the Lease Capitalized Cost: The sale price of the vehicle is a key factor in your car lease monthly payment. In leasing terms, the final sale price is called the ‘capitalized cost’, the lower it is, the less the monthly payment will be and the better lease deal you will get! 2) Research the Vehicle Residual Value: The higher the residual value of your vehicle, the lower your auto leasing monthly payment. Your monthly payment is essentially the difference between the Capitalized Cost (i.e. actual sale price) and the Residual Value of your vehicle. 3) Remember Money factor = Interest Rate: The money factor, which is also known as the lease factor or lease rate. To convert an annual interest rate (APR) into a money factor, and vice versa, is relatively straight-forward: you multiply the money factor by 2400 and that will give you the interest rate. You should expect to pay the same interest on a new car lease as you would on a car loan.
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