These factors affect the residual percentage. The dealership will likely ask how many months you plan to lease and how many miles you plan to drive per year. Ask the dealer for the residual percentage of the car you're considering. Many "bumper-to-bumper" warranties end at the 36-month mark.Ĥ. Also, be sure to check the vehicle warranty. Just know that you will end up paying an additional year of registration fees if you opt for a lease that is longer than 36 months. However, some lease specials are for 39 months or 42 months. We recommend leasing for 36 months or less. So 0.00125 x 2,400 would equal an interest rate of 3%.ģ. To convert money factors to interest rates, multiply by 2,400. Here's a handy tip: To convert interest rates to money factors, divide the interest rate by 2,400. Money factors look different from their annual percentage rate (APR) cousins - usually something like this: 0.00125. To get the money factor, call or email a dealership that sells that brand and be specific about the model you're considering: Money factors may not be the same for all models. It's sometimes called a lease factor or even a lease fee. This is the "interest rate" you'll pay during your lease. Be sure you're getting the MSRP for the exact package of the car you intend to lease.Ģ. You can find the MSRP for virtually any new car here on Edmunds. MSRP (aka the sticker price) of the vehicle. A simple email to a fleet manager or sales manager should be all it takes to get started.ġ. But other information you'll need to collect from a dealership. Some of that data you need will be available here on Edmunds. And no matter how hard you try, you're almost guaranteed to leave some fees out of the equation. What to Expect: A Very Close, but Not Exact, Lease PaymentĬalculating your own lease payment to the penny is unrealistic: Taxes and fees will vary by region, and add-on fees can vary from brand to brand. If after checking out all these other options you are still determined to calculate your own lease payment, we're happy to help.Īnd because we know that people process information differently, we will present the formula to you in two different ways. With three to five quotes in hand, you can quickly get a feel for a good deal. Perhaps the easiest way to get an idea of what a lease should cost is to obtain real-world lease quotes from multiple dealerships. It also pulls in purchase price information about current models and local tax rates. You will need some information to get an accurate quote, but our calculator will do the math for you. We also suggest checking automaker and dealership websites to see lease offers, which tend to change monthly.Īnother valuable resource is the Edmunds Car Lease Calculator. Here you can find carmakers' lease specials with very attractive monthly payments. Your first stop should be our Incentives and Rebates page.
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