During my last lease, I found that asking for additional perks, like free maintenance, helped soften the blow of a higher money factor.
Great idea! It’s all about the total package, not just the monthly payment.
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What’s the average money factor for GM leases right now? I feel like I’m getting varying information.
It depends on your credit score but generally, it ranges from 0.0018 to 0.0030. Check local dealership promotions too!
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I once joked with a dealer about how my dog picks cars. They lowered the money factor just to keep me interested. Humor can really help the negotiation.
That’s hilarious! Sometimes being lighthearted can break the tension too. Who knew negotiating could be fun?
I’ve been looking into the GM lease money factors myself. They essentially translate to the interest rate for leasing. A lower money factor means less cost over time. It’s crucial to compare it to the market rates.
Absolutely! Interest rates and the money factor are similar but remember to multiply the money factor by 2400 to get the approximate interest rate equivalent. It helps in making better comparisons.
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It gets tricky when comparing GM’s money factor with other manufacturers. Each might have different standards, so it’s best to understand how they calculate it before deciding.
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That’s a good point! Some dealers may also mark up the money factor, which could lead to higher payments. Always negotiate based on the true rate!
I’m curious, how do I calculate potential savings with the money factor? Is there a formula or tool that helps with this?
You can use this formula: Payment = (Net Cap Cost x Money Factor) + (Depreciation + Tax). It provides a clear view on how the money factor impacts monthly payments. Just make sure your net capital cost is accurate.
Wow, that seems pretty straightforward! So if I can negotiate a lower money factor, I can definitely save over the lease term?
Exactly! Just imagine saving that extra cash for something fun instead of paying it to the dealer! Every little bit helps, right?
But let’s face it, sometimes it feels like the dealers have a secret playbook on these factors. Why’s it so hard to get transparency on money factors?
Haha! Seems like they want to keep it a mystery! But asking for detailed breakdowns can make them more open. Sometimes, humor helps to ease the tension during negotiations.
It’s true; a little humor can go a long way! But in all seriousness, understanding the money factor can save you lots down the line. Good luck with your lease!
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Thanks for all the insights, everyone! Reflecting on it, I realize I need to do my homework before walking into a dealership. This discussion has been super helpful.