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Calculate the "money factor. Compare APR vs. Add the net capitalized cost to the residual value.
" You can determine the value of the money factor in one of two ways depending on the information that is provided to you by the dealer. It might be an interest Annual Percentage Rate (APR) or a "rent charge." rent charge. If the dealer provides you with the interest rate APR, divide the interest rate by 2,400. For example, if the interest rate is quoted at 6 percent, the money factor = 6 / 2,400 = 0.0025. If the dealer provides a "rent charge" or "lease charge," add the residual value to the net capitalized cost. Then multiply that total by the number of months in the lease term. Divide the rent charge or lease charge by this number to compute the money factor. For example, if the dealer quotes a lease charge of $3,465, the money factor = $3,465 / [($22,000 + $16,500) x 36] = 0.0025. "2400" is the denominator after conversion of a percentage to decimals, yearly interest to monthly interest, and applying it to average principal amount outstanding during the lease. Multiply that total by the money factor. The result is the financing portion of your lease payment. For example, financing fee = ($22,000 + $16,500) x 0.0025 = $96.25.