Money Factor definition
Money Factor is the method used by a Lease Provider to indicate the amount of interest charged on a Lease, and is usually equal to the annual percentage rate (APR) divided by 2,400. “Monthly Lease Payment” is the payment made by the Authorized User to the Lease Provider each month during the Lease Term. “Normal Wear and Tear” shall be as defined by the Lease Provider in the Lease.
Examples of Money Factor in a sentence
Such detailed breakdown shall include, as applicable, the Lease Provider Acquisition Fee, Vehicle Capitalized Cost, Residual Value Percentage, Vehicle Residual Value, Vehicle Depreciation Amount, and Money Factor.