What is the money factor for Honda Accord LX 1.5T with FICO score 741 and TU score 760

HaydenuiHaydenui Member Posts: 5
edited October 2019 in Honda
Hello,

I would like to lease a Honda Accord LX 1.5T (lease term 36 months and 12000 miles/year). The dealer sent me a link to submit a credit report pulling request. I do not want a hard pull before I really decide to sign a deal. To avoid being hard pulled, I just got my credit scores from each bureau myself. I would like to get a money factor for my case and get a quote from the dealer based on the money factor. I am not sure if my logic is problematic.

Can anyone help?
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  • HaydenuiHaydenui Member Posts: 5
    I got one APR offer (1.9% = 0.00079MF) from Honda.com. I am not sure if I qualify for this.

  • kyfdxkyfdx Moderator Posts: 252,813
    Haydenui said:

    Hello,

    I would like to lease a Honda Accord LX 1.5T (lease term 36 months and 12000 miles/year). The dealer sent me a link to submit a credit report pulling request. I do not want a hard pull before I really decide to sign a deal. To avoid being hard pulled, I just got my credit scores from each bureau myself. I would like to get a money factor for my case and get a quote from the dealer based on the money factor. I am not sure if my logic is problematic.

    Can anyone help?

    Anything over 660 gets you the best rate, assuming you are otherwise qualified.
    If you pay all of your bills on time, you won't have to worry about credit checks materially affecting your credit score. Your credit score can vary daily, just based on your credit card balance.

    Live within your means and pay your bills on time. It's simple.

    But, your money factor may vary, due to your region. What is your location?

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • kyfdxkyfdx Moderator Posts: 252,813
    Haydenui said:

    I got one APR offer (1.9% = 0.00079MF) from Honda.com. I am not sure if I qualify for this.

    Offered APRs are not equivalent to money factors.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • HaydenuiHaydenui Member Posts: 5
    Hello kyfdx,

    Thanks for your advice. My location is 61801.

    I am still confused of "Offered APRs are not equivalent to money factors." As far as I know, APR / 2400 = Money factor?
    kyfdx said:

    Haydenui said:

    I got one APR offer (1.9% = 0.00079MF) from Honda.com. I am not sure if I qualify for this.

    Offered APRs are not equivalent to money factors.
  • HaydenuiHaydenui Member Posts: 5
    Thanks!
    kyfdx said:

    Haydenui said:

    Hello kyfdx,

    Thanks for your advice. My location is 61801.

    I am still confused of "Offered APRs are not equivalent to money factors." As far as I know, APR / 2400 = Money factor?

    kyfdx said:

    Haydenui said:

    I got one APR offer (1.9% = 0.00079MF) from Honda.com. I am not sure if I qualify for this.

    Offered APRs are not equivalent to money factors.
    Manufacturers rarely offer the same rate for purchase vs. lease.

    .00056 MF and 56% residual
    $750 Honda-to-dealer incentive

  • HaydenuiHaydenui Member Posts: 5
    One more question... Who and how can I ask for the incentive, Honda or dealer?
    kyfdx said:

    Haydenui said:

    Hello kyfdx,

    Thanks for your advice. My location is 61801.

    I am still confused of "Offered APRs are not equivalent to money factors." As far as I know, APR / 2400 = Money factor?

    kyfdx said:

    Haydenui said:

    I got one APR offer (1.9% = 0.00079MF) from Honda.com. I am not sure if I qualify for this.

    Offered APRs are not equivalent to money factors.
    Manufacturers rarely offer the same rate for purchase vs. lease.

    .00056 MF and 56% residual
    $750 Honda-to-dealer incentive

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