Can anyone make sense of this contract?

chetay88

This was for a 2018 Nissan Rogue SV w/premium package. $2620 upfront payment. They also put a rent charge $1463.09...money factor 0.03240? Please help explain this?!

kyfdx

chetay88 said:

This was for a 2018 Nissan Rogue SV w/premium package. $2620 upfront payment. They also put a rent charge $1463.09...money factor 0.03240? Please help explain this?!

The rent charge is the finance portion of the lease payment multiplied by the term of the lease.

Not sure where you came up with your money factor. The money factor on this contract appears to be right at .00090 MF.

chetay88

Guess I didn't understand how to do the math correctly, asked the financer to review & educate prior to signing a new agreement and I have not received a response. Just wanted to understand! Thank you

kyfdx

chetay88 said:

Guess I didn't understand how to do the math correctly, asked the financer to review & educate prior to signing a new agreement and I have not received a response. Just wanted to understand! Thank you

You have to divide the rent charge by the number of months, before trying to reverse engineer the money factor. As the formula provides you with the monthly rent charge, and your document shows the total rent charge.