In some cases car dealers quote a lower interest rate when in reality it’s much higher. Sometimes they do this on purpose quoting the money factor as the interest rate. In other cases they simply calculate the loan without adding to the price some closing fees, such as the security deposit, into the loan lease. Take the money factor for example: as a rule, this is expressed as a four decimal digit, such as 0.004. Some dealers quote this as a 4% interest rate when in fact you need to multiply it by 24 to get a rough idea of the interest rate on your loan. In this example, the interest rate is a much higher 9.6% than the “quoted” rate of 4%.
Make sure you crunch the numbers and understand the formula they use to calculate their interest rate. Look out for any fees not factored into the calculation. If you are not satisfied, do not enter into the lease agreement to avoid leasing scams.
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