But how do I get the MF number without running credit at every single dealer I'm shopping rates with? In other words...isn't a credit check required in order to get a MF number from the dealer?
There is no requirement for a dealer to run a customers credit to provide the money factor. Each leasing company will have money factors (the interest rate divided by 2,400) for various credit tiers. The dealer F&I manager may provide those money factors. The actual money factor will be determined by each person's actual credit profile which will include a credit check. Of course, as with normal financing, F&I managers are usually allowed to bump the money factor (increase). Those F&I managers will not want to disclose the actual money factors. It is imperative the leasing customer demand the F&I manager reveal the actual money factors to avoid being scammed.
This was great, i needed this as a salesperson
thank you so much for the clear information. Helped a ton!
Thank you so much for the understanding
But how do I get the MF number without running credit at every single dealer I'm shopping rates with? In other words...isn't a credit check required in order to get a MF number from the dealer?
If your score is over 740 - assume you qualify for the best rate, which you can find in Edmunds.com forums.
@@micosilver Ok that works, thanks Mico!
There is no requirement for a dealer to run a customers credit to provide the money factor. Each leasing company will have money factors (the interest rate divided by 2,400) for various credit tiers. The dealer F&I manager may provide those money factors. The actual money factor will be determined by each person's actual credit profile which will include a credit check.
Of course, as with normal financing, F&I managers are usually allowed to bump the money factor (increase). Those F&I managers will not want to disclose the actual money factors. It is imperative the leasing customer demand the F&I manager reveal the actual money factors to avoid being scammed.
Thank you!!
great. thanks