To find your APR %:

Website:  https://www.teachersfcu.org/

·         Type in the website above

·         Where it says “Featured Rates” as seen below click on “See All”

·         On the screen that follows, click on the “ Lease - Like Auto Loans” tab

·         Look up the APR % for New Cars and fill it in in the chart below

·         Look up the APR % for Used Cars and fill it in in the chart below

*These numbers will be used to help you calculate the taxes on your finance page*

To find your lease RESIDUAL:

·         Click on the calculators icon to bring you to financial calculators

·         Click continue

·         Under “Lease” click on “What will my lease residual be?”

You will have to complete the following steps 3 times.  Once for a 3 year lease, once for a 4 year lease and once for a five year lease:

·         The “Lease Amount” is the final price of your car.

·         Under “Payment Amount”, put in how much you would ideally like to be paying per month for your car payment.  (Note if your car is over $100,000 start with a monthly payment of $1,000 or more)

·         Under “Lease Rate” type in the New Car Rate from the chart above.

·         For “Lease Term” fill in 3, 4, or 5 years.

·         For “Number of Advance Payments” type in 2

·         Click compute

·         Copy your “lease residual” amount onto the chart on the following page.

·         You much compute the residual 3 times.  Once for 3 years, once for 4 years, and once for 5 years.

To find your MONTHLY lease payment:

http://www.efunda.com/formulae/finance/lease_payment.cfm

·         Go to the website above

·         Go to the box that says “Scenario 1 Find the monthly payment”

·         The “LoanAmount” is the FINAL price of your car.

·         For the “Residual Amount” use the appropriate number from the chart above.

·         For  “Interest Rate” type in the New Car Rate from the chart on the previous page.

·         For “Number of Months” fill in 36, 48, or 60 months

·         Click “Calculate”

·         You much compute the lease payments 3 times.  Once for 36 months, once for 48 months, and once for 60 months.

*** Fill in this payment information from the chart above for the “Leased Car” on page 3 of your project packet.