New lease vs buying lightly used

The residual is determined by the leaseholder--usually the manufacturer's finance arm. The higher the residual, the lower the depreciation over the term. Lower depreciation, all things equal, means lower payment.

The money factor is easy: If you already have APR interest rate, simply divide by 2400 to get money factor. Or if you have money factory and want APR interest rate, multiply by 2400. (Yes, it’s always 2400).

Example 1 – If you have APR interest rate: 4.5%. Divide by 2400. Money Factor = .001875

Example 2 – If you have Money Factor: .001875. Multiply by 2400. APR Interest Rate = 4.5%

Cars with high residuals and low money factors are bargains, payment-wise.

I'm trying to possibly lower my car payment from the $290/month range and i'm under water on my car (a couple grand) so I am actually pondering a lease. I really don't want to get another used vehicle and tack on the difference to the new one so that's why I am considering a lease. I'd have to get a higher mileage amount (15k-18k miles a year) due to driving 60 miles round trip to work. I'm looking at either a RAV4, Forester or CX-5. Is it possible to come out with a lower payment in this situation or is it going to be around the same amount?

Sorry if this is a dumb question, but what does money factor mean?