Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





2015 Mazda6 Lease Questions

1235

Comments

  • tomh10tomh10 Posts: 4
    edited August 13

    Hey guys, this is my first post on edmunds. I got a 2015 Mazda 6 iTouring with M/T yesterday. At first, I got quoted $280 with $500 down, and $600 fees. Even though I have a credit score of 756, I qualified for a Tier 3, so my rate went up to $310 per month. Dealer said it's because I only own 1 credit card and never had a lease before. I went ahead with the transaction. But I want to make sure that the numbers add up, they said at the dealership the MF was 0.00010 and Residual is 57%. The agreed MSRP was $23,865. Edit: I live in NY but got the car from NJ.

  • MichaellMichaell ColoradoPosts: 6,325

    @tomh10 said: Hey guys, this is my first post on edmunds. I got a 2015 Mazda 6 iTouring with M/T yesterday. At first, I got quoted $280 with $500 down, and $600 fees. Even though I have a credit score of 756, I qualified for a Tier 3, so my rate went up to $310 per month. Dealer said it's because I only own 1 credit card and never had a lease before. I went ahead with the transaction. But I want to make sure that the numbers add up, they said at the dealership the MF was 0.00010 and Residual is 57%. The agreed MSRP was $23,865. Edit: I live in NY but got the car from NJ.

    What was the selling price?

    And, dealers can use a special credit scoring system specifically for automobile loans and leases.

    For what it's worth, for Mazda, tiers 1-3 all qualify for the best MF of .00001; the MF for tier 4 jumps to .00031. It's possible the dealer marked up the MF on you for a bit of extra profit.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • tomh10tomh10 Posts: 4

    @Michaell said:

    MSRP was $27524, the sale price $23,865, they said the car has a decor package, wheel protection etc, paintless dent repair etc.

  • MichaellMichaell ColoradoPosts: 6,325

    @tomh10 said: MSRP was $27524, the sale price $23,865, they said the car has a decor package, wheel protection etc, paintless dent repair etc.

    When I plug in your MSRP and selling price with the residual of 57% and MF of .0001, I get a pre-tax payment of $231.08 for 36 months.

    Did you give them any cash up front for fees and taxes, or were they rolled into the cap cost? NY and NJ calculate all the sales tax for the lease term up front.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • tomh10tomh10 Posts: 4
    edited August 13

    I did pay $500 down, 1st month payment $310 and a dmv fee of $300.

  • MichaellMichaell ColoradoPosts: 6,325

    @tomh10 said: I did pay $500 down, 1st month payment $310 and a dmv fee of $300.

    OK, so the rest of the tax liability was added into the cap cost; that probably accounts for the higher payment you have.

    Enjoy the new car! I find the 6 to be one of the better looking mid-size sedans on the road.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • tomh10tomh10 Posts: 4

    Well, I'm not 100% sure how it all works. They gave me a sheet of paper with so many numbers on it :) little confused. But hey, the car is a blast, and like you said looks good! Thanks!

  • MichaellMichaell ColoradoPosts: 6,325

    @tomh10 said: Well, I'm not 100% sure how it all works. They gave me a sheet of paper with so many numbers on it :) little confused. But hey, the car is a blast, and like you said looks good! Thanks!

    The joy of owning and driving a car you like will be with you long after the details of the deal have faded from your memory.

    Enjoy your new car - and when you're ready, click on the link in my signature block to write up a review.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • Looking for the MF and residual for a 2015 Mazda 6 - both the grand touring and touring. Terms would be 36 months with 12K a year in Texas. Thanks!

  • kyfdxkyfdx Posts: 29,792

    @hornhusker said: Looking for the MF and residual for a 2015 Mazda 6 - both the grand touring and touring. Terms would be 36 months with 12K a year in Texas. Thanks!

    .00029 MF and 56%/58% residual for GT/T.

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • rossmrrossmr Posts: 9

    Bought a 6 GT with tech package, wheel locks, cargo net, bumper guard, all weather floor mats MSRP $33120 paid $30549 + 299 doc fee = $30848. Ended up paying cash but dealer was pushing a lease that sounded good in the beginning but not so much when I ran the numbers. Residual 57%, money factor .00029 MF, 36 months 10K per year. I thought the MF * 2400 = APR, in this case .696. When I saw the payment it seemed way too high - $342.40.

    Sales price $30549

    Trade in 5000

    Rebate 375

    Advance Pmt 342

    Sales Tax 0 - Delaware

    Up front charge 392

    Total Cap Reduction 4635

    Due on Delivery 0

    35 Payments 342

    I calculated an IRR on the cash flows and it yielded around 8%. When I use an online lease calculator if I use the .00029 MF multiplied by 12 (months in a year), the payment was within a couple of bucks of $342. .00029x12x2400 =8.4% - close to my IRR calculation.

    Two questions -

    1. Is the money factor quoted on a monthly basis? Some appear to be based on an annual basis, some on a monthly basis.

    2. 57% Residual sounds good. 8% APR is terrible. My FICO is 810, would theyhave lowered the money factor if I negotiated?

    I am not a genius, but not financially illiterate and in my opinion leasing is pretty complicated to tell if you are getting a good deal.

  • MichaellMichaell ColoradoPosts: 6,325

    @rossmr said: Bought a 6 GT with tech package, wheel locks, cargo net, bumper guard, all weather floor mats MSRP $33120 paid $30549 + 299 doc fee = $30848. Ended up paying cash but dealer was pushing a lease that sounded good in the beginning but not so much when I ran the numbers. Residual 57%, money factor .00029 MF, 36 months 10K per year. I thought the MF * 2400 = APR, in this case .696. When I saw the payment it seemed way too high - $342.40.

    Sales price $30549

    Trade in 5000

    Rebate 375

    Advance Pmt 342

    Sales Tax 0 - Delaware

    Up front charge 392

    Total Cap Reduction 4635

    Due on Delivery 0

    35 Payments 342

    I calculated an IRR on the cash flows and it yielded around 8%. When I use an online lease calculator if I use the .00029 MF multiplied by 12 (months in a year), the payment was within a couple of bucks of $342. .00029x12x2400 =8.4% - close to my IRR calculation.

    Two questions -

    1. Is the money factor quoted on a monthly basis? Some appear to be based on an annual basis, some on a monthly basis.

    The MF is used to calculate a monthly rent charge:

    (residual value + cap cost) * MF

    MF * 2400 = interest rate

    1. 57% Residual sounds good. 8% APR is terrible. My FICO is 810, would theyhave lowered the money factor if I negotiated?

    The "base" MF of .00029 can be increased by the dealer for extra profit, but cannot be reduced. It is also increased depending on credit score.

    I am not a genius, but not financially illiterate and in my opinion leasing is pretty complicated to tell if you are getting a good deal.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • Hi, folks. First time posting on Edmunds. I'm planning to go to the dealership this weekend and wanted to know if MF and residual are available for the Sport and Touring in FL. Terms would be 36 months with 15K a year. Any help would be greatly appreciated. Thanks!

  • MichaellMichaell ColoradoPosts: 6,325

    @trancelator said: Hi, folks. First time posting on Edmunds. I'm planning to go to the dealership this weekend and wanted to know if MF and residual are available for the Sport and Touring in FL. Terms would be 36 months with 15K a year. Any help would be greatly appreciated. Thanks!

    Sport - 58%

    Touring - 57% (AT) or 55% (MT)

    .00001 MF for both.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • Thanks for your help!

  • mtjake97mtjake97 Posts: 3

    Hi. Wondering what the MF and residual would be in Colorado for the GT. Terms would be 36 months and either 12k or 15k per year. Thanks!

  • kyfdxkyfdx Posts: 29,792

    @mtjake97 said: Hi. Wondering what the MF and residual would be in Colorado for the GT. Terms would be 36 months and either 12k or 15k per year. Thanks!

    .00001 MF and 56%/55% residual

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • First time looking into a lease. Looking for the MF and residual for a 2015 Mazda 6 - both the grand touring and touring. Terms would be 36/15k or 36/12k in Georgia.

    Also, if you can point me in the right direction on learning to negotiate lease terms, that would be great!

    Thanks!

  • kyfdxkyfdx Posts: 29,792

    @autotime3 said: First time looking into a lease. Looking for the MF and residual for a 2015 Mazda 6 - both the grand touring and touring. Terms would be 36/15k or 36/12k in Georgia.

    Also, if you can point me in the right direction on learning to negotiate lease terms, that would be great!

    Thanks!

    .00029 MF and 54% residual for the Touring, 53% for the GT. Add 1% for 12K/yr. There is $800 dealer lease cash from Mazda on this model.

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Thank you for the information kyfdx as I've learned quite a bit reading through this thread.

    Question - If a nearby state like South Carolina and/or Alabama has a lower MF does that mean that we can go there to take advantage of that lower rate? I guess the residual value would play into that as well?

  • MichaellMichaell ColoradoPosts: 6,325

    @autotime3 said: Thank you for the information kyfdx as I've learned quite a bit reading through this thread.

    Question - If a nearby state like South Carolina and/or Alabama has a lower MF does that mean that we can go there to take advantage of that lower rate? I guess the residual value would play into that as well?

    I don't think it works that way ... I suspect the MF is computed on your home address, not where you sign the deal.

    Or, Mazda Finance will find out and have the deal re-written.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • Could I get the residual, mf and any lease cash for a 2015 Grand Touring in Illinois? Thanks
  • sorry, forgot the terms-36/12 and 36/15
  • MichaellMichaell ColoradoPosts: 6,325
    ccorcoran said:

    Could I get the residual, mf and any lease cash for a 2015 Grand Touring in Illinois? Thanks

    ccorcoran said:

    sorry, forgot the terms-36/12 and 36/15

    36/15 - 53% and .00029. Add 1% for 12K. $800 lease cash.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • icherub1icherub1 Posts: 11
    edited September 12
    Do you have present MF and residuals for Massachusetts for a 2015 i Touring auto 36/12 and 36/15?
  • MichaellMichaell ColoradoPosts: 6,325
    icherub1 said:

    Do you have present MF and residuals for Massachusetts for a 2015 i Touring auto 36/12 and 36/15?

    36/15 - 54% and .00001

    Add 1% for 12K.

    $800 lease cash.

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • Does Mazda calculate things differently by state? If so, how about the numbers for 36mo/12k on a 2015 Touring and Grand Touring?
    Thanks.
  • MichaellMichaell ColoradoPosts: 6,325
    arlvahoo said:

    Does Mazda calculate things differently by state? If so, how about the numbers for 36mo/12k on a 2015 Touring and Grand Touring?
    Thanks.

    Yes - Mazda has two regions that have different numbers. What state is this for?

    MODERATOR
    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
    Need help navigating? michaell@edmunds.com - or send a private message by clicking on my name.
    Share your vehicle reviews

  • ali42ali42 Posts: 1
    Hello - I'm looking for the MF and residual in OH for the Touring, 36 mo / 12k year and 36 mo / 10k / year. Thanks!
  • kyfdxkyfdx Posts: 29,792
    ali42 said:

    Hello - I'm looking for the MF and residual in OH for the Touring, 36 mo / 12k year and 36 mo / 10k / year. Thanks!

    .00001 MF and 55%/56% residual. $800 lease support. (deduct 4% for manual transmission)

    MODERATOR
    Prices Paid, Lease Questions, SUVs

Sign In or Register to comment.