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Mazda3 Lease Questions

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  • jvsajvsa Posts: 3
    Thanks Car_Man!, I am looking at a 36mo lease but was leaning towards 12k mi per year. I should have mentioned that, sorry. I am not sure if there is much of a difference between 12k and 15k in terms of the residual?
  • bvdj84bvdj84 Posts: 1,721
    It seems like they are not truly honoring the sale price. Your payment should be that without the $2,000 down! They are making it seem like they are giving you a good sale price, but your $2,000 bumps it back up.

    Be careful! Great car though... what color are you going to pick? I love the pearl white!
  • dchodcho Posts: 5
    I just came from the dealership. For a 2010 Mazda 3 GT Sedan with MT and Moonroof/Tech package on a 36/12 lease, I was quoted a residual of 59% of MSRP with a MF of 0.00241, no money down with a drive off of 781. Negotiated price of 23,181 which comes out to about 379 a month. Any thoughts on whether this is a good deal?
  • amvb_nycamvb_nyc Posts: 3
    Car_Man,

    Can you provide the money factor and residual for a 2010 Mazda3 4 Door i Sport Automatic? I'm looking for a 36/39/42 month lease and 10k/12k mileage.

    What fees and monthly payments should I expect to pay for this? New York tax rates.

    Thank You
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for the update, rgeba. Good luck and make sure to let us know how the story ends.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello nycarguy2. Here's the information that you're looking for. Mazda's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Mazda3 s Sport with 12,000 miles per year are .00241 and an amazing 65%, respectively. The numbers for an otherwise identical lease of a '10 Mazda3 s Grand Touring are .00241 and 61%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, jvsa. The residual values for leases of Mazda vehicles with only 12,000 miles per year are 2% higher than its 15,000 mile per year residual values.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, amvb_nyc. Mazda's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Mazda3 i Sport with 12,000 miles per year are .00241 and 64%, respectively. The numbers for an otherwise identical 39 month lease are .00231 and 61%.

    If you were to lease this car with only 10,000 miles per year, its residual values would be 1% higher.

    Car_man
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  • amvb_nycamvb_nyc Posts: 3
    Thanks Car Man.

    I visited the dealership last Friday and I negotiated a price of $216 a month for 39 months and 10k miles. This is with $1800 cash due at signing which includes all taxes, bank fees, etc. Is this a good deal? For a car with an MSRP of 17495 I feel like this price is still high.
  • scubadoo2scubadoo2 Posts: 13
    Returning my BMW 335i (very sad) for a 2010 3 Hatch with Tech and Roof. MSRP is $25,860. Got about $2,000 off. Leasing it for $346 month/15,000/36 months with tax and bank fee up front. Residual is 59%. MF was crap at .00241.
  • dfwguy2dfwguy2 Posts: 2
    This is my first time leasing a car, and I'm trying to make an educated decision. I'm looking to lease a Mazda 3 I Touring w/ the exctra speakers/Moonroof package.

    For a 15k mile/year lease:
    -One dealer is offering residual value of 52% of sticker with a MF of .00083, and a monthly payment of $285 with no money down (first payment only)
    -The other dealer is offering residual of 61% of sticker with a MF of .00241, and a monthly payment of $272 with $1,700 down (plus first payment)

    Car Man, do you have any advice? What are June resid and MF for this model? Do these numbers seem off?

    Thanks!
  • khanectionkhanection Posts: 12
    Since the residual and money factor are set by Mazda and not the dealer technically they should not be different...
  • kingpcgeekkingpcgeek Posts: 985
    There is more then one bank that does leases. Once dealer could be using Chase (Mazda), the other dealer could be using US Bank for example.
  • ad79ad79 Posts: 4
    Here is the offer I received via email -
    Grand Touring package with manual transmission listing for $23565 and selling for $22092. To lease this vehicle with minimum out of pocket for first payment and in fees ($750) is $367 to $371 per month, oac. With automatic transmission it sells for $22745 and leases for $371 to $375 per month.

    I don't think this is a good offer. What do you guys think?
  • khanectionkhanection Posts: 12
    i'm also looking at the 2010 GT AT with all packages. If it will cost me $375 i'd rather pay $50 extra per month and try getting a Lexus IS 250 AWD with Luxury for that price...

    Someone in the Lexus IS forums got the IS for $411 per month with nothing out of pocket... but they put down MSD which is sort of like a deposit...

    375 is high for the Mazda IMO... sounds like you haven't negotiated yet...?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, amvb_nyc. Congratulations on getting your new 3. It would be much easier for me to evaluate this deal if you were able to provide me with this car's selling price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome dfwguy2. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the best way to negotiate a lease (at least in my opinion) is to negotiate the lowest possible selling price on the vehicle that you are interested in and then have the dealer calculate your monthly payment using its buy rate lease money factor. Mazda's July buy rate lease money factor and residual value for a 36 month lease of a 2009 Mazda3i Touring with 15,000 miles per year are .00039 and 50%, respectively.

    Car_man
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  • banshee24banshee24 Posts: 3
    I was offered a Mazda 3 i Touring with the sunroof/Bose package with a residual of 57% and money factor of 4% $1500 cash down plus $2000 for my trade. 42 Months 12,000 miles a year payments are 211 a month that is inlcuding tax. Is that a good deal? I hate spending money and I get nervous everytime I make a big purchase.
  • kingpcgeekkingpcgeek Posts: 985
    Can't tell you what kind of deal it is because you did not include the selling price of the car. Also a general rule is that you don't lease longer then the warranty, so in the case of a Mazda 36/12.

    You do not want to put that much money ($3,500) down on a lease. Perfect explanation why from leasecompare.com:

    Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.

    For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.

    The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:

    - Money down is taxable
    - Take the money you would have put down and invest it
    - Put your down payment in a savings account and use a portion each month to help make your lease payment
  • I have a 2008 Nissan Sentra Spec V lease that is up in October. I am looking to terminate the lease this month to get into either a mazda 3 hatchback sport with moon and tech package or a gt base model. I have $1850 in excess milage on the sentra and 3 remaining payments at $350/payment. I am looking for the current money factor as well as residual so I can figure out which dealer is giving me the best deal. Also, I am looking to do this with just 300 down. Can you tell me if this is possible on either models and if so, what can I expect to be paying with the above criteria. Thanks!
  • igozoomzoomigozoomzoom Waleska, GeorgiaPosts: 797
    Let's deal with one issue at a time....

    Current Lease
    You're $1850 over in mileage on the Nissan and you have three months left on the lease @ $350 per month. So if you turned the car in today, you'd end up paying $2900. Not a good thing!

    Do you know the residual value of the Nissan (established in the lease contract)? I'm just thinking that you might be better off buying the Nissan for that price rather than paying for the excess mileage. Residual values on leases are usually low-balled somewhat to bump the monthly lease payments up a bit. I would check the contract to see what the Residual Value figure is, then check on Edmunds (and KBB) to see how much the car is actually worth.

    Turning it in early- are you wanting to do this because the excess mileage cost for the next three months will be greater than the $1050 in payments? If not, you really should hang on to it until the lease is up.

    Current Mazda Lease Specials
    - the only lease special I currently see is on the 2010 Mazda3 s Sport 5-door Automatic (w/ no other options). It's a 42 month lease, $279 per month, $0 due at signing, 12k miles per year (42k over the term of the lease) and $0.15/mile overage.

    Buying vs. Leasing- are you sure that leasing your next vehicle is a better choice than buying it? Will you end up having excess mileage on the next car, too? If you drive more than the typical 12-15k per year allowed, buying is almost always the better choice!

    Mazda is currently offering 3.9% APR for 60 months on the Mazda3. $22k financed for 60 months at 3.9% would be $404 per month.
  • I got a quote from a dealer that is a 2010 mazda 3 sport rolling over excess mileage and early termination for $370/month with only $300 down. This is the 42 month lease with 15,000 miles per year. Nissan has a program where they will pay the remaining 3 months of the lease if you turn it in early and lease with them again. What do you think about the mazda lease quote? I think that it is fair based on my conditions. Besides, if I go with a nissan, I can only get a base altima or rogue for the same payments when in reality im looking for something more sporty such as the 3
  • qbrozenqbrozen Posts: 17,671
    Ouch. I hope 15k is enough for you. $370/mo to rent an economy hatch is alot of money. You don't want to keep digging your hole deeper. So as long as you will keep this the full term and not go over the miles, and if you absolutely must have a new car, then it is what it is. Good luck to you.

    '13 Stang GT; '15 Fit; '98 Volvo S70; '14 Town&Country

  • liiveriliiveri Posts: 4
    I drove this off the lot yesterday...iTouring w/Bose and Moonroof. What do you think of this lease deal?

    MSRP = $20,495
    Price = $18,995 + $595 acq fee
    Term = 36 mo/12K miles
    Residual = 60% ($12,300)
    Money Factor = 0.00179

    I paid the ACQ fee up front so adjusted cap = $18,995

    My monthly payment = $242

    Thanks for your help,
    Eric
  • buzz55buzz55 Posts: 1
    2010 Mazda 3 S Hatchback, automatic, moonroof/Bose

    Is either/both a good deal? Which is the better deal?

    Sales price $19,911 plus $1,424 tax/tags = $21,335 out the door

    Buy/Finance $21,335 @ 3.9%/60 month (std current Mazda 3 financing) = $391.96/mo

    Lease 36 mos/ 10,000 miles/year; $0 cash out the door, first month pmt included, 35 monthly payments of $318.71; residual $10,687.20, money factor .00050
  • Considering to buy a Mazda 3 Sport (Manual) in NH, i was wondering if the Money Factor changes according to the dealers or state or month? What is for this month? What's the Residual value for Mazda 3 sport, 36 or 42 month lease? All i want to do is drive mazda 3s with monthly payment around $179. How much down do i have to put it in? If someone could answers these questions i would really appreciate it !
  • MSRP for 2010 Mazda 3 Sport (Manual) is $19990 and the invoice price is $18766. Does anyone know in general how much could the dealers go down from the invoice price? Would be price be different for leasing or buying? Can they go down $1000, $2000 etc?
  • kingpcgeekkingpcgeek Posts: 985
    Mazda's in general are not good cars to lease so there isn't much traffic here. Why don't you just ask a dealer or two what they are? They can't mess with the residual, but can bump up the MF. If the MF is the same from both you know they probably are not doing so. One problem with leasing from Mazda is that you are actually leasing from Chase, since Mazda credit doesn't write leases anymore. Banks typically have worse terms then manufacturer's credit departments.

    FYI you should never lease longer then a warranty. So a 42 month lease should not be an option for you.

    You also do not want to "put down" money to get to a certain payment. Perfect explanation from leasecompare.com:

    Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.

    For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.

    The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:

    - Money down is taxable
    - Take the money you would have put down and invest it
    - Put your down payment in a savings account and use a portion each month to help make your lease payment
  • scubadoo2scubadoo2 Posts: 13
    Very good point regarding the "no down payment", however, I would like to add to your other comments. The Mazda 3 is actually a very good car to lease, especially recently. The 3 year residual is around 60% and there are few if any cars around that number any more. Also, you are correct that Chase is underwriting the lease but Mazda provides lease support in terms of residual value. It is my understanding that Mazda assumes the risk for the car being worth less than the residual. If not, I seriously doubt that any bank would be leasing cars anymore except with 30% residuals. Chase wrote off hundreds of millions a few years ago on lease residuals.
  • I just got a 2010 Mazda 3i Touring, Base Pkg, Manual Trans for $0 Down, 10000 miles, 36 months lease for $189/month with $295 fee in Ira Mazda Danvers, MA. This was the best deal i could every find. After $1000 down, my payment came out to be $164/month. Even though i go over in mileage, its only 15 cents/mile.

    Ira Danvers had the best deal around Mass and New Hampshire
This discussion has been closed.