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Mazda3 Lease Questions

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  • qbrozenqbrozen Posts: 17,153
    heck, 5-door models in the NE seem to be in short supply regardless of tranny. when i took my brother-in-law to lease his 4-door, the dealer didn't have a single 5-door on the lot, but had at least 30 sedans.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • sphinxriddsphinxridd Posts: 10
    Hi Carman,

    could you please give me the residual % and money factor for super preferred/preferred/standard credit tiers for a 24-month lease on a i Touring 4dr 5A mazda3?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, steevo.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sonnie. Let's use Mazda's current lease program to estimate what this car's payment should be and see what we come up with. According to my calculations, if you were to lease a 2007 Mazda3 s Sedan that has an MSRP of $18,600 and a selling price of $17,250 through Mazda Credit for 36 months with 10,500 miles per year, your zero down, pre-tax monthly payment would be around $232. The $286 per month payment that you were quoted is considerably higher than this even if it does include tax. Make sure that the dealer that you are working with is using Mazda Credit's buy rate lease money factor of .00220 and its residual value of 57% to calculate your monthly payment.

    It is definitely not in your best interest to make a down payment when leasing. Consumers can and should lease any vehicle that they want without making any capitalized cost reduction. Those who make one risk losing it if their vehicle is totaled in an accident or stolen and never recovered.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, sphinxridd. Mazda Credit's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Mazda31 Touring with 15,000 miles per year are .00221 and 68%, respectively for consumers who qualify for its top credit tier. I'm not sure what the factors are for its lower credit tiers.

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  • wilkich84wilkich84 Posts: 34
    Hold on. The no down payment advice is the first time I have ever heard that. I thought that it would be a good idea to lower your payment. We're hitting a 2 year cash crunch ( 2 preschools in Northern CA) and I've been thinking of just putting the tax return into a lease down payment to keep the payment around $200. I guess I could keep the cost down by having a higher residual or should I just swallow the higher payment. This is all good to know.

    FYI I'm looking at the 3s Touring Hatch with auto with sun/CD package.
  • wilkich84wilkich84 Posts: 34
    More info. A 24 month low mileage (10-12k) lease best fits our needs.
  • sml6sml6 Posts: 4
    I just walked into a Mazda dealership, and came home with a 2007 Mazada3 in a couple of hours. Could you *please* tell me if I got a good or a bad deal? I don't know if I was impulsive to sign and take it home today.
    I leased the S Grand Touring, with spoiler, in Automatic transmission.
    MSRP $21,955
    Selling price $20,551.32
    Gross cap cost $21,399
    Zero $ down. 36 months, 15K. monthly payment= $335 incl tax.
    inception and first month's payment= $1477.68
  • tucci314tucci314 Posts: 2
    I want to lease a 2007 Mazda3 S Sport with the airbag package and the autodim mirror with compass for 36 months. It's MSRP is $19,180. I plan on getting a low mileage package (1200 miles a year). I'm shooting for monthly payments of $200 to $210. How big of a down payment do you think Mazda will want?
  • hey Car_man, would you happen to know current (june) money factors and residuals for the following:

    1) mazda-3 S-touring (4-door), 3-year lease with 15k miles
    2) nissan altima 2.5S, 3-year lease, 15k miles?

    thanks very much!
    sr
  • Car_man,

    Could you please give me the current money factor and residual for a 36-month 10K-mile lease on the Mazda 3 S Grand Touring (4-door) with the Navigation and Bose audio packages (MSRP $24,525)? Thank you.
  • violet37violet37 Posts: 1
    hi everyone,

    I have been dealing with some very nice people at a Mazda dealership in New York state. I have less-than-perfect credit that I have been slowly rebuilding over the last few years - my FICO scores are now in the low to mid 600s. The dealership has approved me to lease a 2007 4-door i Touring, the only extra option being the ABS brakes / side airbags add-on. I get the details of their offer this week.

    The thing is, I've never leased a car before and I'm not sure what a good deal might be. I'm a little afraid to negotiate because my credit is not great and I sort of feel like I need to take what I can get.

    The MSRP for this car (with destination and options) is $18,145. The TMV is $17155. I am looking for a 36 month lease with 15k/year. I can put up to $5K down on the lease. I know that putting a lot down may not be wise if the car gets stolen or totaled, but I do want to keep my payments low.

    For those of you in the know with Mazda3 leasing: given the above stats, and my mediocre credit, what do you think I should be looking for in the way of a deal - what do you think would be reasonable for them to ask for down payment and payments? They said that sales tax is included in payments (6.25%). I don't know if gap insurance is included in that as well.

    quick update: I just spoke to the dealer and he is saying I will have to put $5k down and my payments will be around $240. is that ridiculous or not so bad considering my situation?

    Thanks in advance!
  • avljmaxavljmax Posts: 10
    Hi Car_man,

    I asked for some info in the Nissan Sentra forum and would also like some help here, if possible. Could you please give me the current money factor and residual for a 36-month 12K-mile lease on the Mazda 3 i Touring with ABS? Thank you again for all your help.
  • qbrozenqbrozen Posts: 17,153
    more information is needed. What is the purchase price (cap cost) before your down payment? What is the money factor? What is the residual?

    The numbers $5k down and $240 a month doesn't give you much to go on. For all you know, they could be charging you full MSRP plus a bunch of add-ons.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • m6_2005m6_2005 Posts: 9
    Hi -

    I am trying to lease a demo vehicle--a 2007 model. The odometer reads 5008 miles.

    My question is: How are the residual values for demo cars determined for various lease terms? How would I determine the depreciated portion of this vehicle?

    How exactly is this applied to the lease calculation?

    Also, in leasing, what are some important factors in leasing a demo car vs. a new car to keep in mind? Do the same new lease incentives apply to demo car leases?

    THANK YOU in advance!!!
  • qbrozenqbrozen Posts: 17,153
    well, i can answer some of your questions. A demo car has never been titled, so it is still sold as new. The warranty would start at the sale date and at the miles on the odometer (in other words, your 36k mile warranty now goes to 41k miles on a demo with 5k on the clock). And the new-car lease deals do still apply.

    I have no idea how to figure residual on that.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • m6_2005m6_2005 Posts: 9
    I really, really appreciate your quick and great response.

    Thanks for the tip on the warranty.

    Also, in respect to the residual value for demos, dealers should not touch the residual value. However, in order to get credit for what the dealer has driven, they must make cap cost reduction adjustment for every mile driven.
    In my case, the cost of each mile is $.15.

    Once again, THANKS! :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey wilkich84. Individual dealers cannot alter banks' published residual values, so you won't be able to change your car's resid to provide you with a lower monthly payment. Rather than using the money from your tax return as a down payment for your lease, just beep it in the bank earning interest and use it to supplement or make some of your Mazda3's lease payments.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sml6. The Mazda3 is not a very high margin vehicle. In fact, I suspect that the $1,400 discount that you were given on yours probably puts its selling price at right around dealer invoice, which is a very good deal. Since you are paying $1,477 at lease signing, I'm just trying to figure out what is included in the capitalized cost that raises your car's selling price by $850. Do you have a breakdown of these charges?

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello tucci314. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you have to pay at lease signing are your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, Mazda Credit's acquisition fee (I believe that it is $475), and any state taxes or fees. You would be better off having a slightly higher monthly payment than putting money down. Consumers who make down payments on leases risk losing all or part of them if their vehicle is totaled in an accident or stolen and never recovered.

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