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Mazda3 Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, newcar3178. Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Mazda3 S Touring (4-Door) with 15,000 miles per year are .00213 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 Nissan Altima 2.5S through Nissan Motor Acceptance Corp. are slightly better at .00199 and 58%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi clippersfan5. Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Mazda3 s (4-door) with 10,500 miles per year are .00213 and 60%, respectively.

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  • troysuntroysun Posts: 2
    Guys I need your help,

    I am about to lease my first car and here is the offer: (NJ dealer)

    Mazda 3- 5 door: 24 month lease, $2.150 down payment (includes first month payment); $230 monthly payment. (includes taxes and all fees/title..etc) 12.000 miles limit

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome violet37. Since you have never leased before, 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.

    Basically, what you need to do is negotiate the lowest possible selling price for the Mazda3 that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. The fact that your credit is not perfect should have no impact upon your car's selling price. It will only alter the money factor that is used to calculate your lease payment.

    You really should keep that $5,000 in the bank rather than using it as a down payment for your lease. You can use it to supplement or make a number of your monthly payments if you want.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here's the information that you're looking for, avljmax. Mazda Credit's buy rate lease money factor and residual value for a 36 month lease of a 2007 Mazda3 i Touring with 12,000 miles per year are .00213 and 60%, respectively. I'm headed in the direction of the Nissan discussions, so I'll see you over there soon.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings troysun. 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.

    You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

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  • troysuntroysun Posts: 2
    thanks car_man ; Mazda3 S sport 5 Door : 19.000 (includes destination charge but excludes tax, title, license fee)
  • nupeskee1nupeskee1 Posts: 5
    Carman I need the lease numbers for a Mazdaspeed 3 lease for 24 and 36 months at 12k and 15K per year. Please provide residual, money factor and any special credit terms if there are any. Thanks.
  • ufnavy06ufnavy06 Posts: 4
    My girlfriend leased a Mazda3s Touring on Saturday. She has an amazing credit score and her monthly payments are $367 and change. She put $2500 down off a trade, which was fully paid off. Her old car has now been sold and the dealer promised her a check for the difference in the remaining equity of her old car in excess of $10,000. We have been having issues with titling the car and because of this the dealer is saying they may have to raise her monthly payments another $50. According to Mazda American Credit, Mazda's leasing agency, and their website describing certain offers on leases, a comparibly equipped Mazda3s Touring is leasing for $229 a month with $2,239 due at signing. Is it me or does it sound like my girlfriend was taken advantage of, especially considering a Mazdaspeed6 can be leased with less money down and for a lower monthly payment. Furthering the problem is the titling issue and the fact we haven't received the check the dealer promised yet (they said they'd have it in 2 days). Is there anything we can do to get the lease payments closer to what we think she should be paying, or get out of the lease without doing further financial damage? We don't feel it's right if the dealer can already sell her old car when the contract hasn't been fulfilled completely on their part. Any help is appreciated.
  • qbrozenqbrozen Posts: 16,895
    wow! yeah, that is a horrible deal. Something is terribly wrong there. Can you post all the numbers of the deal? (residual, money factor, fees, etc) It sounds like they must have added a bunch of stuff to the car (warranty? protection package? accessories? extra insurance?).

    You do have one great thing going on ... the titling issue. Just what is the problem? If they can't sort it out, they will need your GF to sign new papers, THIS is where you fix the problems! Do NOT sign new papers unless you get the deal you expect (the advertised deal will be just fine). If they won't give you that deal, then they will have to take the car back and give you all of your money because you ARE NOT signing a new deal otherwise!

    If they really sold her old car, then so be it. Take the money and go find something else or go to another mazda dealer.

    Unfortunately, if they make the deal go through as it already stands, then there is nothing you can do about it. Learn from the lesson and move on.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • ufnavy06ufnavy06 Posts: 4
    Taken directly from the lease agreement:
    Monthly payments: 356.67
    Total monthly payments are 8821.44 over 24 months
    12000 miles a year
    2500 down
    Initial value of the vehicle of the car was 21063.00 and the gross capitalized cost is 21658.00
    Capitalized cost reduction: 1493.94
    Adjusted capitalized cost: 20164.06
    Residual value: 13919.25
    Depreciation and any amortized amounts: 6244.81
    Rent charge: 2576.63
    Total of base payments: 8821.44
    Lease payments: 24
    Base payment: 367.56

    She has a 773 credit score so it doesn't make sense the payments would be $100 more than what Mazda credit advertises. The titling issue is complicated. She's from Ohio and recently moved to SC where I'm located after graduating college. She wants to remain with her parents insurance for lower monthly payments and in doing so wants to title the car in Ohio because of the hassle of getting new insurance, a new license, etc etc. The dealer wants her to title it in SC because they have a flat tax rate for vehicles capped at $300. Titling the car in Ohio means she pays Ohio taxes. Since that issue has yet to be resolved, it is my understanding the car has not yet been titled. Thanks for the insight.
  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,881
    What is the MSRP?

    Also, if you signed the lease agreement, and took the car, you likely can't get out of it, no matter where it will be titled.

    Of course, that is a separate issue from where your $10K check is..

    Moderator - Prices Paid, Lease Questions, SUVs

  • qbrozenqbrozen Posts: 16,895
    Ok... well, at that price, I'm going to assume its a Touring S sedan automatic with moonroof/6cd and autodimming mirror. That brings me to $21,060, which is close.

    1st problem is, your cap cost is above the sticker, meaning there are some extras on there. Let's say its a bank fee. That's fairly normal, BUT it also shows me you paid full sticker for the vehicle. That's a HUGE mistake right there. You guys should have bargained for invoice. That is the lack of research.

    Mazda's advertised deal is based on a discount from sticker, first of all. But its open to dealer participation. They don't HAVE to give you the discount ... they obviously didn't.

    2nd thing is, I don't see the lease special you are referring to. I see a Mazda3 SPORT 5-door automatic for $229 and $2229 down. But that's quite a different price than the car you got. Every option adds money to the payment.

    3rd. we don't know your money factor. they COULD have bumped it up for additional profit.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • ufnavy06ufnavy06 Posts: 4
    It's a Mazda3s Touring 5 spd with leather, moonroof-cd package, rear spoiler and I think that might be it. I don't have the sticker in front of me so I can't say for sure.
  • ufnavy06ufnavy06 Posts: 4
    Oh then you probably saw the Mazdaspeed6 lease offer too and how that's 339/month with 2339 down. It's all puzzling to me.
  • Hey All-

    I'm looking to lease my first car and needed some help.

    I'm looking between the Mazda 3 and 6 (the lease prices I was quoted were within $30/month of each other for a Mazda 3 iTouring and a Mazda 6 iSportsValue)

    Anyway - the Mazda 3 iTouring price I was quoted was 18.2k. For a 36 month 15000 miles/year lease with $500 down (includes first months payment) I was quoted at $290/month.

    The Mazda 6 iSportsValue was quoted at 22.2k. And a 36 month lease, 15000 miles/year with $500 down (includes first months payment) would be around $310/month.

    Do these deals sound good? Cars are pretty much standard except a moon roof has been added to both prices.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, troysun. OK, so this car's selling price is $19,000. What is its MSRP? Having both of these numbers will show me how much of a discount you are being given and will enable me to use Mazda's current lease program to estimate what your monthly payment should be.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi nupeskee1. I do not believe that Mazda is currently providing any lease support on the MazdaSpeed3, just the regular Mazda3. As a result, if you were to lease one through its captive finance company right now, you would have to use its standard lease program...which is not very good. Chances are that it would be less expensive to lease a MazdaSpeed3 through an independent bank than it would be through Mazda Credit right now. I do not personally keep tabs on the independent banks' lease programs though.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings blitztwn36. Since this will be your first lease, 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.

    You were smart to get the selling prices of the cars that you are considering leasing. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is difficult for me to give you my opinion of the selling prices that you mentioned without knowing what these cars' full MSRPs are though. I would be happy to tell you what I think if you let me know what these numbers are.

    For now I can give you an idea of what these cars' money factors should be like so that you can make sure that the dealer that you are working with is not trying to mark them up to add additional hidden back-end profit to your deal. Mazda's current buy rate lease money factor for a 36 month lease of a 2007 Mazda3 i is .00178 for consumers who qualify for its top credit tier. The number for an otherwise identical lease of a 2007 Mazda6 i Sedan is .00142. Make sure that these are the factors that the dealer you are working with is using to calculate your lease payments.

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  • I am looking into leasing a new 2007 Mazda vehicle. I am looking at the Mazda3 and the CX-7 (I am still trying to decide between the sport and touring models on both vehicles). I have seen advertised lease rates for 24 months on both of these vehicles but I am always skeptical of those advertisements. Can you tell me what I absolutely need to find out to get the best deal? Also, Is it better to lease a honda because of the residual values?

    Thanks!!
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