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Mazda6 Lease Questions

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  • mittbbmittbb Posts: 8
    I’ve received a quote from one of the internet managers so far, Car_man. I would still like your thoughts on the destination charge issue from my previous post, and also if you can still let me know what the residual and money factor you come up with for March so that I can compare… Here are some of the details of the quote:

    For 12k miles/year:
    Residual calculated to 49.65% of MSRP. Money factor quoted as .002530

    For 15k miles/year:
    It wasn’t broken down for me as it was for 12k miles, but based on the monthly payments, I was able to calculate a residual of roughly 2% less (47.65%).

    And among some the other things I want to bring up:
    $3000 in lease rebates
    $595 acquisition fee
    $220 DMV / registration fee

    According to the dealer, the $3000 in lease rebates is taxable, therefore my total tax is being calculated by my net cap cost + the 3000. Is this fair practice? I live in NY, and I don’t know if it is. Also, the dealer wants me to pay the entire tax for the 39 months up front. Again, is this some law in NY? I’d rather not have to pay that up front in the event that the car gets stolen or totaled.

    I’m not thrilled about the $595 acquisition fee. Seems like an extremely excessive charge for processing paperwork. Can you tell me what the base acquisition fee is? And another $220 for the DMV / registration fee – is it reasonable? Shouldn’t this be included in the cost of the acquisition fee?

    I don’t know if I should be satisfied with the quoted money factor. The dealer said that anyone with a credit rating of at least 700 gets the same money factor from MAC. With the average credit rating in America is somewhere in the 720’s, I’m not feeling so special anymore ;) .

    And as you may recall, I wanted some options added onto the car. The options would amount to another $400.00 MSRP. I was given the VIN to look up on the Mazda web site, and I noticed that the sticker price that I was quoted did not include this $400.00. This is because the options are not yet installed, and they will need to add the options on at the dealership. But I can see that they are still charging me that $400 in my quote; The quoted sell price (before the $3000 rebate), appears to be what the invoice price would be (exactly) if it was based on the quoted sticker price + $400…PLUS another $500 which I’m assuming is just simply additional profit for the dealer. So by not increasing the final MSRP by $400 in the first place before figuring out the residual value, I’m losing out on over $150. May not seem like a whole lot, but once you figure they’re making money with that extra $500.00 over invoice, the ridiculous 595.00 acquisition fee, a questionable $220 DMV / registration fee, the commission paid to the dealer by the lease company, and an eventual 500.00 or so on dealer hold back, I think I still have bargaining room despite a taxed $3000 rebate.

    I’ve found out that adding the options that I want would take 24 hours to install. I really don’t want to have to sign any contract until those options are installed, so am I going to have to make some sort of a “good faith” deposit on the lease until the options are installed? Is that the way it usually works? If so, what’s considered a fair deposit? Thanks!
  • Dear car ma,

    I recently leased a Mazda 6 grande sport from a local dealer. They had to locate a car for me and we hit the end of a timelimit for a carshow rebate of $1000.
    When I went to sign papers and asked to review the lease the dealer said they had to make some changes. When they gave me the lease to read the payment was $20. more a month then what I was expecting and also had been written up for 48 months instead of the agreed 36 months and 10,500 miles instead of 12,000 miles. I got the response of sorry I made a mistake but when the mileage and length were straightened out i felt the lease was still higher then what I expected. The sales manager told me the residual value of a mazda grande sport 5 door hatchback was 2% lower then the grande sport sedan.

    I felt I was being lied too. Is there a difference in these
    two almost exact cars or was it a trick to take my money?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi javamonkey. The person who you are speaking about certainly has a good credit score. This car's exact lease program will vary depending upon how long this person leases it for and how many miles per year they are allowed to drive it. For now I will assume that they are interested in a 36 month lease with 15,000 miles per year. Mazda Credit's current 39 month, 15,000 mile per year buy rate lease money factor and residual value for a 2006 Mazda6S GT are .00223 and 47%, respectively. Mazda is currently providing $1,500 lease cash on this car. Make sure that your friend takes it into account when negotiating its capitalized cost.

    Car_man
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  • odcodc Posts: 1
    :) Dear Car_man
    I read a lot of your good advices.
    May I ask you some Questions?
    I would like to buy BMW 0655 530xi.
    I thought that it is 2006 model and its MSRP is $57,720.
    I want to buy this model by lease- 36 months.
    Can I have a chance to know proper deal about this car?
    It is not matter about down payment.
    I just want to know fair deal.
    HOW much do I have to pay per a month?
    Please help me.

    Sincerely
    odc
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello mittbb. Here is the information that you are looking for. If you were to lease a 2006 Mazda6i Grand Sport Sedan through Mazda Credit right now for 39 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00223 and 47%, respectively. The money factor for a 12,000 mile per year lease of this car would be the same, but its residual value would be 2% higher.

    The MSRPs that are listed here on Edmunds.com do not have vehicles' destination charges included in them. In order to figure out this car's real MSRP you will have to add the destination charge in. Vehicles' residual values are always based upon a percentage of vehicles MSRPs including the destination charge.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Mittbb, in most states customer cash incentives are taxable and dealer cash incentives are not.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi pretendstar. The 2006 Mazda6 Grand Sport Hatchback's residual values are definitely lower than the Grand Sport Sedan's. The hatchback's 48 month, 10,500 mile per year residual value is currently 42% versus 44% for the sedan. So your dealer was telling the truth about the residual values, It is still a little shady for them to try to switch you from a 39 month, 12,000 mile per year lease to much less attractive terms of 48 months and 10,500 miles per year without explicitly telling you that they were doing so. This would annoy me quite a bit.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'm glad that you have read so many of my posts, odc. This question is more suitable for the "BMW 5-Series: Lease Questions" discussion. Please post it there and I, or another community member will answer your questions.

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  • jvprjvpr Posts: 48
    Do you know if anyone has been approved with a beacon in the 600s and how high the score was?

    Do you know what credit report BMW Financial uses?

    I'm at a 670 Equifax score and I'm kinda nervous about them pulling up my credit and me not getting approved. I know Lexus would approve me since they are on a tier method and 670 is good enough for them- but BMW is very secretive about the beacons. I make $85,000 and have 100k in law school loans on deferment status. I also just paid all of my credit cards and I have not one late payment on my current car. I pay $450 a month religiously. I would like to know what kind of a chance I have to get into a BMW lease. Can you give me advice? Do you think I can get approved?
  • mittbbmittbb Posts: 8
    I am now leasing the car specified earlier in this thread and I am very happy with it so far. I gotta admit though that I wasn't careful enough, and ended up paying about $300-400 more than I probably could have. Just a lesson to all that even if you've done a lot of homework, you still gotta be careful when trying to work out a lease. I got a little caught up in comparing the monthly payments from one dealership vs. another and lost focus on the actual invoice price of the car I'm leasing. You gotta keep track of all of the subtle option differences among the cars you're eyeballing on each lot. I'll be better prepared next time around. I've also learned that you can't always count on the salesman calling you back into the dealership if you walk out during negotiations, lol. I dunno, March must have been a pretty decent month for sales ;) .

    In short, I tried a few dealerships. The quotes I got were $300-500 above invoice. The residual was 47% for 15k miles per year. The best money factor I could get was .00253. The March rebates in total were $3000. I hope this helps.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jvpr. I don't know what the exact cutoff is in terms of credit score for Mazda's and BMW's lease programs. Having said this, I suspect that you will not have any trouble getting approved to lease a vehicle through either of them with a 670 credit score.

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  • jvprjvpr Posts: 48
    Thanks Carman! I've wanted a beemer since I was 10 when I saw my first beemer, a 320i that my parents realtor drove in the early '80s... I'm in Miami and BMW is what all the Cubans drive down here...
  • Hello, everyone!
    I'm hoping someone can help me out: I am considering a 2006 Mazda 3i 4door sedan w/ touring (white/tan gut :shades: ). The local Mazda dealership (Partyka Mazda in Hamden, CT) told me about Mazda's AVP Plan (Assured Value Plan). Evidently, it's somewhat like a lease agreement but I will own the car -- it is in my name.
    Does anyone know anything about this plan? What are the pros and cons?
    Thanks!!
    -CarCutieCT
  • Hey,

    I was wondering what the residual and money faactor is for a Mazdaspeed6 GT for a 2yr 12k lease? Thanks.
  • audia8qaudia8q Posts: 3,138
    its a purchased set up like a lease....but the lease program is actually better for folks in connecticut. Let me start off by saying....If a lease isnt for you...then the AVP isnt for you either.

    The pros are somewhat basic...sales tax is paid in full so you can trade the car in and take the sales tax advantage. Also the car is registered to you personally not the leasing company (not really an advantage). You can carry lower limits of insurance but most folks don't carry the minimums on a new car anyway...

    the cons are also basic...There is lots of structure to the deal..like mileage restrictions and if you don't buy it at the end of the term (most don't) the car must go thru an inspection. Any wear and tear must be paid for by you....so if it needs tires or has some scratches your responsible.

    AVP and other balloon purchases like GM smart buy, ford's red carpet option, Mazda AVP, etc.. were set up to address the vicarious liability that we have here in CT and some other state...nothing fishey about it, just be well informed before you jump into a lease or AVP.
  • foghat81foghat81 Posts: 5
    Question for Car_Man:

    This is the current "special" lease as reported on edmunds:

    $292 Monthly Payment
    24 Month Term
    $2000 Down Payment
    $300 Security Deposit
    12000 Annual Mileage

    Restrictions Lease is based on the 2006 Mazda6 sedan s Sport with AT2 and CE1 options. $2000 is combined $1500 manufacture and $500 finance cash.

    Comments Dealer may contribute up to $1,000 for the $292 monthly payment lease. $2,592 is due at signing. Incentives may vary; see your local dealer for details. Tax, tags and insurance are extra.

    So would I still be responsible for the $2000 down or is it cash from the manufacturer? I know I'll need the $592 at signing, but I'm confused on that $2000 --- two dealers have given me two different answers!!!

    Thanks for your help!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi foghat81. The way this advertised lease is worded is a little strange. Mazda is providing $2,000 lease cash on the 2006 Mazda6. This incentive is completely paid for by Mazda and does not come out of consumers' pockets. I'm not sure why Mazda isn't just calling this a $0 down lease because that is essentially what it is. Calling it that would make it look even more attractive.

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  • tac379tac379 Posts: 6
    Hi Car_man,

    Wondering if you could help me out a bit. I'm looking for the current money factor and lease residuals on the MazdaSpeed Mazda6. Are they the same as the normal mazda6? I'm interested in the #s for both 12K and 15K miles, for both 2 and 3 year lease terms.

    Also, is the lease cash from the mazda6 available on the speed6?

    Thanks!

    Tom
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Tom . If you were to lease a 2006 Mazdaspeed Mazda6 Sport through Mazda Credit (that's a lot of Mazda's for one sentence :) ) right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00171 and 60%, respectively. The numbers for an otherwise identical 36 month lease should be .00256 and 50%. If you were to lease this car with only 12,000 miles per year, its residual values would be 2% higher. Mazda is currently providing a total of $2,500 lease cash on this car right now. Make sure to take it onto account when negotiating your vehicle's capitalized cost.

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  • hartthartt Posts: 79
    I'm looking for both 24 and 36 months with 15,000 miles a year on the Grand Sport and Grand Sport Touring.
    I saw the numbers posted for the MazdaSpeed. I'm hoping they are the same.
    Thanks!

    Tim
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