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Mazda CX-7 Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,518
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Mazda CX-7. Thanks.

Car_man
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  • Car_man,

    Do you know the current money factor and residual on this special "First Choice Buyer’s program" for the CX7?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi invaliduser. I have seen this vehicle's lease program, but I have not seen any information on its "First Choice Buyer's program." I'd be happy to provide you with the details of its current lease promotion if you tell me exactly which CX-7 model you want, how long you want to lease it for, and how many miles per year you need to be able to drive it.

    Car_man
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  • zoom49zoom49 Posts: 76
    special "First Choice Buyer’s program" for the CX7?
    First Choice Buyer's program was the ability to "pre-order"
    the CX-7 before they went on sale and were deliivered to the dealer. We purchased our CX-7 in October 05 and it was in our Dealers first delivery. They provided us with e-mails to keep you up to date on your order and some other pre order gifts along the way. :)
  • s2kpilots2kpilot Posts: 2
    Hi Car man, we are looking for a FWD Grand Touring with the tech package.

    24month lease

    We're having a hard time finding FWD GT combos in the color we are looking for, Copper Red / Sand. Maybe other's are looking for the same combo too. If you happen to know of any in the North East please feel free to post a quick reply here.

    Thanks -- tom
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Tom. I have not been to any Mazda dealers in a while so I don't know of any specific dealers that have the CX-7 as you want it equipped, but you should ne able to find the one that you want if it exists by searching dealer inventory at the following site: http://www.mazdausa.com/MusaWeb/vlStart.action">Mazda Search Inventory. You also may be able tito find another community member who has seen the vehicle that you are interested in by asking around in this discussion: "Mazda CX-7".

    Car_man
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  • dhager1dhager1 Posts: 1
    Hi

    I got some numbers on a cx7 awd GT with tech pkg..how do they compare?
    selling price $31,331, 24 month lease 12k mi/ yr residual 72% .00286 MF
    $0 $425 month however i have $4000 in equity on my acura TL trade and would put down the $4000 making my monthly $231. the car had tech pkg, auto dimming mirror/homelink and rear bumper guard pkgs.
    I would appreciate some feedback asap as i'm ready to deal!

    thanks
  • tinycadontinycadon Posts: 287
    One of the things I discovered about leasing that they never tell you is if you get into a accident and the car is totalled you do not get back the book value, only what you owe on the car. If you put that $4,000 towards your lease and you total the car the next day, you will completely lose that $4,000!!! The idea is to put AS LITTLE DOWN as possible, pocket that $4,000 and use it to pay the monthly lease payments while collecting interest on it in a savings account. There are some online savings accounts paying 5% interest right now. Don't try to lower the payment, it could end up costing you dearly if something happens. Good Luck.
  • maximafanmaximafan Posts: 592
    I've been wondering how that works when
    you lease a car and the car gets totalled.
    It just happened to me yesterday evening at
    around 6:15 p.m. My 2002 Maxima go T-boned
    near the right front side from a young college
    kid running through a stop sign. The impact
    caused me to veer into the oncoming lane and
    veer into the grass toward a large building.
    I ended up running into three four-foot cement
    poles that smashed in the front grill, buckled
    the hood, cracked the entire windshield and
    making both air bags go off. I would imagine
    the car will be a total loss, although you
    never know.
    So if I'm understanding you, I've got 10
    payments left on my Max @ $369.28 on my lease. So what happens then? Would I get paid $3,692.80 or does something else get added in there to completely pay off the lease and end up paying it off early? Any thoughts on this would be appreciated, since I'm not sure how this is going to work out and this is the first car I've ever leased.
    Thanks.
  • vbbuiltvbbuilt Posts: 498
    OMG, I hope you're OK? So sorry to hear about this! :sick:

    Within the last two years, I've been in two severe accidents that totalled two new cars...luckily walked away with only a broken collar bone (impact was severe enough for the shoulder belt to snap the collar bone) in the 1st and 6 months later, happened again to another new car. Walked away with no injuries on that one. Both accidents caused by hit n' run a**holes. In both instances, I had purchased those cars with GAP insurance. Saved my butt financially.

    In your case, I'm assuming your insurance will cover up to the blue book value of the car, less your deductible. Not sure about your deposit, though. I wouldn't think you'd be liable for your remaining 10 payments on the lease, since the value of your insurance should cover the loss.

    I'm sure you've already checked with your insurance and the lease company?

    Here's a silver lining...now you can get the CX7? Yes? ;)

    Vince.
  • tinycadontinycadon Posts: 287
    Your lease will get paid off with the insurance, as long as the book value is greater than what you owe. But if the book value on your vehicle is say 20k and you only owe 17k, you do not get the 3k difference as if you owned it, just the 17k to pay it off. That's why you should never try to put $cash$ towards a lease to lower the payment, you would lose that down payment in the event of a total loss accident.
  • maximafanmaximafan Posts: 592
    Thanks, guys for your concern, and thanks for
    the info. I've spent most of today on the
    phone with my insurance company, the other
    driver's insurance company, and I called Nissan
    Motor Acceptance Corp. to let them know and to
    try to understand how this might work.
    Luckily, when I leased the Max, I got cash back. I was supposed to get $1200 cash back
    and they held onto $600, I assume, for the
    security deposit. So, thank God, no money
    was put down on this lease.
    I was also told by the person I spoke to on the phone with Nissan that all leases that are done through NMAC have gap insurance automatically built in. So I would imagine if the car is totalled out, I'll probably be able to walk away as if I had completed the entire terms of my lease, possibly less a $500 deductible.

    Now, on the other hand, the adjuster may tell
    me that the car is repairable. I don't know.
    I can't imagine how things might go if I end
    up driving a car that may have possibly had over $12,000 in accident repair and live with
    it for the next six or seven months.

    I am getting more and more sore as the day
    passes. I had to get a prescription for some
    of that stronger Motrin stuff.
    I will keep everyone posted on the progression
    of all this. Thanks
  • Hi Car_Man.....if you could supply MF & Residual on:

    CX-7 Touring
    MSRP: 31,030
    36 Month Lease / 12,000 mile

    &

    CX-7 Grand Touring
    MSRP: 28,045
    36 Month Lease / 12,000 mile

    Thanks in advance!
  • cx7byercx7byer Posts: 9
    After much negotiation, I managed fifteen hundred off my grand touring copper red with tech and preferred packs and AWD. Now, I'm wondering, should I lease instead? What would you do? How are the lease rates?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, theomegaman. If you were to lease a 2007 Mazda CX-7 Touring AWD through Mazda Credit right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00286 and 60%, respectively. The numbers for an otherwise identical lease of a 2007 CX-7 Grand Touring AWD should be .00286 and 59%.

    Car_man
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  • I am looking at leasing the CX-7 Sport FWD with the Moonroof/Bose package. I get the S-plan price and was quoted:

    MSRP: $26,245
    S-Plan price: $24,678
    2 year lease - $479.89
    12,000 miles/year
    zero due@signing
    Residual: 72% = $18,896.40
    Money factor: 0.00283 = 6.7% APR
    Mazda American Credit

    I have never done a lease and am new at this, but I found a site that seemed to have a lot of good information. I used their formula on this page: http://www.leaseguide.com/lease08.htm

    When I do the calculations with those numbers I get $364.22.

    I wonder if those formulas are correct and if so, where is the extra $115.67/month coming from?

    Can anyone give me any advice, opionions, guidance?

    Thanks in advance! :shades:
  • wjbushsrwjbushsr Posts: 135
    As a fellow S Plan buyer, I say "Welcome Aboard!"

    But here's the thing; from experience I say, DROP THE MOONROOF / BOSE option and get the GT W/ TECHNOLOGY PACKAGE!!!

    On the S-Plan you're looking at a 29K invoice/ buying price, that's only 3 grand more. The Tech Package GT however adds HID headlights, Climate Control AC, backup camera and the DVD Navigational, Bose & Moonroof combo with a MUCH better display than the other Bose headunit PLUS it not only plays MP3s, but it shows you the artist, album and song info! There's more to it, but I think if you read around the site, you'll get the jist of it.

    For the money; go a little bit further and get the GT!

    Trust me on this, the Tech Package has ALL of the bells and whistles! ;)

    On the lease deal; if you are SURE you will only stick to 12000 a year or less, then jump on it!
    BUT find out what the penalty miles are {miles over the contract limit are charged to you, some agents charge up to 20 cents a mile!}
    Also there may be hidden costs to look at, such as the upkeep, maint. records {some agents require proof of oil changes}, making sure the paint and body have only "normal wear and tear", but the biggest thing to remember that unlike a purchase, if your credit should fall on hard times, the leaser can deny you a great APR at the end of the lease if you want to purchase.
    Leasing is great if you can stay within the perimeters, but there are horror stories of people getting fleeced on a lease because they didn't read all of the contract. Do a search for yourself before you commit!

    Good luck!
    :shades:
  • adam0010, thank you for that link. It is very informative. I also have S Plan and considering a CX-7. I've never lease a vehicle, but am interest in find out how it works. But based on the info in that webiste, I think
    your calculation of $364.22
    (((24678-18896.4)/24) + ((24678+1889604)*.00283))) assumes the Net Cap Cost is just your S-Plan price. Based on the information on that website, the Net Cap Cost would include any fees, taxes and gap insurance. And if you live in TX or IL, you need to pay tax for the whole amount of the vehicle. Without knowing exactly what fees and taxes are charged, it is impossible to know how they come up with the $479.89 monthly payment or rather it is a good deal or not.
    For those who lease before, please share your experience and knowledge.
  • Greetings adam0010. 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.

    I just calculated a 24 month lease on this vehicle based upon the information that you provided in your post, an MSRP of $26,245, a selling price of $24,678, a money factor of .00283, and a residual value of 72%, and I came up with a zero down, pre-tax payment of around $364.22. As you can see, this is the exact payment that you came up with. It is difficult to say why the payment the dealer that you are working with quoted you is higher. Perhaps it includes sales tax. The dealer may have also rolled Mazda Credit's acquisition fee into your vehicle's capitalized cost. I would ask the dealer to explain why the payment they quoted you is so high or get a quoted on an identical lease form a different dealer to see if it is the same.

    Car_man
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  • wilgwilg Posts: 3
    I checked out the CX-7 today and was pleasantly suprised. I've been looking at the murano, but considering the price I'm becoming a CX-7 fan.

    I requested a quote for a 0 down, 36 month lease on the GT package. The numbers seemed fair, Cap Cost, resid., except for the money factor.

    When I was shopping the murano, I was getting a money factor of .00058 through Nissan, Mazda financing was offering .00278, a considerable difference. I asked the sales guy why the rate was so high and he said it had to do with the CX-7's high resid. (60 %) This drove the price of the lease above the quote I was getting for the murano, which had a cap cost of about 4k more.

    How can nissan offer such a low money factor? Does the resid. have anything to do with the rate? Are there 3rd party lease finance companies that can offer a better rate?

    Any help would be appreciated.
    Thanks,
    Wil
  • audia8qaudia8q Posts: 3,138
    How can nissan offer such a low money factor?

    The Murano is currently being heavily discounted...so Nissan is 'buying down' the money factor. Its an around about rebate essentially. The CX-7 is brand new and hasnt been around like the Murano so like most new models there arent any special incentives/buy-downs yet.

    The residual may or may not have something to do with the rate....the residuals are set by ALG and each mfg may opt to enhance the residual....sometimes they enhance the residual side but not the rate...some mfg may not enhance the residual but might buy down the rate....
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