Mazda3 Lease Questions

forrest5 · August 2007

hi, i from this.

pfje · August 2007

Hi Car man,

I live in Maryland and I am in the middle of looking to lease a Mazda3 GT 5 door(hatchback) I visited the local Mazda dealer and they gave me the following price:

Mazda 3 5 door Grand Touring
w/Moonroof + Bose package and other additions

MSRP: $22,875
Selling Price: $21,785

Could you work up a lease package for 24 months/15,000 a year. Also, what is the current money factor and residual?

Thanks in advace.

steevo · September 2007

The numbers will probably change for September..but..go back just 10 posts and you will see the MF and resids for August.
I guesstimate your pyments for 24 months to be 350-360 a month.

steevo · September 2007

BTW,
thats a nice price..is that a 2008?

pfje · September 2007

Hello all,

Here is the currently proposed deal with no money down.
2007 Mazda3 GT 5 door with Bose/sunroof package and automatic transmission.

MSRP $22,775
Selling price $21,805
Residual 64%
Money factor .00154
Taxes $1,095 (taxes are 5% in Maryland)
Acquisition fee $595
Processing fee $99

The monthly payment would be $443.27

What does everyone think? I have a few questions.
Are taxes figured out on the total cost of the vehicle or on the monthly payment? Should I pay the taxes up front or put them into the monthly payment? Is the acquisition fee and processing fee negotiable?

Any other comments would be greatly appreciated.
Thank you.

qbrozen · September 2007

$440??!! How long of a lease? How many miles? Something is WAY off here. People are paying that for G35s. I'm paying less than that on a $27k Honda. You could finance that car for that much.

pfje · September 2007

I forgot to mention that the lease is for 24 months at 15,000 per year. The price sounded high to me as well.

I calculated the lease on my own came up with an an approximate payment of $375. I'm not sure how taxes are calculated in Maryland - up front on the total selling price or by the monthly payment price.

Thanks in advance for any suggestions and/or advice.

kyfdx · September 2007

I'm pretty sure that MD is 5% on the selling price..

But, at that monthly price, I'd buy the car.. You'd get the same payment over 60 months, more or less..

Unless you are upside-down on a trade, that price seems way out of line... :surprise:

delta737h · September 2007

pfje,

What is the adjusted capcost? If your payment is correct, then the adjusted cap is substantially higher than the sell price of $21,805. Even if you cap the sales tax and acquisition fee, the total amounts to $23,495. Using this as an adjusted cap triggers a payment of $430.25 or about $13 less than your payment. Your payment suggests an adjusted cap of $23,796.24. Looks as though there is an additional $300 coming from somewhere.

You're not providing enough information for me to respond intelligently. Something is missing. I have no clue how you arrived at the $443.27 payment. Taxes appear to be based on $21,900 ($1,095/0.05). Looks a little shakey to me. I need a break down of the adjusted cap.

John
Medina, Ohio

pfje · September 2007

John,

Thanks for your response. This is the response I received from the dealership:

New 2007 Mazda3s 5-door Grand Touring Auto
Moonroof and Bose 6cd in-dash changer. - MSRP $22,775.00
Your Special Internet Price is $21,805.00*

TAGS $202.00
RESIDUAL 64%
MONEY FACTOR 0.00154
TAXES $1,095.20
PROCESSING CHARGE $99.00
ACQUISITION FEE $595.00

PAYMENTS ON 24 MONTHS WITH JUST 1ST PAYMENT UPFRONT IS $ 443.27

I have not met with the dealership in person. Correspondence has been using email. Therefore, I have not seen their payment formula. Before I respond I was hoping for helpful comments (like yours) from the members of this forum.

Any comment would be greatly appreciated.

qbrozen · September 2007

what did the asterisk next to the "special price" refer to? I don't see a corresponding footnote in your post.

Using edmunds calculator, I've gotten close to their figures. Since you have to pay all the tax on the car, that makes a big difference. If I use the calculator and roll in the processing fee and taxes into the cap cost (total of $22,999), I come up with $453. However, the edmunds calculator insists on a security deposit, so that may be why its coming up a bit high.

Based on all of this, I would be looking to finance for 5 years if I were you. It would be almost exactly the same price, but you'd avoid the acquisition fee and any mileage restrictions.

jerseyguy7 · September 2007

Delta/tracer-

Would you mind e-mailing me your excel spread sheet- there are few numbers on Deltas Acura proposal I am not coming to- thanks

jjmurray14@yahoo.com

jerseyguy7 · September 2007

Just putting this out there- according to one dealership I was at today (in NJ)- the residual value on a 2008 i touring is 71%.

plasticmoonrai · September 2007

I am in the market for a Mazda 3 Grand Touring with a nav system. The Westchester, NY dealer I spoke with said that the money factor for the 2008 edition was DOUBLE what the 2007 edition was, but the residual was higher.

In other words, the 2008 editions had a money factor of .00278 (was .00139 for an'07) and the residual was 61% (was 57% for an '07).

Is this guy yanking my chain? How can the money factor be so high for the next year's model? Or is this the norm?

THANKS.

jerseyguy7 · September 2007

Question on your formulas- In determining P (Payment) you need:
F(Money factor)check
R(Residual value) check
T(Term) check
and...
A(adjusted cap cost).....but to determine A(adjusted cap cost) you need C(Amounts Capitalized/financed) in which you includes 1st month's payment

Your formula for A....A=(V+C)-D.....V and D are known, but what about C...you know security and acquisition fees, but C also includes 1st month payment ...but P can only be calculated when A(adjusted Cap Cost) is determined?

I feel like this is the chicken/egg condodrum??? What am I missing?

delta737h · September 2007

jerseyguy7,

Yup, the first payment is being capitalized. There is a little algebra involved but if you send me an email at...

diffeq@zoominternet.net

I'll be happy to send you a paper I wrote that explains how to compute payments when the first is capitalized. Also, let me know how NJ computes sales tax. My guess is that they levy tax on the payment streams.

John
Medina, Ohio

pfje · September 2007

I'm still trying to lease a 2008 Mazda3 GT 5 door.

Does anyone know the money factor and residuals for a 24 month/15,000 year lease term?

Thank you in advance.

gpyn · September 2007

Mazda has advertised a few lease specials for the month of September.
e.g a 2008 mazda3 , the lease special is 189/Month, 24-Month Lease, $2,189 due at Lease Signing. Includes 1st month.
http://www.mazdausa.com/MusaWeb/displayRegionalIncentives.action

There are lots of recommendations on this site to negotiate the price to bring down the capitalized cost as low as possible and to put down little or no down payment.

1. Are the lease specials negotiable i.e. can I bring still negotiate on the purchase price?
2. How do I get details about the residual, money factor etc. for this lease special?

vtbrian · September 2007

I posted this in the prices paid forum as I am considering buying as well, but this seems to be a better place to ask. Here is the deal I was offered from Arlington Mazda in Virginia. Despite reading up on leases, it's still a bit confusing. Appreciate any input on whether this is a decent deal or not. Thanks in advance.

2008 automatic 5-door mazda3s, grand touring, with the 2mc package (Moonroof, 6-CD and Bose Audio) option.

24 month lease
- The Residual is 69% of MSRP $15865.17
- The money factor is .00152.
- 10,500 miles per year lease.
- lease changes by 2% residual for the 12k miles per year lease. $8057 OnePay option.

So bottom line, it's about 8k to lease this car for 2 years. Please advise if I left out key details. Thanks!

jak51 · October 2007

Carman,

I need the residual for a Mazda3 "S" for 36 months, 12K/yr. Also, the base money factor and the acquisition fee through Mazda Financial. Is the money factor different for an "I" vs an "S"?

Thanks

agallowa · October 2007

hello, ive been going back and forth with a couple dealers in sacramento here, this is the best deal ive gotten. im looking to leave a mazda 3 2.3 s 4 door by the way, heres what the dealer emailed me, please let me know what you guys think, thanks

Alan-

Yes the 2.3 in white comes with the black interior. The payments are as follows. The 2.3 sport comes standard with all of the features of the i touring, but with a larger engine, so don't worry about it not having the features that you are looking for, because the i sport is the only car that does not come with power windows and locks

36 month lease $2500 down Sacramento County tax rate

2008 i touring 12,000 miles per year $208.03 plus tax per month total payment $224.15 residual $10,705.55

2008 i touring 15,000 miles per year $217.54 plus tax per month total payment $234.40 residual $10,342.65

2008 S sport 12,000 miles per year $225.25 plus tax per month total payment $242.71 residual $11,008.42

2008 S sport 15,000 miles per year $235.19 plus tax per month total payment $253.42 residual $10,628.80

I hope that this clears up any confusion. Please let me know when you would like to come in and which model you are most interested in.

Thanks,
Alicia

qbrozen · October 2007

auto or manual trans?

this is the deal on mazda's website:
$249/Month, 24-Month Lease, $2,249 due at Lease Signing. Includes 1st Month's Payment. Excludes taxes, title and fees.

that is for a 3s sport with auto trans at 12k miles/year. now, of course what is missing there is title and fees. It is also for a 24-month lease as opposed to your 36-month deal.

So I would say, off the top of my head, it seems fair. I mean, you are putting another $250 down, which may cover about half the fees. $250 in fees rolled into the lease is roughly $7 per month. Plus your quote is $25/month less ... all of that is of course because you are taking it for an extra year.

All in all, I don't know if what they are quoting you is exactly right because I don't have all the numbers, but it seems at least darn close. What you REALLY need to know is the selling price. If it is MSRP, then I'm sure you could do better.

agallowa · October 2007

its the auto trans. and as far as the selling price she quoted me 16,996 for an 2.0i touring and 220-240 a month with the same down payment. i think i might be leaning twards the 2.0 but im still not sure. of course the 2.0 gets better gas mileage but im just not sure yet if i need the extra hp. i know its only around 10 or so more hp which in my opinion doesent really make a diff at that point. anyone have opinions on this one? in your guys opinion should i go with an i touring or a 2.3 sport?

agallowa · October 2007

also too im in the process of trying to get rid of my 07 dodge charger before i can make this mazda 3 a reality. i was told next month this offer will no longer be valid so am i gonna be sh** out of luck if i cant sell my current car my the end of the month? she told me next months lease prices shouldnt be much different but i just dont wanna get screwed.

qbrozen · October 2007

my bro-in-law felt the 2.3 was well worth the 1-2 mpg hit. but that's something you have to drive and decide for yourself. it isn't just a 10 hp difference, though, i can tell you that much. I mean, it might appear that way, but the larger displacement also typically means a flatter torque curve, which makes a much bigger difference in daily driving.

wow. an '07 Charger? that's gonna be a hell of a depreciation hit.

agallowa · October 2007

thats good to know. i didnt really think of it that way. but i totally get your point there. its definetly going to be a daily driver and i dont know if i could bring myself to getting the 2.0 just because i know the 2.3 is alot more fun to drive on a daily basis correct?

damianinpa · October 2007

Just got back from the dealer..wanted to price an '08 S grand touring with Bose package/spoiler/Sirius at S plan pricing (invoice) No money down except 1st month payment. 2 year 15K lease. He quoted me $443 a month! That seems very high to me.
Can anyone confirm these numbers:
Stick Shift residual is 64% and money factor is .0029
Price was S plan pricing which was about 21,400K.
$439 a month...I could probably buy the car for less per month. Anyone think this is right???????

pcantore · October 2007

damianinpa, The S-Plan price without the spoiler/Sirius is $20,360.00. So, it's an extra $1,040 for those two items??!!
Also, my guess is that your money factor is a bit too high. I'd say with a factor .00152 it should take you to $370 a month with no down. That should be a more reasonable amount. It may depend on your current credit score.

Good luck to you

damianinpa · October 2007

I'll have to check the numbers, but, I'm fairly sure it was about 21K. No doubt though, the money factor was .0029 and they did NOT run credit. He stated this was based on top credit of Tier 0. I'm going to call another Mazda dealor today. I guess it is possible that the 2 year factor is this high. He quoted me $389 a month for a 3 year lease. Still, Toooo much! I can get a Mid-side Ford Fusion for $380 a month for 2 years!

qbrozen · October 2007

the lease specials on the mazda site use a much lower MF. I don't know what exactly, but it is most definitely not what you were quoted. The dealer is either quoting you full bank rates or they are marking up mazda's rate.

Personally, to avoid confusing the matter, I would call a dealer (if they will give you this info over the phone is another matter) and ask them what the MF and residual is for mazda's advertised deals on their website.

damianinpa · October 2007

OK..just got back from another Mazda dealer and here are the real numbers. S Grand touring stick shift has residual of 64%. Auto would be 66%. Money Factor is .00229 Payment for S grand touring with Bose/moonroof (S plan pricing) would be $399 for 2 year 15k miles and $350 for 3 years 15k miles. Those are the real numbers...still seems High, but, that is it. I'm thinking of going Ford since the leases are better.

pcantore · October 2007

Damianinpa, the $399/month with $20,360.00 S-Plan Agreed Upon value would be correct for 24 months, but not the 36 months amount. The monthly payment would be around $295. If you're considering the 36 months for a 3, then it's worth going back to the dealership.

CarMan@Edmunds · October 2007

Hi plasticmoonrai. Manufacturers usually provide less lease support on new models than they do on leftover models. The reason for this is two fold. First, the residual values for new models are higher than they are for leftover models so manufacturers do not need to provide as much support on them to arrive at reasonable lease payments. Number two, manufacturers want to make leftover models more attractive than new ones to help dealers sell out their remaining inventory.

Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda 3i with 15,000 miles per year are .00238 and 57%, respectively.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds · October 2007

Here's the information that you're looking for, jak51. Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda3 s with 12,000 miles per year are .00238 and 56%, respectively. The numbers for an otherwise identical lease of a Mazda3 i are .00238 and 57%.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

damianinpa · October 2007

OK..here is what I ended up with:
'08 S grand Touring with Bose package, wing spoiler and Sirius. All at S plan pricing. 3 year lease with $500 down = $368 a month. If money factor changes for Early Nov. they will adjust pricing, but, it is unlikely it will change. He showed me the numbers. Car is on a boat headed for US..I'll get it early Nov.
Damian

pcantore · October 2007

Congrats Damian! Much better choice than a Ford..
Tell me, how much was the Agreed upon Value, Lease Aquisition fee and processing fee. Did you have to pay for the S-Plan Administrative fee as well?

Enjoy your new ride when it arrives.

intelman · October 2007

I'll be shopping for a Mazda 3 locally this weekend. I think the Mazda 3 currently has Dealer Holdback. Is it 1% of the MSRP value ? An 18,000 MSRP would be $180 holdback. Also, I want to get Invoice price and a lower Cap Cost Reduction below $2000. I'm not a great negotiator, but I'm going to ask them for this anyways. I leased a $28,000 Jeep one time and only paid $500 Cap Cost Reduction.

qbrozen · October 2007

I think the Mazda 3 currently has Dealer Holdback.

every mass produced car always has holdback. I'm not sure what mazda's percentage is. I know it is listed here on Edmunds somewhere. In any case, it really doesn't matter to you because if you bring that up in negotiations, you will only dig yourself a hole. It would be as offensive to the dealer as it would be to you if they wanted to discuss your monthly take-home pay and how much you pay for groceries.

Also, I want to get Invoice price and a lower Cap Cost Reduction below $2000.

You can make your cap cost reduction whatever you want it to be (including $0). It will simply affect your montly payment.

shoefly1 · October 2007

What are the current MF & Residuals on a Mazdaspeed3 (Sport and GT) for 36/15k?

Thanks!

aubreyjace · November 2007

:confuse:
Hey just wanted to get some feedback..

Went to Mazda to look at a used 3.. ended up leasing an '08, (haven't signed the papers yet because we didn't bring my trade with us - didn't expect to do anything that day)

When I got home and started looking around online I think I am going to be paying too much with the deal that they are offering me...seems to me that for just about the same amount for 60 months I could own the thing.

If someone could give me their opinion that would be great!

I Touring (with ABS, Wheel lock and Moonroof/CD pkg)
MSRP 19,085
36 months
15,000 miles
based on a $2,500 trade
$339 a month

I've researched the
bottom line price
holdback (which for Mazda is 2% of the base)
what percent the dealer should make on a sale (between 4-8 %) I used 5 % and 6.5 % in my calculations
I have good credit so I can get a rate of 6.91% for financing
I calculated my trade at $2,000(wanted to be on the lower side just in case)

With those numbers plus tax, title and license I'm getting around $350 or $356 a month for 60 months to BUY the car

qbrozen · November 2007

I don't know what the percentage is, but I'd be looking to pay invoice +$500 on an '08 i.

And, yeah, $350 or so per month on a 60-month note is about right.

PF_Flyer · November 2007

It's election day! So once you've done your civic duty, why not stop in at our weekly Mazda chat to meet and greet CarSpace friends?

The Mazda Club Chat is on tonight. The chat room opens at 8:45PM ET Hope to see YOU there! Check out the schedule

vacek77 · December 2007

I just got a lease price of $254.61+tax for I Touring 4 Auto with ABS package. The dealer suggested the purchase price of $16,997 and the buyout price of $10.365.45 Not sure if it's a good deal? :confuse: Please help. Thank you

pjo1966 · December 2007

2008 Grand Touring Mazda3 w/ automatic - 36/36000 lease

MSRP $21,480

Price $20,845
Dealer Transportation Fee $635
Window Tinting $249.95 (unwanted, but already on car)
Dealer Installed Bluetooth $595

Net Cap Cost $21,427
Drive-Off Fees $621.91
Residual $12,028.80
Payment $336.67
Payment w/ tax $364.45

How does this deal look?

bfcerny · December 2007

Just an FYI...
I just got a 2008 Mazda3 I Touring with Moonroof/Foglights/6 disc etc...
39 month lease
10,500 annual miles
0 down sign and drive
$1,000 trade equity
$246 a month taxes included in payment.

Woodhouse Mazda Omaha Nebraska

yourapproved · January 2008

I just got this quote from a dealer, please let me know what you think.
This is for 2008 Mazda i sport 27months lease term.

$1000 out of pocket (includes 1st payment and tag fees)
$234.26 tax included
net cap cost 15,524

or 1st payment only out of pocket $265 tax inc

please tell me if it's good or am I being taken?

beautie · January 2008

Are you in Southern California? That deal looks good but I have no idea. I was quoted $291 (inc. tax) for an i Touring edition. for 24 months and 10,500 miles only.

beautie · January 2008

2008 Mazda3 i Touring Automatic. Los Angeles, Star Mazda.

Cap Cost = $17,485
Drive off = 1st month + DMV fee (amounts to less than $500)
Mileage = 10,500
term = 24 months
payment = $291 (incl. tax)

It seems high to me.

yourapproved · January 2008

Net Cap 14k
$213 per month after taxes

beautie · January 2008

I'm in the Los Angeles area and I'm trying to find out what the residual value and money factor is on a Mazda3 i touring sedan (4-door). I can do 2007 or 2008, whichever is better economically. Also, is it unreasonable to expect a dealer to sell/lease me the car at or below invoice? I thought I read somewhere once that dealers actually pay less than the invoice for their cars.

The other question I had -- if I think Wells Fargo will give me a better deal than Mazda's financing arm, and I ask the salesman to give me the WF number, is he obligated to do that?

Thanks for all your help. I love Edmunds.com and I've spent hours on these forums researching cars. Thanks to whoever started this site.

Mazda3 Lease Questions

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