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Mazda3 Lease Questions
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Comments
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
MSRP:$24,365
Invoice:$22,749
The dealer is tacking on an outrageous $995 admin. fee on top of a $298 document fee (in addition to the title/registration fee) to sell me the car. I think these fees are unjustifiably high and a pure ripoff. I have read the contract carefully, and I think the dealer is legally allowed to do this by the phrase "plus official fees and taxes" added after the purchase option price.
It may be legal, but it's just plain wrong! The dealer is well aware of the resale value of this car, and I think he wants to make an extra $1,000 from me, or he will happily take the car back and resell it for even more.
Do I have any recourse here, or am I truly hosed for the admin. fees if I want the car?
I have never heard of such a thing. If this is indeed true Mazda is quite the opposite of any other lease I have seen. In every other lease I have seen the finance company owns the lease, and the selling dealer has zero to do with the car once it is sold. The only thing they do with the car when it comes off lease is store it for Mazda until it is carted off to auction.
I really think you are getting bad information on this. If this were true why are you able to return your car to another dealer if you have moved? Mazda Lease Return
Official fees are governmental fees that you are required to pay like title and registration, not fees that the seller might add on.
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
I have leased several vehicles in my life, and this is the first instance where the dealer is involved to this degree. I did notice at the top of my Lease Agreement, I am listed as the "Lessee", the dealer is listed as "Lessor", and the "Holder" is CAB East LLC. The car is registered to CAB East LLC. The Agreement is a Mazda American Credit document.
I hope I'm getting bad info, but it came from a MAC representative. She said any additional fees to buy the car are between the dealer and me. I plan to call them again to make sure.
I had assumed that "official fees" were related to title and registration, but I'm not sure that is the legal definition.
Mazda's May buy rate lease money factor and residual value for a 36 month lease of a 2009 Mazda3s Sport Sedan with 12,000 miles per year are .00245 and an outstanding 65%, respectively.
Car_man
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Mazda used to have its own captive finance company, Mazda Credit. Mazda Credit is no more. Mazda now runs all of its official leases through Chase, but since you leased your Mazda3 several years ago your deal was run through Mazda Credit. It is entirely possible that there isn't enough people left at what once was Mazda's captive finance company to negotiate purchase prices on leased vehicles on an individual basis. Mazda Credit could have laid everyone off and farmed out almost all of the lease return process to Mazda's dealer network. That's one possible explanation for this situation.
Whatever the story is here, over $1,000 in fees for you to purchase your leased vehicle is absolutely nuts. Even if the car was a great deal, I personally would almost feel compelled to walk away from it out of principle. Have you tried visiting another Mazda dealer. You do not have to return your car to the original dealer that you leased it from. Perhaps a different dealer would be more reasonable and only take a couple hundred bucks onto this transaction.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Yes, someone at Mazda Credit did tell me that the dealer owns the car, and yes, you are correct, this is NOT true. I made a few follow-up calls to to the Mazda Credit 800 number, and it seems to me that it is a call center staffed with people with differing amounts of knowledge and savvy. I finally got to someone at Ford Leasing services, and she verified that they (Mazda American Credit) own the car. She also confirmed that the lease buyout had to be done through a dealer, preferably the original leasing dealer. She agreed the amout of the admin. fees sounded unusual. It seemed that it would be OK to try a different dealer.
I am going to call a few dealers today and see what they say. I am a bit concerned that they may want to "protect" the original dealer so that they don't hurt their relationship with them if they need a favor down the road (getting a specific car, etc.).
I also plan to talk to the owner of the original dealer since the sales manager said that only he can make any decision related to fees.
Like you, I am so irritated my these unjustifiable fees that I would rather walk from the buyout rather than give this dealer any more money.
Thanks!
Be careful! Great car though... what color are you going to pick? I love the pearl white!
Can you provide the money factor and residual for a 2010 Mazda3 4 Door i Sport Automatic? I'm looking for a 36/39/42 month lease and 10k/12k mileage.
What fees and monthly payments should I expect to pay for this? New York tax rates.
Thank You
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
If you were to lease this car with only 10,000 miles per year, its residual values would be 1% higher.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I visited the dealership last Friday and I negotiated a price of $216 a month for 39 months and 10k miles. This is with $1800 cash due at signing which includes all taxes, bank fees, etc. Is this a good deal? For a car with an MSRP of 17495 I feel like this price is still high.
For a 15k mile/year lease:
-One dealer is offering residual value of 52% of sticker with a MF of .00083, and a monthly payment of $285 with no money down (first payment only)
-The other dealer is offering residual of 61% of sticker with a MF of .00241, and a monthly payment of $272 with $1,700 down (plus first payment)
Car Man, do you have any advice? What are June resid and MF for this model? Do these numbers seem off?
Thanks!
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
Grand Touring package with manual transmission listing for $23565 and selling for $22092. To lease this vehicle with minimum out of pocket for first payment and in fees ($750) is $367 to $371 per month, oac. With automatic transmission it sells for $22745 and leases for $371 to $375 per month.
I don't think this is a good offer. What do you guys think?
Someone in the Lexus IS forums got the IS for $411 per month with nothing out of pocket... but they put down MSD which is sort of like a deposit...
375 is high for the Mazda IMO... sounds like you haven't negotiated yet...?
Car_man
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In short, the best way to negotiate a lease (at least in my opinion) is to negotiate the lowest possible selling price on the vehicle that you are interested in and then have the dealer calculate your monthly payment using its buy rate lease money factor. Mazda's July buy rate lease money factor and residual value for a 36 month lease of a 2009 Mazda3i Touring with 15,000 miles per year are .00039 and 50%, respectively.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
You do not want to put that much money ($3,500) down on a lease. Perfect explanation why from leasecompare.com:
Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.
For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.
The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:
- Money down is taxable
- Take the money you would have put down and invest it
- Put your down payment in a savings account and use a portion each month to help make your lease payment
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
Current Lease
You're $1850 over in mileage on the Nissan and you have three months left on the lease @ $350 per month. So if you turned the car in today, you'd end up paying $2900. Not a good thing!
Do you know the residual value of the Nissan (established in the lease contract)? I'm just thinking that you might be better off buying the Nissan for that price rather than paying for the excess mileage. Residual values on leases are usually low-balled somewhat to bump the monthly lease payments up a bit. I would check the contract to see what the Residual Value figure is, then check on Edmunds (and KBB) to see how much the car is actually worth.
Turning it in early- are you wanting to do this because the excess mileage cost for the next three months will be greater than the $1050 in payments? If not, you really should hang on to it until the lease is up.
Current Mazda Lease Specials- the only lease special I currently see is on the 2010 Mazda3 s Sport 5-door Automatic (w/ no other options). It's a 42 month lease, $279 per month, $0 due at signing, 12k miles per year (42k over the term of the lease) and $0.15/mile overage.
Buying vs. Leasing- are you sure that leasing your next vehicle is a better choice than buying it? Will you end up having excess mileage on the next car, too? If you drive more than the typical 12-15k per year allowed, buying is almost always the better choice!
Mazda is currently offering 3.9% APR for 60 months on the Mazda3. $22k financed for 60 months at 3.9% would be $404 per month.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
MSRP = $20,495
Price = $18,995 + $595 acq fee
Term = 36 mo/12K miles
Residual = 60% ($12,300)
Money Factor = 0.00179
I paid the ACQ fee up front so adjusted cap = $18,995
My monthly payment = $242
Thanks for your help,
Eric
Is either/both a good deal? Which is the better deal?
Sales price $19,911 plus $1,424 tax/tags = $21,335 out the door
Buy/Finance $21,335 @ 3.9%/60 month (std current Mazda 3 financing) = $391.96/mo
Lease 36 mos/ 10,000 miles/year; $0 cash out the door, first month pmt included, 35 monthly payments of $318.71; residual $10,687.20, money factor .00050
FYI you should never lease longer then a warranty. So a 42 month lease should not be an option for you.
You also do not want to "put down" money to get to a certain payment. Perfect explanation from leasecompare.com:
Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.
For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.
The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:
- Money down is taxable
- Take the money you would have put down and invest it
- Put your down payment in a savings account and use a portion each month to help make your lease payment
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
Ira Danvers had the best deal around Mass and New Hampshire
2009 Mazda 3s GT Auto/hatchback
2010 Mazda 3s GT Auto+manual/hatchback+sedan
I'd also apprecaite if can indicate the availability of any incentives on the above models that are eligible for leases.
Thanks in advance and sorry for the number of questions.
could you please give me the money factors and residuals for August for
36 months / 36k lease (or a 42 months lease if that is what Mazda is currently
subsidizing)
2010 Mazda 3s GT 5-door manual transmission
I am in Missouri, if that matters.
Many thanks!
Chase's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Mazda3s sport with an automatic transmission 15,000 miles per year are .00169 and 62%, respectively. These are surprisingly attractive terms. A 60%+ residual value for a 3 year, 15k lease is particularly good.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Mazda is not currently providing any cash incentives on leases of the 2010 Mazda3, but it does have $500 on the '09 Hatchback.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum