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Mazda CX-9 Lease Questions
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27 month lease 12K miles per year with a 63% residual and a money factor of 0.00088. :shades:
Car_man
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What is the money factor for a 39 month lease?
Residual Value?
Additional Lease Costs?
Just test drove the Touring model-Great ride.
$388/month; $2500 down (includes tax bank fees and 1st mo. payment). Term of lease is 39 months, 12k miles a yr.
$33,010 list
$31,263 acquisition cost
residual value =57%
money factor = 00137.
How does this sound?
I was wondering if I could get the money factor and RV for a GT AWD with the Navigation package (if that makes a difference) for both 12,000 and 15,000 and both 36 and 39 month terms.
Thanks for all the great work you do on this website, it is extremely helpful when leasing a car.
That is a good lease deal. I'm hoping the money factor will apply in NJ, that is a 3.288% interest rate and a 57% residual for 39 months is good, especially when prior postings speak of a 61% residual for 27 months.
I'll let you know how we do, but we are waiting for the Grand Touring, should be in the next few weeks.
Here is some help with getting the best lease deal. First, you need to negotiate the purchase price (typically some amount over invoice unless there are big manufacture incentives which could result in a purchase below invoice, once you have negotiated a purchase, then make certain that price is used as your "cap cost". Other information that is needed is what is the residual price (cost to buy at end of lease)and the money factor (multiple by 2400 to come up with an interest rate - crazy metric to confuse the consumer). There are lease calculators on the net to play with - check out leaseguide.com.
Basically, the deal that you were quoted appears to be at retail (MSRP) with no cap cost reduction and an interest rate around 4-5% depending on the residual. Go back and negotiate around $500 over invoice and your monthly will drop nicely.
Good luck
Thanks
thanks
The information here has been very helpful. We're looking at several leases (Murano SL AWD, CX7, CX9).
We got an offer for CX-9 AWD Touring (Nav pkg, moonroof pkg) 27 months/15k a year/for $504 a month/2k down includes (1st payment + TTL). The details: MSRP 37,000 with a selling price of 35,500 and invoice of 35,325. Is this a good deal? The money factor is .00088 with 64% residual. We are thinking of buying this after the end of the lease should the car be relatively bugless for a 1st edition vehicle.
Thanks!
and plug in your numbers. There must be some other costs that are being taken out of your downpayment, thus increasing the cap cost. If your other numbers are accurate ($200 over invoice, .00088 money factor and 64% residual), then that is a very good deal. If you are thinking of buying, why not look to a 39 month lease to lower your payment and take advantage of a lower lease rate?
Thanks.
MSRP: $39560
Sales Price: $36726 (S-plan invoice pricing, fortunately- some dealers are not honoring S-Plan on this car)
Residual: 62%
MF: .00088
Term: 27 Months
Miles: 15K
Money Down : $3500 (includes first month's payment and up front fees, and about $1850 Cap Cost reduction)
Pre-tax monthly payment: $438
BTW- the residual on a Touring is 64% (27 months/15K), with the same MF. It's a better deal, but the GT had some enhancements we liked.
We are pretty happy with it- although I am crossing my fingers that the crash test results are as good as the related Ford Edge. We like the car- and hope it works as our attempt to avoid the minivan! We also shopped the Odyssey, Sienna, XC90, MDX, Pilot and Acadia, but liked the CX-9 a lot for the money and decided this would be worth a shot, especially with such a short term lease.
Good luck with your shopping!
Also, where do you live? I"m in South Florida and the car loaded with what you have is being priced at well over $700/month. I told them they were crazy!
I need true price figures to try to negotiate this.
THANKS FOR THE HELP!!!
When talking with sales, focus ONLY on the sales price. Edmunds has good information on how leasing works, but basically you are paying for the difference between the sales price and residual value, plus tax and interest and fees. The residual value and interest rate (money factor X 2400) are set by the bank/financial arm of the manufacturer. They are not negotiable, except that a dealer attempt to pad profit by offering different residual/interest rate values from the actual program should be rejected.
Once you are getting the proper residual/MF, your focus on the sales price brings down the total amount of your lease. Never accept MSRP, and look at the leasing and Prices Paid Boards to figure out what a fair sales price will be (these boards also list incentives, as does Consumer Reports new Car Buying Kit- some dealer incentives can be used on leases, some cannot).
For the CX-9, because it is new and "hot" (especially the GT with Nav)I have heard of dealers selling only at MSRP, and some willing to deal a few hundred over invoice. Shopping around helps a lot- I'd shoot for close to invoice, if you can get it (every market is different). There is currently a holdback on the CX-9 about 2%, I think), which means technically the dealer can sell under invoice and still make money. Few are willing to dip into the holdback right now- although you never know.
Anyways, once you decide you want the car, know what model/options, and have agreed on the right residual/MF- negotiate the sales price as if you were buying, then use the Edmunds or LeaseGuide calculator and determine where the payment should be. Find out what ALL the fees and taxes are also. Don't get sucked into a "monthly payment"discussion- you can impact payments by varying your up front money and lowering the sales price.
Hope this isn't too much info- not sure how experienced a leaser you are, but I hope tthis helps. BTW, if a dealer won't break down the lease and give you specs, you may want to go elsewhere.
Good luck.
This was with no money out of our pocket at lease signing. Also our security deposit and first month's payment was included in the agreement. Our dealership did not break our numbers down with us, so we were curious to see if we really did make a good deal?
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GRS CAP COST $32,715.00
CAP REDUCTN $968.46
---------------
NET CAP COST $31,746.54
ADJ RESIDUAL $18,262.80
TOT TERM DEP $13,483.74
MONTHLY DEP $345.74
MO LEASE CHG $118.52
---------------
BASE PAYMENT $464.26
MONTHLY TAX $32.50
---------------
TOT MO PYMT $496.76
1ST PAYMENT $496.76
CAP RED $968.46
SLS TAX UPFNT $95.79
1ST YR FEES $39.00
SEC DEPOSIT $0.00
OTHER UPFNT $399.99
-----------------------
TOT INIT PMT $2,000.00
DUE ON DELIV $2,000.00
This was based on a negotiated sale price of $32,170 ($1700 off of MSRP) and a MF of .00237. The GRS CAP COST includes a $595 lease aquisition fee, the dealership charges a $399 fee as well.
Once they pulled my credit, the money factor went down to .00187 which dropped the payment to $469 per month. I then asked them to give me 15K miles for that price and they agreed.
I feel like this was a pretty good deal and the vehicle is great! Hope this helps...
The .00088 MF and 62% Residual quoted above for the GT AWD is listed as 39 month, but isn't that the 27 month program? Just want to be clear so I know what I should be looking for when I purchase.
The numbers I have been quoted by a local dealer her in the Philly area are as follows:
27 Mth
MF .00118
15k - 63% (S Model) and 62% (GT model)
12k - 65% (S) and 63% (GT)
39 Mth
MF .00187
15k - 54% (S Model) and 53% (GT model)
12k - 56% (S) and 55% (GT)
- I know these numbers are pretty good, but they are a little higher than those quoted by CarMan. Is this a simple case of a dealer / bank bumping them up? What are the right numbers?
- Another question: In doing the math, it seems as if it is a bad deal to purchase the 15k miles instead of the 12k because it works out to be about 22 cents per mile. Assuming this to be true, wouldn't I be better of going with the higher residual / lower payment and pay the excess miles at the end for 15 or 20 cents per mile?
Thanks in advance for your insight.
Assuming no cash down, here's the deal:
RG-SP/39 months
Original MSRP: 33,490
Base Invoice: 31,158
Acq Fee: 595.
Gross/Net Cap Cost: 31,753
Resid %(Book): 54%
Resid % (net): 52%
Reside $(net): 17,415
money/buy factors: .00137
Doc Fee: 50
Title Fee: 22.50
REg Fee: 36
Lien Fee/PA Tire Tax: 5.00 each
Online Regis: 28.70
Allowable Miles: 18000
cents per mile start: .15
security deposit: 475 (this will be waived)
initial payment: 1,096.36
Monthly use tax: 39.15
monthly use tax %: 9
Monthly payment: $474.16
Any feedback would be appreciated.
fyi....mazda dealers may charge doc fees on S-plan sales.
A Philly dealer quoted me this price for a GT AWD CX-9
They said 299.00 under dealer invoice.It has NAV/SIRUS/
MOONROOF-BOSE/REMOTE START.Charging me $1,095.00 for remote start and sirus.Please let me know how good a deal this is.
Can I do better????.
$2000.00- DOWN DRIVE AWAY
15,000 MILES-39 MONTHS
$ 36,948.00 total without tax
MF- .00137
RESID-53%
monthly pay- $548.05