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Equity in previous leased CX-9 used on new CX-5 lease?

angelobanjoangelobanjo DenverPosts: 14
edited October 2015 in Mazda
We have a lease return on a 2012 CX-9 AWD Sport with a residual value of $16,475. It's in good condition and has 32k miles on it. Looks like dealer retail is 20k, trade-in value on KBB is 18k, lower at 16.2k on Edmunds. I want to be fair to the dealer, but also don't want to leave money on the table. If he is taking it as a trade-in and will handle the payoff, how much should I ask for this to be used for down payment on the lease of a new CX-5? 1k, 2k?

Right now they are offering $2000 off invoice and another $750 lease loyalty (I’ve read this can be combined with the other $300 offer too).

2016 CX-5 AWD loaded (MSRP 32k to 34k) Zip code is 80222. Also, what are the “drive off” fees I should be planning for (or asking them to pay for)? Is there a way to find out what federal, state, local, title, etc. come to typically?

Thanks for any input!
Angelo

Comments

  • kyfdxkyfdx Posts: 120,014

    We have a lease return on a 2012 CX-9 AWD Sport with a residual value of $16,475. It's in good condition and has 32k miles on it. Looks like dealer retail is 20k, trade-in value on KBB is 18k, lower at 16.2k on Edmunds. I want to be fair to the dealer, but also don't want to leave money on the table. If he is taking it as a trade-in and will handle the payoff, how much should I ask for this to be used for down payment on the lease of a new CX-5? 1k, 2k?

    Right now they are offering $2000 off invoice and another $750 lease loyalty (I’ve read this can be combined with the other $300 offer too).

    2016 CX-5 AWD loaded (MSRP 32k to 34k) Zip code is 80222. Also, what are the “drive off” fees I should be planning for (or asking them to pay for)? Is there a way to find out what federal, state, local, title, etc. come to typically?

    Thanks for any input!
    Angelo

    KBB values are notoriously high. If the Edmunds value is right, you don't have any equity in the vehicle.
    If you want another opinion, try posting a description of your CX-9, here:
    http://forums.edmunds.com/discussion/1212/general/x/real-world-trade-in-values

    You'll have 1st payment, acquisition fee ($595) and title/registration fees due at signing. Not sure what CO charges for that, but it's typically $200-$400. CO also taxes the monthly payment. (whatever your local sales tax rate is).

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • angelobanjoangelobanjo DenverPosts: 14
    kyfdx, thanks! Here is one current offer: MSRP of AWD GT at $32,880, selling price $29,670. $0 down and a $750 rebate equals $338+tax per month. Based on current MF & residual, how does this look?

    Appreciate your help.
  • kyfdxkyfdx Posts: 120,014

    kyfdx, thanks! Here is one current offer: MSRP of AWD GT at $32,880, selling price $29,670. $0 down and a $750 rebate equals $338+tax per month. Based on current MF & residual, how does this look?

    Appreciate your help.

    .00013 MF and 56% residual for 36mo, 15K/yr.

    What term and mileage on the quote?

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • angelobanjoangelobanjo DenverPosts: 14
    kyfdx, I think it is for 33 months and 12k a year for miles (or that is what I'm looking for). Thanks
  • MichaellMichaell ColoradoPosts: 110,497

    kyfdx, I think it is for 33 months and 12k a year for miles (or that is what I'm looking for). Thanks

    61% and .00001 for 33/12.

    Using the prices from above, I get a pre-tax payment of $291.81/mo. What is the net cap cost? Might be higher than the selling price if you are getting $0 out of pocket.

    In CO, you don't pay license costs at the dealer. Each county manages registration separately, and you also pay the personal property tax as well. Usually within 60 days of purchase.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • angelobanjoangelobanjo DenverPosts: 14
    Kyfdx and Michael, thanks for your help!
  • angelobanjoangelobanjo DenverPosts: 14
    edited October 2015
    kyfdx or Michael, if I have a credit score over 800, does that bring the interest numbers down even further than what "highly qualified" are based on? If so, does that mean the money factor could also come down below what you list? I guess my question is if you have a very high credit rating, is there more money on the table that is not disclosed by the dealer as they are getting better terms but maybe not disclosing them.

    Thanks,
    Angelo
  • MichaellMichaell ColoradoPosts: 110,497
    kyfdx or Michael, if I have a credit score over 800, does that bring the interest numbers down even further than what "highly qualified" are based on? If so, does that mean the money factor could also come down below what you list? I guess my question is if you have a very high credit rating, is there more money on the table that is not disclosed by the dealer as they are getting better terms but maybe not disclosing them. Thanks, Angelo
    The MF we quote is for top tier credit; can't get any better than that. 

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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