Help - Mazda CX-5 2016 Touring lease quote - go/no-go?

rbrorbr

I have received a lease quote from a dealer for a 2016 Mazda CX-5 Touring trim with no extra bells and whistles with a monthly payment of $311 for 30 months. Because of some terms set by Mazda for non-US citizens, I am told that they could only lease for 30 months and that I'd have to pay $4000 upfront which would include the first month's payment and taxes on down-payment.
MSRP+Destination fee is $26095, acquisition fee is set at $595.
And, I live in Chicago.
Does this seem like a good/average deal or a bad deal?
Very much appreciate your assistance.

kyfdx

rbrorbr said:

I have received a lease quote from a dealer for a 2016 Mazda CX-5 Touring trim with no extra bells and whistles with a monthly payment of $311 for 30 months. Because of some terms set by Mazda for non-US citizens, I am told that they could only lease for 30 months and that I'd have to pay $4000 upfront which would include the first month's payment and taxes on down-payment.
MSRP+Destination fee is $26095, acquisition fee is set at $595.
And, I live in Chicago.
Does this seem like a good/average deal or a bad deal?
Very much appreciate your assistance.

.00001 MF and 59% residual for 30mo, 15K/yr (you don't mention your mileage allowance). $600 lease cash.

The 30 month term isn't bad, but 39 months is better. Also, if you are actually in Chicago, the lease taxes are very high.

Given all that, and the information we don't have (selling price, CAP cost, mileage allowance), the deal doesn't seem bad. Given the restrictions you have on term and your tax location, you are going to pay more than the average lessee.

rbrorbr

kyfdx said:

I have received a lease quote from a dealer for a 2016 Mazda CX-5 Touring trim with no extra bells and whistles with a monthly payment of $311 for 30 months. Because of some terms set by Mazda for non-US citizens, I am told that they could only lease for 30 months and that I'd have to pay $4000 upfront which would include the first month's payment and taxes on down-payment. MSRP+Destination fee is $26095, acquisition fee is set at $595. And, I live in Chicago. Does this seem like a good/average deal or a bad deal? Very much appreciate your assistance.

.00001 MF and 59% residual for 30mo, 15K/yr (you don't mention your mileage allowance). $600 lease cash. The 30 month term isn't bad, but 39 months is better. Also, if you are actually in Chicago, the lease taxes are very high. Given all that, and the information we don't have (selling price, CAP cost, mileage allowance), the deal doesn't seem bad. Given the restrictions you have on term and your tax location, you are going to pay more than the average lessee.

Sorry about the missing pieces.
Mileage allowance is 10K/yr. Gross Cap. Cost is $28595 (including acquisition fee, sales tax, title, registration and doc. fees). Cap Cost reduction is $4071.95.
Thanks for the quick response!

kyfdx

rbrorbr said:

kyfdx said:

I have received a lease quote from a dealer for a 2016 Mazda CX-5 Touring trim with no extra bells and whistles with a monthly payment of $311 for 30 months. Because of some terms set by Mazda for non-US citizens, I am told that they could only lease for 30 months and that I'd have to pay $4000 upfront which would include the first month's payment and taxes on down-payment.
MSRP+Destination fee is $26095, acquisition fee is set at $595.
And, I live in Chicago.
Does this seem like a good/average deal or a bad deal?
Very much appreciate your assistance.

.00001 MF and 59% residual for 30mo, 15K/yr (you don't mention your mileage allowance). $600 lease cash.

The 30 month term isn't bad, but 39 months is better. Also, if you are actually in Chicago, the lease taxes are very high.

Given all that, and the information we don't have (selling price, CAP cost, mileage allowance), the deal doesn't seem bad. Given the restrictions you have on term and your tax location, you are going to pay more than the average lessee.

Sorry about the missing pieces.
Mileage allowance is 10K/yr. Gross Cap. Cost is $28595 (including acquisition fee, sales tax, title, registration and doc. fees). Cap Cost reduction is $4071.95.
Thanks for the quick response!

30/10 residual is 62%.

Calculations look about right.

rbrorbr

Thank you for the response.
In the lease worksheet that the dealer provided, I have taxes at three places - 1. As a part of the downpayment (which I assume is the tax on downpayment), 2. Added to selling price rolling into the gross capitalized cost, and 3. Sales/use tax on the monthly payment.
Now, I believe State of IL (I live in Chicago) tax laws post 2015 apply taxes on the amount paid during the lease duration and not on the total price vehicle upfront.
Is this right? Is the dealer calculating taxes incorrectly?

Again, appreciate your feedback!

Michaell

rbrorbr said:

Thank you for the response.
In the lease worksheet that the dealer provided, I have taxes at three places - 1. As a part of the downpayment (which I assume is the tax on downpayment), 2. Added to selling price rolling into the gross capitalized cost, and 3. Sales/use tax on the monthly payment.
Now, I believe State of IL (I live in Chicago) tax laws post 2015 apply taxes on the amount paid during the lease duration and not on the total price vehicle upfront.
Is this right? Is the dealer calculating taxes incorrectly?

Again, appreciate your feedback!

It was our understanding that the taxes on a lease in IL changed to just apply to the monthly payment, and not on the entire selling price. Cook County has managed to double the taxes (state and local) to something like 17-18% on the payment.

kyfdx

rbrorbr said:

Thank you for the response.
In the lease worksheet that the dealer provided, I have taxes at three places - 1. As a part of the downpayment (which I assume is the tax on downpayment), 2. Added to selling price rolling into the gross capitalized cost, and 3. Sales/use tax on the monthly payment.
Now, I believe State of IL (I live in Chicago) tax laws post 2015 apply taxes on the amount paid during the lease duration and not on the total price vehicle upfront.
Is this right? Is the dealer calculating taxes incorrectly?

Again, appreciate your feedback!

I think the IL tax is on sum of payments, but collected upfront (or added to the CAP). Then, you have Chicago lease tax, which is collected on the monthly payment.

Unless I'm wrong...