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Did I grossly overpay for my Mazda6 lease?

esharpe45esharpe45 Posts: 3
edited February 2016 in Mazda
First time leasee here. I leased a 2016 Mazda6 Touring in southern CA yesterday. I realize there is nothing I can do now but for future knowledge I'd like to better understand if I horribly overpaid.

MSRP: $25830
Selling price: $24815
MF: 0.00141
Monthly payments: $362

I put $1K down and Mazda provided a non-cash credit of $1500, however this doesn't show up as part of the capitalized cost reductions (that figure is $1624). By definition shouldn't this be part of the capitalized cost reduction?

36 months
12K miles/year

Did I overpay? Thanks in advance for your help.

Comments

  • MichaellMichaell ColoradoPosts: 110,931
    esharpe45 said:

    First time leasee here. I leased a 2016 Mazda6 Touring in southern CA yesterday. I realize there is nothing I can do now but for future knowledge I'd like to better understand if I horribly overpaid.

    MSRP: $25830
    Selling price: $24815
    MF: 0.00141
    Monthly payments: $362

    I put $1K down and Mazda provided a non-cash credit of $1500, however this doesn't show up as part of the capitalized cost reductions (that figure is $1624). By definition shouldn't this be part of the capitalized cost reduction?

    36 months
    12K miles/year

    Did I overpay? Thanks in advance for your help.

    .00141 happens to be the tier 6 money factor marked up the maximum amount. If your credit score was around 630 then your lease is OK.

    Think of this as a learning experience; come on back in 36 months before signing your next lease. I'm sure we'll still be here to help.

    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

  • @Michaell thank you for your reply! Per Credit Karma my Equifax score is 756 and my Transunion score is 701 (which I showed the finance manager); however, when they pulled it at the dealership, they came up with 627. When I asked about the discrepancy they said that the auto FICO is calculated differently than what I can see via Credit Karma and since I have not had an auto loan or lease before my credit "isn't bad but very limited."

    What has been bothering me the most is that I feel I could have negotiated the selling price down more. Is this this the case compared to what has been seen in southern California?
  • MichaellMichaell ColoradoPosts: 110,931
    esharpe45 said:

    @Michaell thank you for your reply! Per Credit Karma my Equifax score is 756 and my Transunion score is 701 (which I showed the finance manager); however, when they pulled it at the dealership, they came up with 627. When I asked about the discrepancy they said that the auto FICO is calculated differently than what I can see via Credit Karma and since I have not had an auto loan or lease before my credit "isn't bad but very limited."

    What has been bothering me the most is that I feel I could have negotiated the selling price down more. Is this this the case compared to what has been seen in southern California?

    We don't track selling prices, so cannot comment on whether you could have gotten a bigger discount or not.

    And yeah, I've heard about the "auto enhanced" credit score, which docks points for not having any previous auto loans or leases.

    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

  • @Michaell thanks so much. Will definitely come back in 3 years to check my next lease prior to signing.
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