Lease 2017 Mazda GT Premium Package plus

jeffcore

I was quote a 12k/36 month lease on a 34k new CX-5 in Ohio for $480/month (56% residual value, includes tax). It's a Grand Touring AWD, with premium package and about $1300 of other stuff (pearl white, all season mats, truck cover, etc). The money factor he mentioned was .00051, which I believe converts to 1.2% APR.

With nothing down, the monthly lease was $480. He said there's gap coverage and covers normal wear in tear (in case there's some minor dings, scratches, etc when it's returned).

Is this a fair lease for this vehicle?

kyfdx

jeffcore said:

I was quote a 12k/36 month lease on a 34k new CX-5 in Ohio for $480/month (56% residual value, includes tax). It's a Grand Touring AWD, with premium package and about $1300 of other stuff (pearl white, all season mats, truck cover, etc). The money factor he mentioned was .00051, which I believe converts to 1.2% APR.

With nothing down, the monthly lease was $480. He said there's gap coverage and covers normal wear in tear (in case there's some minor dings, scratches, etc when it's returned).

Is this a fair lease for this vehicle?

$480/mo. is pretty darn high for a 36/12 lease on a $34K MSRP vehicle.
The money factor is marked up from the .00001 MF base.
Mazda Finance does include GAP insurance with all leases
Normal wear and tear is also covered on all leases (but GAP has nothing to do with that)
There is $1250 lease cash on this model (Mazda incentive)

Do you know the exact MSRP and selling price/adjusted CAP cost?

jeffcore

Sale price: 33720
manu rebate: 1250
selling price: 32470
doc fee: 250
sale tax: 1248
lic / title: 48.50
total: 34017

lease 12k/36 month
0/0: $478/month

56% residual: 18,883

.00051 (.15 for extra miles)

are we getting taken for a ride?

kyfdx

jeffcore said:

Sale price: 33720
manu rebate: 1250
selling price: 32470
doc fee: 250
sale tax: 1248
lic / title: 48.50
total: 34017

lease 12k/36 month
0/0: $478/month

56% residual: 18,883

.00051 (.15 for extra miles)

are we getting taken for a ride?

Basically, you are paying full MSRP, if the only discount you get is the rebate from mazda. The, paying full markup on the money factor.

Even with all that, I only come up with $423/mo. at the prices you've provided.
But, I don't see the $595 acquisition fee anywhere in your list.
I also don't see the $1300 in "other stuff" that you mentioned before. That "other stuff" really adds up, when you have to pay for it in only 36 months.

A better idea? Forget the "other stuff", ask for the base MF of .00001 and a $750 discount from MSRP.
Adding back in the $595 acquisition fee, I get $417/mo.
$417/mo might not be a great deal, but it would at least be reasonable.

jeffcore

Yes, I didn't include the other $1300 because I didn't have all the numbers except the final price was 34,900 (they gave a little extra discount). Thanks for the input.