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Mazda3 Lease Questions
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Comments
I live in Maryland and I am in the middle of looking to lease a Mazda3 GT 5 door(hatchback) I visited the local Mazda dealer and they gave me the following price:
Mazda 3 5 door Grand Touring
w/Moonroof + Bose package and other additions
MSRP: $22,875
Selling Price: $21,785
Could you work up a lease package for 24 months/15,000 a year. Also, what is the current money factor and residual?
Thanks in advace.
I guesstimate your pyments for 24 months to be 350-360 a month.
thats a nice price..is that a 2008?
Here is the currently proposed deal with no money down.
2007 Mazda3 GT 5 door with Bose/sunroof package and automatic transmission.
MSRP $22,775
Selling price $21,805
Residual 64%
Money factor .00154
Taxes $1,095 (taxes are 5% in Maryland)
Acquisition fee $595
Processing fee $99
The monthly payment would be $443.27
What does everyone think? I have a few questions.
Are taxes figured out on the total cost of the vehicle or on the monthly payment? Should I pay the taxes up front or put them into the monthly payment? Is the acquisition fee and processing fee negotiable?
Any other comments would be greatly appreciated.
Thank you.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I calculated the lease on my own came up with an an approximate payment of $375. I'm not sure how taxes are calculated in Maryland - up front on the total selling price or by the monthly payment price.
Thanks in advance for any suggestions and/or advice.
But, at that monthly price, I'd buy the car.. You'd get the same payment over 60 months, more or less..
Unless you are upside-down on a trade, that price seems way out of line... :surprise:
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What is the adjusted capcost? If your payment is correct, then the adjusted cap is substantially higher than the sell price of $21,805. Even if you cap the sales tax and acquisition fee, the total amounts to $23,495. Using this as an adjusted cap triggers a payment of $430.25 or about $13 less than your payment. Your payment suggests an adjusted cap of $23,796.24. Looks as though there is an additional $300 coming from somewhere.
You're not providing enough information for me to respond intelligently. Something is missing. I have no clue how you arrived at the $443.27 payment. Taxes appear to be based on $21,900 ($1,095/0.05). Looks a little shakey to me. I need a break down of the adjusted cap.
John
Medina, Ohio
Thanks for your response. This is the response I received from the dealership:
New 2007 Mazda3s 5-door Grand Touring Auto
Moonroof and Bose 6cd in-dash changer. - MSRP $22,775.00
Your Special Internet Price is $21,805.00*
TAGS $202.00
RESIDUAL 64%
MONEY FACTOR 0.00154
TAXES $1,095.20
PROCESSING CHARGE $99.00
ACQUISITION FEE $595.00
PAYMENTS ON 24 MONTHS WITH JUST 1ST PAYMENT UPFRONT IS $ 443.27
I have not met with the dealership in person. Correspondence has been using email. Therefore, I have not seen their payment formula. Before I respond I was hoping for helpful comments (like yours) from the members of this forum.
Any comment would be greatly appreciated.
Using edmunds calculator, I've gotten close to their figures. Since you have to pay all the tax on the car, that makes a big difference. If I use the calculator and roll in the processing fee and taxes into the cap cost (total of $22,999), I come up with $453. However, the edmunds calculator insists on a security deposit, so that may be why its coming up a bit high.
Based on all of this, I would be looking to finance for 5 years if I were you. It would be almost exactly the same price, but you'd avoid the acquisition fee and any mileage restrictions.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Would you mind e-mailing me your excel spread sheet- there are few numbers on Deltas Acura proposal I am not coming to- thanks
jjmurray14@yahoo.com
In other words, the 2008 editions had a money factor of .00278 (was .00139 for an'07) and the residual was 61% (was 57% for an '07).
Is this guy yanking my chain? How can the money factor be so high for the next year's model? Or is this the norm?
THANKS.
F(Money factor)check
R(Residual value) check
T(Term) check
and...
A(adjusted cap cost).....but to determine A(adjusted cap cost) you need C(Amounts Capitalized/financed) in which you includes 1st month's payment
Your formula for A....A=(V+C)-D.....V and D are known, but what about C...you know security and acquisition fees, but C also includes 1st month payment ...but P can only be calculated when A(adjusted Cap Cost) is determined?
I feel like this is the chicken/egg condodrum??? What am I missing?
Yup, the first payment is being capitalized. There is a little algebra involved but if you send me an email at...
diffeq@zoominternet.net
I'll be happy to send you a paper I wrote that explains how to compute payments when the first is capitalized. Also, let me know how NJ computes sales tax. My guess is that they levy tax on the payment streams.
John
Medina, Ohio
Does anyone know the money factor and residuals for a 24 month/15,000 year lease term?
Thank you in advance.
e.g a 2008 mazda3 , the lease special is 189/Month, 24-Month Lease, $2,189 due at Lease Signing. Includes 1st month.
http://www.mazdausa.com/MusaWeb/displayRegionalIncentives.action
There are lots of recommendations on this site to negotiate the price to bring down the capitalized cost as low as possible and to put down little or no down payment.
1. Are the lease specials negotiable i.e. can I bring still negotiate on the purchase price?
2. How do I get details about the residual, money factor etc. for this lease special?
2008 automatic 5-door mazda3s, grand touring, with the 2mc package (Moonroof, 6-CD and Bose Audio) option.
24 month lease
- The Residual is 69% of MSRP $15865.17
- The money factor is .00152.
- 10,500 miles per year lease.
- lease changes by 2% residual for the 12k miles per year lease. $8057 OnePay option.
So bottom line, it's about 8k to lease this car for 2 years. Please advise if I left out key details. Thanks!
I need the residual for a Mazda3 "S" for 36 months, 12K/yr. Also, the base money factor and the acquisition fee through Mazda Financial. Is the money factor different for an "I" vs an "S"?
Thanks
Alan-
Yes the 2.3 in white comes with the black interior. The payments are as follows. The 2.3 sport comes standard with all of the features of the i touring, but with a larger engine, so don't worry about it not having the features that you are looking for, because the i sport is the only car that does not come with power windows and locks
36 month lease $2500 down Sacramento County tax rate
2008 i touring 12,000 miles per year $208.03 plus tax per month total payment $224.15 residual $10,705.55
2008 i touring 15,000 miles per year $217.54 plus tax per month total payment $234.40 residual $10,342.65
2008 S sport 12,000 miles per year $225.25 plus tax per month total payment $242.71 residual $11,008.42
2008 S sport 15,000 miles per year $235.19 plus tax per month total payment $253.42 residual $10,628.80
I hope that this clears up any confusion. Please let me know when you would like to come in and which model you are most interested in.
Thanks,
Alicia
this is the deal on mazda's website:
$249/Month, 24-Month Lease, $2,249 due at Lease Signing. Includes 1st Month's Payment. Excludes taxes, title and fees.
that is for a 3s sport with auto trans at 12k miles/year. now, of course what is missing there is title and fees. It is also for a 24-month lease as opposed to your 36-month deal.
So I would say, off the top of my head, it seems fair. I mean, you are putting another $250 down, which may cover about half the fees. $250 in fees rolled into the lease is roughly $7 per month. Plus your quote is $25/month less ... all of that is of course because you are taking it for an extra year.
All in all, I don't know if what they are quoting you is exactly right because I don't have all the numbers, but it seems at least darn close. What you REALLY need to know is the selling price. If it is MSRP, then I'm sure you could do better.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
wow. an '07 Charger? that's gonna be a hell of a depreciation hit.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Can anyone confirm these numbers:
Stick Shift residual is 64% and money factor is .0029
Price was S plan pricing which was about 21,400K.
$439 a month...I could probably buy the car for less per month. Anyone think this is right???????
Also, my guess is that your money factor is a bit too high. I'd say with a factor .00152 it should take you to $370 a month with no down. That should be a more reasonable amount. It may depend on your current credit score.
Good luck to you
Personally, to avoid confusing the matter, I would call a dealer (if they will give you this info over the phone is another matter) and ask them what the MF and residual is for mazda's advertised deals on their website.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda 3i with 15,000 miles per year are .00238 and 57%, respectively.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
'08 S grand Touring with Bose package, wing spoiler and Sirius. All at S plan pricing. 3 year lease with $500 down = $368 a month. If money factor changes for Early Nov. they will adjust pricing, but, it is unlikely it will change. He showed me the numbers. Car is on a boat headed for US..I'll get it early Nov.
Damian
Tell me, how much was the Agreed upon Value, Lease Aquisition fee and processing fee. Did you have to pay for the S-Plan Administrative fee as well?
Enjoy your new ride when it arrives.
every mass produced car always has holdback. I'm not sure what mazda's percentage is. I know it is listed here on Edmunds somewhere. In any case, it really doesn't matter to you because if you bring that up in negotiations, you will only dig yourself a hole. It would be as offensive to the dealer as it would be to you if they wanted to discuss your monthly take-home pay and how much you pay for groceries.
Also, I want to get Invoice price and a lower Cap Cost Reduction below $2000.
You can make your cap cost reduction whatever you want it to be (including $0). It will simply affect your montly payment.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Thanks!
Hey just wanted to get some feedback..
Went to Mazda to look at a used 3.. ended up leasing an '08, (haven't signed the papers yet because we didn't bring my trade with us - didn't expect to do anything that day)
When I got home and started looking around online I think I am going to be paying too much with the deal that they are offering me...seems to me that for just about the same amount for 60 months I could own the thing.
If someone could give me their opinion that would be great!
I Touring (with ABS, Wheel lock and Moonroof/CD pkg)
MSRP 19,085
36 months
15,000 miles
based on a $2,500 trade
$339 a month
I've researched the
bottom line price
holdback (which for Mazda is 2% of the base)
what percent the dealer should make on a sale (between 4-8 %) I used 5 % and 6.5 % in my calculations
I have good credit so I can get a rate of 6.91% for financing
I calculated my trade at $2,000(wanted to be on the lower side just in case)
With those numbers plus tax, title and license I'm getting around $350 or $356 a month for 60 months to BUY the car
And, yeah, $350 or so per month on a 60-month note is about right.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
The Mazda Club Chat is on tonight. The chat room opens at 8:45PM ET Hope to see YOU there! Check out the schedule
MSRP $21,480
Price $20,845
Dealer Transportation Fee $635
Window Tinting $249.95 (unwanted, but already on car)
Dealer Installed Bluetooth $595
Net Cap Cost $21,427
Drive-Off Fees $621.91
Residual $12,028.80
Payment $336.67
Payment w/ tax $364.45
How does this deal look?
I just got a 2008 Mazda3 I Touring with Moonroof/Foglights/6 disc etc...
39 month lease
10,500 annual miles
0 down sign and drive
$1,000 trade equity
$246 a month taxes included in payment.
Woodhouse Mazda Omaha Nebraska
This is for 2008 Mazda i sport 27months lease term.
$1000 out of pocket (includes 1st payment and tag fees)
$234.26 tax included
net cap cost 15,524
or 1st payment only out of pocket $265 tax inc
please tell me if it's good or am I being taken?
Cap Cost = $17,485
Drive off = 1st month + DMV fee (amounts to less than $500)
Mileage = 10,500
term = 24 months
payment = $291 (incl. tax)
It seems high to me.
$213 per month after taxes
The other question I had -- if I think Wells Fargo will give me a better deal than Mazda's financing arm, and I ask the salesman to give me the WF number, is he obligated to do that?
Thanks for all your help. I love Edmunds.com and I've spent hours on these forums researching cars. Thanks to whoever started this site.