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Mazda CX-7 Lease Questions
CarMan@Edmunds
Member Posts: 38,514
in Mazda
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Mazda CX-7. Thanks.
Car_man
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Car_man
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Do you know the current money factor and residual on this special "First Choice Buyer’s program" for the CX7?
Thanks
Car_man
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First Choice Buyer's program was the ability to "pre-order"
the CX-7 before they went on sale and were deliivered to the dealer. We purchased our CX-7 in October 05 and it was in our Dealers first delivery. They provided us with e-mails to keep you up to date on your order and some other pre order gifts along the way.
24month lease
We're having a hard time finding FWD GT combos in the color we are looking for, Copper Red / Sand. Maybe other's are looking for the same combo too. If you happen to know of any in the North East please feel free to post a quick reply here.
Thanks -- tom
Car_man
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I got some numbers on a cx7 awd GT with tech pkg..how do they compare?
selling price $31,331, 24 month lease 12k mi/ yr residual 72% .00286 MF
$0 $425 month however i have $4000 in equity on my acura TL trade and would put down the $4000 making my monthly $231. the car had tech pkg, auto dimming mirror/homelink and rear bumper guard pkgs.
I would appreciate some feedback asap as i'm ready to deal!
thanks
you lease a car and the car gets totalled.
It just happened to me yesterday evening at
around 6:15 p.m. My 2002 Maxima go T-boned
near the right front side from a young college
kid running through a stop sign. The impact
caused me to veer into the oncoming lane and
veer into the grass toward a large building.
I ended up running into three four-foot cement
poles that smashed in the front grill, buckled
the hood, cracked the entire windshield and
making both air bags go off. I would imagine
the car will be a total loss, although you
never know.
So if I'm understanding you, I've got 10
payments left on my Max @ $369.28 on my lease. So what happens then? Would I get paid $3,692.80 or does something else get added in there to completely pay off the lease and end up paying it off early? Any thoughts on this would be appreciated, since I'm not sure how this is going to work out and this is the first car I've ever leased.
Thanks.
Within the last two years, I've been in two severe accidents that totalled two new cars...luckily walked away with only a broken collar bone (impact was severe enough for the shoulder belt to snap the collar bone) in the 1st and 6 months later, happened again to another new car. Walked away with no injuries on that one. Both accidents caused by hit n' run a**holes. In both instances, I had purchased those cars with GAP insurance. Saved my butt financially.
In your case, I'm assuming your insurance will cover up to the blue book value of the car, less your deductible. Not sure about your deposit, though. I wouldn't think you'd be liable for your remaining 10 payments on the lease, since the value of your insurance should cover the loss.
I'm sure you've already checked with your insurance and the lease company?
Here's a silver lining...now you can get the CX7? Yes?
Vince.
the info. I've spent most of today on the
phone with my insurance company, the other
driver's insurance company, and I called Nissan
Motor Acceptance Corp. to let them know and to
try to understand how this might work.
Luckily, when I leased the Max, I got cash back. I was supposed to get $1200 cash back
and they held onto $600, I assume, for the
security deposit. So, thank God, no money
was put down on this lease.
I was also told by the person I spoke to on the phone with Nissan that all leases that are done through NMAC have gap insurance automatically built in. So I would imagine if the car is totalled out, I'll probably be able to walk away as if I had completed the entire terms of my lease, possibly less a $500 deductible.
Now, on the other hand, the adjuster may tell
me that the car is repairable. I don't know.
I can't imagine how things might go if I end
up driving a car that may have possibly had over $12,000 in accident repair and live with
it for the next six or seven months.
I am getting more and more sore as the day
passes. I had to get a prescription for some
of that stronger Motrin stuff.
I will keep everyone posted on the progression
of all this. Thanks
CX-7 Touring
MSRP: 31,030
36 Month Lease / 12,000 mile
&
CX-7 Grand Touring
MSRP: 28,045
36 Month Lease / 12,000 mile
Thanks in advance!
Car_man
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MSRP: $26,245
S-Plan price: $24,678
2 year lease - $479.89
12,000 miles/year
zero due@signing
Residual: 72% = $18,896.40
Money factor: 0.00283 = 6.7% APR
Mazda American Credit
I have never done a lease and am new at this, but I found a site that seemed to have a lot of good information. I used their formula on this page: http://www.leaseguide.com/lease08.htm
When I do the calculations with those numbers I get $364.22.
I wonder if those formulas are correct and if so, where is the extra $115.67/month coming from?
Can anyone give me any advice, opionions, guidance?
Thanks in advance! :shades:
But here's the thing; from experience I say, DROP THE MOONROOF / BOSE option and get the GT W/ TECHNOLOGY PACKAGE!!!
On the S-Plan you're looking at a 29K invoice/ buying price, that's only 3 grand more. The Tech Package GT however adds HID headlights, Climate Control AC, backup camera and the DVD Navigational, Bose & Moonroof combo with a MUCH better display than the other Bose headunit PLUS it not only plays MP3s, but it shows you the artist, album and song info! There's more to it, but I think if you read around the site, you'll get the jist of it.
For the money; go a little bit further and get the GT!
Trust me on this, the Tech Package has ALL of the bells and whistles!
On the lease deal; if you are SURE you will only stick to 12000 a year or less, then jump on it!
BUT find out what the penalty miles are {miles over the contract limit are charged to you, some agents charge up to 20 cents a mile!}
Also there may be hidden costs to look at, such as the upkeep, maint. records {some agents require proof of oil changes}, making sure the paint and body have only "normal wear and tear", but the biggest thing to remember that unlike a purchase, if your credit should fall on hard times, the leaser can deny you a great APR at the end of the lease if you want to purchase.
Leasing is great if you can stay within the perimeters, but there are horror stories of people getting fleeced on a lease because they didn't read all of the contract. Do a search for yourself before you commit!
Good luck!
:shades:
your calculation of $364.22
(((24678-18896.4)/24) + ((24678+1889604)*.00283))) assumes the Net Cap Cost is just your S-Plan price. Based on the information on that website, the Net Cap Cost would include any fees, taxes and gap insurance. And if you live in TX or IL, you need to pay tax for the whole amount of the vehicle. Without knowing exactly what fees and taxes are charged, it is impossible to know how they come up with the $479.89 monthly payment or rather it is a good deal or not.
For those who lease before, please share your experience and knowledge.
I just calculated a 24 month lease on this vehicle based upon the information that you provided in your post, an MSRP of $26,245, a selling price of $24,678, a money factor of .00283, and a residual value of 72%, and I came up with a zero down, pre-tax payment of around $364.22. As you can see, this is the exact payment that you came up with. It is difficult to say why the payment the dealer that you are working with quoted you is higher. Perhaps it includes sales tax. The dealer may have also rolled Mazda Credit's acquisition fee into your vehicle's capitalized cost. I would ask the dealer to explain why the payment they quoted you is so high or get a quoted on an identical lease form a different dealer to see if it is the same.
Car_man
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I requested a quote for a 0 down, 36 month lease on the GT package. The numbers seemed fair, Cap Cost, resid., except for the money factor.
When I was shopping the murano, I was getting a money factor of .00058 through Nissan, Mazda financing was offering .00278, a considerable difference. I asked the sales guy why the rate was so high and he said it had to do with the CX-7's high resid. (60 %) This drove the price of the lease above the quote I was getting for the murano, which had a cap cost of about 4k more.
How can nissan offer such a low money factor? Does the resid. have anything to do with the rate? Are there 3rd party lease finance companies that can offer a better rate?
Any help would be appreciated.
Thanks,
Wil
The Murano is currently being heavily discounted...so Nissan is 'buying down' the money factor. Its an around about rebate essentially. The CX-7 is brand new and hasnt been around like the Murano so like most new models there arent any special incentives/buy-downs yet.
The residual may or may not have something to do with the rate....the residuals are set by ALG and each mfg may opt to enhance the residual....sometimes they enhance the residual side but not the rate...some mfg may not enhance the residual but might buy down the rate....
Do you think nissan is discounting it because the new year model will be out soon? Any thoughts?
year end usually plays a role. If it was the first year for the Murano they wouldn't be offering those kind of deals. The waters are getting deep..It seems everyone has a new 'crossover' this year.. so the Nissan is the old maid of the bunch...To counter everyone elses new products they offer strong lease deals to make their vehicle more attractive.
When a new vehicle hits the market, the mfg's like to sell the product...as the product ages and the design gets a little dated they start to sell the deal.
You never mentioned the selling price or MSRP of the CX-7 that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this vehicle's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.
You definitely can increase this vehicle's annual mileage allowance to 12,000 or 15,000 miles per year. Doing so will lower its residual value and cause its monthly payment to increase slightly.
Car_man
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This is what I got so far:
Lease terms: 24 months, 10,500 miles/year (enough for my wife):
Residual: 70%
Money Factor: 0.00204 (with top tier credit score)
The dealers seem to be ready to take a lot off the MSRP. More than $2000. That's below invoice! I still have to pay $595 in aquisition fees. Beware of other hidden dealer fees!!! The only other fees I am willing to pay are tag and registration.
I will keep you posted on how it goes and what the final monthly payment will be.
msrp: $30,765.02
24 months---pre-pay entire lease upfront. 15,000 miles/yr.
acquisition fee: $595.00
refundable security:$350.00
MN. license/registration: $389.75
MN. sales tax: $514.70
money factor: .00094
selling price: $27,765.00
residual price: $20,920.20 68%
$27,765 - $20,920.20 divided 24 = $285.20--depreciation fee
$27,765 + $20,920.20 x .00094 = $45.76 --finance fee
----------
$330.96 x 24= $7943.04
$7943.04 +
$595.00 +
$350.00 +
$389.75 +
$514.70
----------
total fees for 2 years leasing: $9792.49
Figures out to: $408.02/mo., just payable upfront!
24 month lease, 10,500 miles/year.
MSRP $26,895
Cap cost $24,616
Residual $18,826 (70%)
Money Factor 0.00204 (4.9 %)
Payments $329/mo + tax
ONLY $150 due at signing (which included first month payment, tag and registration).
My understanding is that Mazda Financial is offering $1000 lease cash support. So there was probably room to bring down my payments to $315-$319/month. But I was pretty happy with the excellent service at the dealership, so I did not feel like haggling to the last penny.
I hope this helps someone else, although Mazda might change their lease programs in Nov. They may offer a better deal, who knows...
You must only drive to the neighborhood grocer. :P
I've had mine since July (4 months of driving) and have nearly 10K miles on mine and that's predominantly commuting 30 miles daily, plus chores and weekly trips to DC (average 90 miles round trip).
It'll be interesting to see if you can keep your milage that low.
How much do you have to pay if you exceed your milage?
Vince.
The breakdown was 24/mo , 12K/ year, MSRP $33,000, Selling price $30,000. With $1000 drive-off the monthly payment was $450. Good or bad deal?
I would find out what the excess mileage cost is, sometimes they can be pretty steep, as much as .20 a mile over the allotted mileage.
Read the contract carefully, and make note of the mileage penalty... 12K is not nearly enough miles for the average driver.
My numbers were very similar except for the money factor, I was quoted .00177 and the residual, I was quoted 69%. My $1000 was also going towards title, plates and first month's payment. The remaining $212 was cap reduction. When did you get your deal?
rice: 22490
Bank Fee: 595
Total cap cost: 23085
security deposit: none
cash:1500
rebate: none
residual:17262
trade-in:none
terms:24 months
mileage per year:10500
Payment: 275.32
If the San Diego dealers are not willing to go lower call some Orange County dealers.
Price: 24,600 (MSRP is $26,245 and TMV is $26,054)
Acq fee: 595
Doc Fee: 299 (I tried to get them to waive this, but they don't seem to be budging)
Tags: 53.50
Gross Cap Cost: 25,547.50
Security Dep. 0
Cash down: 2,000
Residual: $15,484
No trade-ins or rebates
36 months/12K
Payment: $278.41 (plus $15 for VA property tax)
Final question - I know Edmunds recommends the gap insurance and I understand the basics of it.... how much extra does it generally cost and do the majority of people who lease get it?
Thanks for your time!
Car_man
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http://www.townnorthmazda.com/tnm/Homepage.nsf/(lookup-models)/MAZDA CX-7?open- - document
2007 MAZDA CX-7:
$3000 OFF MSRP ON SPORT MODELS! OR $2500 OFF MSRP ON TOURING, $3000 GRAND TOURING MODELS!
PLUS
2.9 % APR (12-48 MTHS), 3.9% APR (49-60 MTHS), 5.9% APR (61-72 MTHS)
2 YEAR TEST DRIVE OFFER:
FWD SPORT $189/MTH!
Also
http://www.hileymazdahurst.com/
Car_man
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Anyway, acp18 appears to be in VA, not TX.
Was just trying to provide more information for a more informed purchase.
It is a 2007 Mazda CX-7 Touring AWD SUV in Galaxy Gray with the Moonroof/Bose Audio package. If you lease this vehicle for 48 Months at 12,000 miles per year, your payment comes to $430 a month with just your 1st payment due at lease signing and the residual is $14,672.50. If you go to 15,000 miles per year, the payment is $441 and the residual goes to $14,085.60 .
What should I be able to negotiate the price down to?
Thanks for your help!
-First time leasor/buyer
As for price, in NY I was able to get my price down to $29,924 for Grand Touring w/Tech Package, Sirius Satellite Radio, Remote Start and Preferred Equipment.