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Leasing a 2016 Mazda 3

benz895benz895 Posts: 10
edited February 2017 in Mazda
hello everyone, this is my first time ever leasing a car and i really need help or any advice since i barely know anything. I've been trying to juggle around numbers, and also trying to find out if I can beat the subsidized lease (159/mo for 36 month with 1999 as down payment) price because I don't wanna pay over 4000 up front (1999 down + other fees)

North NJ
2016 Mazda 3 AT iSport Sedan
MSRP: 18895 (w.o. destination)
invoice: 18083 (w.o. destination)
Destination: 835
Acquisition Fee: 595
36000 mileage

What is the residual value, and the money factor if my credit score is ~720 (im assuming it's gonna be lower when they check since I have no history of auto loans)?

Here was my original plan
Gross Cap (what i offered): 17000 --> was it too low?
Net Cap: 17000 + 595 Acq Fee + 835 Dest Fee = 18430
RV (Assuming 54%) = 10203.3
MDF = 228.52
MFC = 35.79 (Assuming APR of 3% or MF of 0.00125)
Monthly payment of 264.31/mo with 0 down, Up front Fees with only include 1st month payment and dealer fees
Total Fee over lease term would be (with 7% NJ tax but excluding dealer fees) = 10181.22

is my calculation correct? is calling 17k too low? Also I noticed there's a "Mazda Customer Lease Support" of $915 as part of the subsidized lease promotion. Can I ask for that cashback or is it for exclusively that deal only?

Thank you!

Best Answer

Answers

  • MichaellMichaell ColoradoPosts: 114,333
    benz895 said:

    hello everyone, this is my first time ever leasing a car and i really need help or any advice since i barely know anything. I've been trying to juggle around numbers, and also trying to find out if I can beat the subsidized lease (159/mo for 36 month with 1999 as down payment) price because I don't wanna pay over 4000 up front (1999 down + other fees)

    North NJ
    2016 Mazda 3 AT iSport Sedan
    MSRP: 18895 (w.o. destination)
    invoice: 18083 (w.o. destination)
    Destination: 835
    Acquisition Fee: 595
    36000 mileage

    What is the residual value, and the money factor if my credit score is ~720 (im assuming it's gonna be lower when they check since I have no history of auto loans)?

    Here was my original plan
    Gross Cap (what i offered): 17000 --> was it too low?
    Net Cap: 17000 + 595 Acq Fee + 835 Dest Fee = 18430
    RV (Assuming 54%) = 10203.3
    MDF = 228.52
    MFC = 35.79 (Assuming APR of 3% or MF of 0.00125)
    Monthly payment of 264.31/mo with 0 down, Up front Fees with only include 1st month payment and dealer fees
    Total Fee over lease term would be (with 7% NJ tax but excluding dealer fees) = 10181.22

    is my calculation correct? is calling 17k too low? Also I noticed there's a "Mazda Customer Lease Support" of $915 as part of the subsidized lease promotion. Can I ask for that cashback or is it for exclusively that deal only?

    Thank you!

    3i Sport Sedan Auto for 36/12 - 56% and .00001. $915 lease cash, which can be used to lower the cap cost or to offset the up front costs of the lease.

    I don't track selling prices, so can't tell you if the $17,000 offer is reasonable or not.

    Using $18,895 as the MSRP and $17,000 as the cap cost, I get a payment of about $179/mo plus tax. The $1999 down on the national offer represents about $55/mo on the payment, but the discount from sticker is probably smaller. We don't recommend making a down payment on a lease - that money would be lost if the car is stolen or totaled.

    The up front costs - bank fee, dealer fee, sales tax - are, as noted, due up front, or can be rolled into the cap cost.

    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

  • Thank you for your answer. I have few more questions though

    is the MF really that low? considering I don't have that great of a credit score, it seems more like a typo...since that means my interest would be only a few cents per month

    also, is there a way to find out if 915 lease cash only applies to the promotion deal, or can I ask to apply it to any lease? it is only mentioned in the promotion deal in fine print.

    my last question for now is, is there a way I can find out about dealer hold back for Mazda?

    thank you so much


  • renwick2renwick2 Posts: 8
    Mazda currently has a $239/mo, 36-month, 12,000 mi lease deal on the Mazda 3 isport hatchback. If I negotiate the cap cost down, have an 803 FICO score, and go for a 33-month, 10,000 mi lease, is it possible to lower that monthly payment?
  • kyfdxkyfdx Everywhere, USAPosts: 123,000
    renwick2 said:

    Mazda currently has a $239/mo, 36-month, 12,000 mi lease deal on the Mazda 3 isport hatchback. If I negotiate the cap cost down, have an 803 FICO score, and go for a 33-month, 10,000 mi lease, is it possible to lower that monthly payment?

    The 36 month term is the best. If you can live with 10K/yr, and you can negotiate the same deal as the ad, you'll save about $7/mo. on a 36/10 lease. The 33/10 lease will not save any money.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • renwick2renwick2 Posts: 8
    If I get the cap cost down by negotiating or putting money down, will it lower the monthly payment? And should I negotiate the car price and get my trade-in valued BEFORE I tell them I want to lease?
  • MichaellMichaell ColoradoPosts: 114,333
    renwick2 said:

    If I get the cap cost down by negotiating or putting money down, will it lower the monthly payment? And should I negotiate the car price and get my trade-in valued BEFORE I tell them I want to lease?

    Yes, the lower the cap cost, the lower the payment.

    However, we don't recommend putting money down on a lease - if the car is stolen or totaled, you lose that money.

    Be up front about your desire to lease. There are specific incentives for leasing vs. purchasing, and you don't want to get a selling price the dealer cannot honor when you 'spring' the comment about leasing on them.

    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

  • renwick2renwick2 Posts: 8
    I've never had this experience before: I made an appt Wed. at a huge dealer and test drove 2 cars yesterday. They were aware I had done a lot of research, and were not interested in negotiating price, and when I got up to leave they gave me their cards, but they never took my phone number or email address.
  • MichaellMichaell ColoradoPosts: 114,333
    renwick2 said:

    I've never had this experience before: I made an appt Wed. at a huge dealer and test drove 2 cars yesterday. They were aware I had done a lot of research, and were not interested in negotiating price, and when I got up to leave they gave me their cards, but they never took my phone number or email address.

    Guess they aren't interested in selling cars; I'm sure you can find a dealer who is.

    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

  • mazda334mazda334 Posts: 3
    edited July 2016
    Hi, I'm thinking to lease Madza3 Isport and heard from a dealership that they have Mazda offer.

    Here is the current offer Mazda has running on a 2016 Mazda3 Lease.

    ZERO TO DRIVE LEASE SPECIAL
    $219/Month
    36-Month Lease
    36k Miles
    $0 Down Payment 
    $0 Security Deposit
    $0 1st Month's Payment
    $0 Due at Lease Signing 
    Excludes taxes, title and fees. Monthly payment includes a $595 Acquisition Fee.

    they said only document fee will be added to drive off payment, no advertising fee and floor plan fee.

    is it a good deal to take or I still need to negotiate to lower MSRP and monthly lease? It's my first car, any comment will be appreciated!
  • MichaellMichaell ColoradoPosts: 114,333
    mazda334 said:

    Hi, I'm thinking to lease Madza3 Isport and heard from a dealership that they have Mazda offer.

    Here is the current offer Mazda has running on a 2016 Mazda3 Lease.

    ZERO TO DRIVE LEASE SPECIAL
    $219/Month
    36-Month Lease
    36k Miles
    $0 Down Payment 
    $0 Security Deposit
    $0 1st Month's Payment
    $0 Due at Lease Signing 
    Excludes taxes, title and fees. Monthly payment includes a $595 Acquisition Fee.

    they said only document fee will be added to drive off payment, no advertising fee and floor plan fee.

    is it a good deal to take or I still need to negotiate to lower MSRP and monthly lease? It's my first car, any comment will be appreciated!

    Negotiating a better selling price will lower your lease payment.

    My guess is that the advertised deal already assumes some sort of discount from MSRP.

    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

  • When you have time can i have the lease terms for
    mazda 3 hatchback residuals of 4 trims and MF for a 36/10k lease please. i understand if it takes a day or so to get January numbers since its new month.

    Thank you
  • kyfdxkyfdx Everywhere, USAPosts: 123,000
    jacob129 said:

    When you have time can i have the lease terms for
    mazda 3 hatchback residuals of 4 trims and MF for a 36/10k lease please. i understand if it takes a day or so to get January numbers since its new month.

    Thank you

    New program starts Wednesday

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • any updates?
  • MichaellMichaell ColoradoPosts: 114,333
    jacob129 said:

    When you have time can i have the lease terms for
    mazda 3 hatchback residuals of 4 trims and MF for a 36/10k lease please. i understand if it takes a day or so to get January numbers since its new month.

    Thank you

    2016 or 2017?

    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

  • 2017 3 residuals on 4 trims and mf please. Thank you
  • MichaellMichaell ColoradoPosts: 114,333
    jacob129 said:

    2017 3 residuals on 4 trims and mf please. Thank you

    What lease term and how many miles per year?

    Sedan or hatch?

    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

  • 36/10
  • hatch
  • kyfdxkyfdx Everywhere, USAPosts: 123,000
    jacob129 said:

    2017 3 residuals on 4 trims and mf please. Thank you

    jacob129 said:

    36/10

    jacob129 said:

    hatch

    Assuming automatic:
    .00003 MF and $850 lease cash
    55%/56%/57%/57% residual for:
    Sport/Touring/2.5Touring/Grand Touring

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • vncung87vncung87 Posts: 12
    edited February 2017
    May I please have the MF, residual, and cash incentive for both Mazda 3 sport hatch and sedan?
    36/12 term for 93030 in SoCal
  • MichaellMichaell ColoradoPosts: 114,333
    vncung87 said:

    May I please have the MF, residual, and cash incentive for both Mazda 3 sport hatch and sedan?
    36/12 term for 93030 in SoCal

    What model year - 2016 or 2017?

    Manual or automatic?

    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

  • Hi there,

    Could you provide me with the RV/MF for the 2017 Mazda 3 Sport 36 months/10k miles? In Arizona. Are there any incentives you're aware of?
  • kyfdxkyfdx Everywhere, USAPosts: 123,000
    shinrouen said:

    Hi there,

    Could you provide me with the RV/MF for the 2017 Mazda 3 Sport 36 months/10k miles? In Arizona. Are there any incentives you're aware of?

    2017 discussion is here:
    https://forums.edmunds.com/discussion/43307/mazda/mazda3/2017-mazda-mazda3-lease-questions#latest

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

This discussion has been closed.