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Mazda MAZDA3, Car Leasing, Hatchback, Sedan
#153 of 850 approved to lease with not-so-great credit
Jun 13, 2007 (11:57 am)
I have been dealing with some very nice people at a Mazda dealership in New York state. I have less-than-perfect credit that I have been slowly rebuilding over the last few years - my FICO scores are now in the low to mid 600s. The dealership has approved me to lease a 2007 4-door i Touring, the only extra option being the ABS brakes / side airbags add-on. I get the details of their offer this week.
The thing is, I've never leased a car before and I'm not sure what a good deal might be. I'm a little afraid to negotiate because my credit is not great and I sort of feel like I need to take what I can get.
The MSRP for this car (with destination and options) is $18,145. The TMV is $17155. I am looking for a 36 month lease with 15k/year. I can put up to $5K down on the lease. I know that putting a lot down may not be wise if the car gets stolen or totaled, but I do want to keep my payments low.
For those of you in the know with Mazda3 leasing: given the above stats, and my mediocre credit, what do you think I should be looking for in the way of a deal - what do you think would be reasonable for them to ask for down payment and payments? They said that sales tax is included in payments (6.25%). I don't know if gap insurance is included in that as well.
quick update: I just spoke to the dealer and he is saying I will have to put $5k down and my payments will be around $240. is that ridiculous or not so bad considering my situation?
Thanks in advance!
#154 of 850 Lease help, please.
Jun 17, 2007 (7:54 am)
I asked for some info in the Nissan Sentra forum and would also like some help here, if possible. Could you please give me the current money factor and residual for a 36-month 12K-mile lease on the Mazda 3 i Touring with ABS? Thank you again for all your help.
#155 of 850 Re: approved to lease with not-so-great credit [violet37]
Jun 18, 2007 (6:09 am)
more information is needed. What is the purchase price (cap cost) before your down payment? What is the money factor? What is the residual?
The numbers $5k down and $240 a month doesn't give you much to go on. For all you know, they could be charging you full MSRP plus a bunch of add-ons.
#156 of 850 Demo car lease factors
Jun 18, 2007 (6:49 am)
I am trying to lease a demo vehicle--a 2007 model. The odometer reads 5008 miles.
My question is: How are the residual values for demo cars determined for various lease terms? How would I determine the depreciated portion of this vehicle?
How exactly is this applied to the lease calculation?
Also, in leasing, what are some important factors in leasing a demo car vs. a new car to keep in mind? Do the same new lease incentives apply to demo car leases?
THANK YOU in advance!!!
#157 of 850 Re: Demo car lease factors [m6_2005]
Jun 18, 2007 (8:55 am)
well, i can answer some of your questions. A demo car has never been titled, so it is still sold as new. The warranty would start at the sale date and at the miles on the odometer (in other words, your 36k mile warranty now goes to 41k miles on a demo with 5k on the clock). And the new-car lease deals do still apply.
I have no idea how to figure residual on that.
#158 of 850 Re: Demo car lease factors [qbrozen]
Jun 18, 2007 (5:44 pm)
I really, really appreciate your quick and great response.
Thanks for the tip on the warranty.
Also, in respect to the residual value for demos, dealers should not touch the residual value. However, in order to get credit for what the dealer has driven, they must make cap cost reduction adjustment for every mile driven.
In my case, the cost of each mile is $.15.
Once again, THANKS!
#159 of 850 Re: Mazda 3 Lease Quote [wilkich84]
Jun 21, 2007 (2:31 am)
Hey wilkich84. Individual dealers cannot alter banks' published residual values, so you won't be able to change your car's resid to provide you with a lower monthly payment. Rather than using the money from your tax return as a down payment for your lease, just beep it in the bank earning interest and use it to supplement or make some of your Mazda3's lease payments.
Prices Paid Forum
Jun 21, 2007 (2:38 am)
Hi sml6. The Mazda3 is not a very high margin vehicle. In fact, I suspect that the $1,400 discount that you were given on yours probably puts its selling price at right around dealer invoice, which is a very good deal. Since you are paying $1,477 at lease signing, I'm just trying to figure out what is included in the capitalized cost that raises your car's selling price by $850. Do you have a breakdown of these charges?
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#161 of 850 Re: Mazda 3 Lease Quote [tucci314]
Jun 21, 2007 (2:42 am)
Hello tucci314. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you have to pay at lease signing are your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, Mazda Credit's acquisition fee (I believe that it is $475), and any state taxes or fees. You would be better off having a slightly higher monthly payment than putting money down. Consumers who make down payments on leases risk losing all or part of them if their vehicle is totaled in an accident or stolen and never recovered.
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#162 of 850 Re: Mazda 3 Lease [newcar3178]
Jun 21, 2007 (2:45 am)
Here you go, newcar3178. Mazda Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Mazda3 S Touring (4-Door) with 15,000 miles per year are .00213 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 Nissan Altima 2.5S through Nissan Motor Acceptance Corp. are slightly better at .00199 and 58%.
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