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Mazda MAZDA3, Car Leasing, Hatchback, Sedan
#261 of 821 HELP!! Should I end my lease early??
Mar 31, 2008 (1:39 am)
I have a 2006 MAZDA3s GT fully-loaded hatch that my mom got for me as an early 17th birthday in April 2006. It is currently a lease with Mazda Credit 12,000 miles/year for 3 years. As of RIGHT NOW, I have only 6,000 miles left for the whole year (remember, my lease expires April 2009.) Now I do not want to keep this car as my car for the rest of college because both my mom and I want my next car to have stability control after witnessing its usefulness in both her 2004 Acura MDX and 2008 Infiniti G35. So here's my dilemma: Can I do an early lease termination, and if so how and should I do it?
-I've gone to a couple of dealerships (including another Mazda dealership where I did not get this 3 from) and they have all said that they can assist me in my early lease termination. Is this true? The Mazda dealership where I got the 3 from said that I had to return the car to THEM and nobody else.
-I was told that by doing an early lease return somewhere this summer would put me in negative equity. Can somebody else elaborate? How do I calculate how much negative equity would have to be rolled into a new car?
-On Mazda Credit's website, they talk about lease-end procedure and how I can purchase the car outright at the end. Does that mean that whatever the agreed-upon price of the vehicle when we signed the lease can be split up into monthly payments as they are now?
-Is it true that at the end of my lease that if I just leave the car with them and not pick up a new car that I have to pay?
PLEASE HELP GUYS!! I'm really confused as to what to do with my situation. Any advice is appreciated!!
#262 of 821 Re: HELP!! Should I end my lease early?? [rctennis3811]
Mar 31, 2008 (11:57 am)
1. Yes, any dealer can get you out of your lease early, not just a mazda dealer, and not just the dealer you leased from.
2. negative equity is the difference between the value of the car and what you owe. Leases can be terminated in 1 of 2 ways. Paying all the payments NOW and getting out of it ... so 12 payments in your case, I presume. OR a dealer you trade it to actually buys it from Mazda at your current buyout and gives you credit for its trade value. This is the preferred method only when the current trade value exceeds the end-lease buyout. So, for instance, if your buyout a year from now will be $10k, but the car is CURRENTLY worth $12k on a trade, then they but it from Mazda for, say $16k, and you have to roll the $4k negative into your next car.
3. Yes, if you decide to buy the car at the end of the lease, I'm sure Mazda credit will work with you on a finance contract .... or you just go to a bank.
4. Whether you pay at the end or not depends on your contract, miles driven, and excess wear and tear. Some contracts have a fee at the end for turning it in, which would be added to the fee for your excess miles and/or excess wear and tear.
You have a lease allowing 36k total miles. You've driven 30k and have a year to go. That means, at your current rate, you will go over by 9k miles. If I assume a 15 cents per mile charge, you would owe $1350 at lease end in excess mileage charges.
If I were in your shoes, I would try to wait as long as possible and see where you are at at that time. Once you get to ... say 35k miles ... then weigh your options again. It may be worth it just to pay the excess miles and finish the lease rather than roll too much negative equity into another vehicle.
Without knowing your payments or buyout, its very difficult to give you any advice other than that.
#263 of 821 Re: Any Mazda3 lease updates? [azbriank]
by Car_man HOST
Apr 24, 2008 (2:14 am)
Hi azbriank. According to the latest information that I have seen, Mazda's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda3 s 4-door with 15,000 miles per year are .00165 and 53%, respectively. The numbers for an otherwise identical 39 month lease are .00155 and 50%.
Prices Paid: Buying & Leasing Experiences Forum
#264 of 821 Re: Any Mazda3 lease updates? [Car_man]
Apr 27, 2008 (8:38 pm)
Are the numbers for leasing the mazda 3 touring value edition with automatic the same as you describe for the mazda 3s?
What is a good monthly payment for a 36 month lease on a mazda 3 auto touring value edition with a small $1500 or $0 down payment?
#265 of 821 Mazda 3i touring value edition lease
May 18, 2008 (1:18 pm)
Dear Car Man,
The time is near for me to make a decision to buy or lease. I am looking for a Mazda 3i touring value edition with automatic. The lease should be a minimum of 36 months longer is also good. I can live with 10,000 to 15,000 miles per year with no or a minimum amount of cash down. What monthly fee should I be looking at? What would be the buy out at the end of the lease?
THX for your advice.
#266 of 821 Re: Mazda 3i touring value edition lease [mazdabuyer08]
by Car_man HOST
May 19, 2008 (2:59 am)
Hi mazdabuyer08. You never mentioned the selling price or MSRP of the car 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 what this vehicle's selling price is 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. If you let us know what these numbers are, I am sure that either myself or another knowledgeable community member will gladly give you their opinion of what this car's monthly payment will be.
For now I can tell you that Mazda's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Mazda 3i touring value edition with 15,000 miles per year are .00165 and 54%, respectively. The residual value for a lease with only 12,000 miles per year would be 2% higher. The residual value for a lease with 10,500 miles per year is 3% higher. You can use this lease program, along with the prices that I mentioned to calculate a lease payment using the formula that is outlined in this article: Calculate Your Own Lease Payment.
Prices Paid: Buying & Leasing Experiences Forum
#267 of 821 Re: Mazda 3i touring value edition lease [Car_man]
May 19, 2008 (8:33 pm)
Thank you for your reply Car_Man. I'll try to answer your questions.
I would estimate a selling price of $17,500, MSRP of $18,200. The destination charge is an additional $635. I would also be ok with 10,500 miles per year. Does Mazda do a 4 year lease as well as three years?
#268 of 821 Mazda3 I Touring Quote
May 23, 2008 (7:25 am)
Man am I glad I stumbled on to this website. Ok I'll post the numbers and if you can Help Car Man that would be great. Is this a good deal?
.........on a Mazda 3 i touring with a msrp of $17,790.00 plus a $1,000 discount bring the price to $16,790.00
on a 15K mile lease with 0 down
24 month = $336.00 mo 27 month= $317.00 mo 36 month = $297.00 mo
Same 15K miles a year with $1,000.00 down
24 month = $293.00 mo 27 month = $279.00 mo 36 month = $268.00 mo
Same as before but with $2,000.00 down
24 month = $250.00 mo 27 month = $242.00 mo 36 month = $239.00 mo
THANKS A BUNCH
#269 of 821 Re: Mazda3 I Touring Quote [marcostorres]
May 26, 2008 (9:06 am)
I just came home from dealership.
I Just leased 2008.5 touring value edition.
My lease is 236 (tax inclusive...222 w/o tax) for 27 months with 15,000 miles and NO MONEY OUT OF POCKET except for first month and tags (~210).
I originally agreed to 39/15k at 209 (w/o tax) with zero out of pocket but realized at time of signing that I would have an extra 12 months and might be out from under warranty at 36k miles with a 39/15k. They offered to make it 27 months which worked out to $14 more a month. I didnt have the RV's or MF's for 27 months but had to trust their Numbers (61% and .00196) but I figured for an extra 14 dollars total I was out of lease one year earlier and always under warranty. So I bit.
#270 of 821 Re: Mazda3 I Touring Quote [docmri]
May 26, 2008 (12:13 pm)
Hey Dan what state are you in and compared to my numbers looks like you are getting a better deal.