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Prices Paid: Buying & Leasing Experiences Mazda3 Lease Questions
445 messages, Last post on Nov 23, 2009 at 6:54 PM
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A .00102 money factor is less than a 2.5% interest rate (money factor X 2400 = interest rate) Sounds like a very good rate - Mazda also wants a $2,000 down payment PLUS a $250 security deposit. I worked (as the CFO) for a leasing company for 3 years - So I have looked at leasing a car many times -if I bought the car at the end it always ended up costing more - but that was back when interest rates were more like 12% - also back then most leases just required the first and last months payment and a security deposit - no $600 fees or $2K down payments. I always thought it was one of the advantages of a lease - no money down - but so many companies got burned by people walking away after only a year that the leasing company added a down payment. They always say its to lower your monthly payment - even when they are telling the truth they can also lie! BTW = by costing more I don't mean just the monthly payment amount VS a loan - because if that is all you are looking at then the lease will (almost always) have a lower payment.
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Replying to: z71bill (May 13, 2006 7:10 am) Not true. They don't require any down payment unless the buyers credit is lousy or the buyer wants to 'buy' a lower monthly payment. They often run ad's with down payments but its to hit a specific payment....not because it's required to get a lease. |
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I am only going by what Edmunds has for the Mazda3 lease program - but like everything the terms can always be changed. I have seen a 24 month lease with no money down and no payments for 23 months - leaving one payment in month 24 - but it was more common to have a one payment lease - all paid up front - this was used by people who had nice cars that were paid off so they had a bunch of equity - they could trade their 2 year old car in - lease a new car and pay next to nothing (sometimes they even got a check). I have nothing against leasing - it can work out great - but you need to be very careful - educate yourself a little so you understand what the true cost will be - and if you don't understand everything then ask someone you trust that does. It is another chance for the dealership to do what they do best - which is - take more of your money. |
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Greetings! I spent some time at a dealer a week ago trying to get my bearings on the cost of leasing a Mazda3 Grand Touring trim (with navigation system & moonroof/Bose package). The very best I was offered was $450 per month w/ $1,500 drive-off (practically no down payment). Supposedly, this was already some sort of employee discounting. I currently have another lease I am trying to get out of, that they were willing to pay off for me, however, obviously, I am very much "upside down" going into the lease. How do these terms compare with what's out there? Thanks for your time.
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Replying to: ttintin (May 21, 2006 8:40 pm) how many months is that? why are you trying to get out of your current lease? I ask this last question because it would seem to me that, if one lease did not work out for you, most likely another won't, either. (unless you've simply realized you need 4 doors or something like that)
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Replying to: qbrozen (May 23, 2006 6:58 am) May I ask a question? Taking into consideration the popularity of the car, what is a decent monthly payment I can expect to make with no down payment? (Taking my current lease out of the equation?)
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Replying to: ttintin (May 23, 2006 9:57 am) qbrozen, "Mazda3: Lease Questions" #34, 12 May 2006 11:14 am you'll see the numbers for the 3 hatch (i'm not sure if this applies to the sedan, but I would not be surprised if it does since mazda is offering deals on those, too). So let's say your MSRP is $22,810 and invoice is $21,148. I'd say $150 over invoice is doable, giving you a cap cost of $21,300. let's say you are looking for 15k miles per year, a stickshift, and we already know about the nav. Given all of this, I'm going to assign a residual value of 58% ($13,230). I come up with $441.72 with zero down and including 6% tax. This is about as bad as it gets. If you go with an automatic, that ups your residual. If you go with 12k miles per year, that ups your residual. If you go without NAV, that ups your residual. So, here we have almost the $450 you were quoted, BUT its ONLY FOR 24 MONTHS. And, of course, ZERO DOWN. so paying $450 for 3 years with money down is pretty bad when compared to this 2 year deal.
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Replying to: qbrozen (May 23, 2006 10:40 am) Perhaps the reason why my monthly was so high is because they were going to pay off the rest of the my lease. It's looking like they rolled the payoff amount into the lease (which does not depreciate), and I was basically paying that plus interest over the 3-year leasing period. Thank you again for your time.
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Replying to: ttintin (May 23, 2006 1:06 pm) Well, sure, they are rolling in the negative. That's the killer part, though. If you think about it, you are adding a year to the Mazda3 lease just to escape 6-7 months of your current lease. Not really worth it, IMHO. But, of course, you may feel differently. Good luck. |
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Replying to: bstein81 (Apr 29, 2006 8:01 am) Car_man Host Prices Paid Forums |
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