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Prices Paid: Buying & Leasing Experiences Mazda3 Lease Questions
445 messages, Last post on Nov 23, 2009 at 6:54 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: jvsa (May 17, 2009 3:47 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: Car_man (May 26, 2009 2:00 am) MSRP:$24,365 Invoice:$22,749
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Hi I was wondering if anyone could help me with Mazda's May buy rate lease money factor and residual value for a 36 month lease of a 2010 Mazda3s Sport Sedan with 12,000 miles per year
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The 4-yr lease on my Mazda3s ends in two weeks. I was planning to buy the car because I like it, it's been trouble-free, it's in great shape, and the option price is favorable at $8500. Now I discover that the buyout must be done through the dealer (Mazda Credit tells me that technically the dealer owns the car.) The dealer is tacking on an outrageous $995 admin. fee on top of a $298 document fee (in addition to the title/registration fee) to sell me the car. I think these fees are unjustifiably high and a pure ripoff. I have read the contract carefully, and I think the dealer is legally allowed to do this by the phrase "plus official fees and taxes" added after the purchase option price. It may be legal, but it's just plain wrong! The dealer is well aware of the resale value of this car, and I think he wants to make an extra $1,000 from me, or he will happily take the car back and resell it for even more. Do I have any recourse here, or am I truly hosed for the admin. fees if I want the car? |
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Replying to: rgeba (May 29, 2009 7:26 am) I have never heard of such a thing. If this is indeed true Mazda is quite the opposite of any other lease I have seen. In every other lease I have seen the finance company owns the lease, and the selling dealer has zero to do with the car once it is sold. The only thing they do with the car when it comes off lease is store it for Mazda until it is carted off to auction. I really think you are getting bad information on this. If this were true why are you able to return your car to another dealer if you have moved? Mazda Lease Return Official fees are governmental fees that you are required to pay like title and registration, not fees that the seller might add on.
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Replying to: kingpcgeek (May 29, 2009 8:55 am) I have leased several vehicles in my life, and this is the first instance where the dealer is involved to this degree. I did notice at the top of my Lease Agreement, I am listed as the "Lessee", the dealer is listed as "Lessor", and the "Holder" is CAB East LLC. The car is registered to CAB East LLC. The Agreement is a Mazda American Credit document. I hope I'm getting bad info, but it came from a MAC representative. She said any additional fees to buy the car are between the dealer and me. I plan to call them again to make sure. I had assumed that "official fees" were related to title and registration, but I'm not sure that is the legal definition. |
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Replying to: qsylver (May 27, 2009 11:38 pm) Mazda's May buy rate lease money factor and residual value for a 36 month lease of a 2009 Mazda3s Sport Sedan with 12,000 miles per year are .00245 and an outstanding 65%, respectively. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: rgeba (May 29, 2009 7:26 am) Mazda used to have its own captive finance company, Mazda Credit. Mazda Credit is no more. Mazda now runs all of its official leases through Chase, but since you leased your Mazda3 several years ago your deal was run through Mazda Credit. It is entirely possible that there isn't enough people left at what once was Mazda's captive finance company to negotiate purchase prices on leased vehicles on an individual basis. Mazda Credit could have laid everyone off and farmed out almost all of the lease return process to Mazda's dealer network. That's one possible explanation for this situation. Whatever the story is here, over $1,000 in fees for you to purchase your leased vehicle is absolutely nuts. Even if the car was a great deal, I personally would almost feel compelled to walk away from it out of principle. Have you tried visiting another Mazda dealer. You do not have to return your car to the original dealer that you leased it from. Perhaps a different dealer would be more reasonable and only take a couple hundred bucks onto this transaction. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Jun 01, 2009 2:09 am) Yes, someone at Mazda Credit did tell me that the dealer owns the car, and yes, you are correct, this is NOT true. I made a few follow-up calls to to the Mazda Credit 800 number, and it seems to me that it is a call center staffed with people with differing amounts of knowledge and savvy. I finally got to someone at Ford Leasing services, and she verified that they (Mazda American Credit) own the car. She also confirmed that the lease buyout had to be done through a dealer, preferably the original leasing dealer. She agreed the amout of the admin. fees sounded unusual. It seemed that it would be OK to try a different dealer. I am going to call a few dealers today and see what they say. I am a bit concerned that they may want to "protect" the original dealer so that they don't hurt their relationship with them if they need a favor down the road (getting a specific car, etc.). I also plan to talk to the owner of the original dealer since the sales manager said that only he can make any decision related to fees. Like you, I am so irritated my these unjustifiable fees that I would rather walk from the buyout rather than give this dealer any more money.
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Does anyone happen to have the current June residual and money factor for a 36/12 lease on both the S Sport and Grand Touring models? Thanks!
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