Mazda3 Lease Questions

Replying to: wco81 (Oct 14, 2006 8:39 pm)

Replying to: mazda3_fan (Oct 07, 2006 5:05 pm)

Replies to this message:
• mazda3_fan (Oct 18, 2006 7:38 am)
  • Car_man (Nov 15, 2006 2:39 am)
• cperosi (Oct 29, 2006 9:04 am)
  • Car_man (Nov 15, 2006 2:46 am)
• 100ofr (Nov 03, 2006 9:12 pm)
  • Car_man (Nov 15, 2006 2:55 am)
    • aviboy97 (Nov 15, 2006 11:05 am)

Replying to: Car_man (Oct 18, 2006 2:05 am)

Replies to this message:
• Car_man (Nov 15, 2006 2:39 am)

Replying to: Car_man (Oct 18, 2006 2:05 am)

Hi Car_Man. I had a horrible experience at Wayne Mazda in NJ yesterday, where they treated me as if I don't know the first thing about buying a car, or about money in general...
 
Here's the deal I offered them:
 
2007 Mazda3 S Touring Manual
36 month lease 12,000/year
Cap Cost: $18,509 (invoice price)
Taxes & Fees: $2295
Due at signing: $3092.75
Money Factor: .004 (due to credit score of 630)
Residual: $11,513 (58%)
 
Monthly Payment: $200
 
When I calculate this out, that's the payment I come up with using a financial calculator. Am I doing the math wrong? Certainly I've tried to cut their profit as much as possible, but the dealership called me and told me they'd sell me the car at or below invoice, so there shouldn't be any problem using that invoice price as the cap cost. Unfortunately, they originally came out with some astronomical figure like $429 per month (this, after telling me that the pencils are sharp because it's the end of the month). Finally they let me walk out with their "best offer" on the table of $5000 down and $220 a month. Are they simply crazy or am I not adding something up right?
 
Basically I took the cap cost, added the fees of $2295, and came up with a total cost of $20,804. Subtract out the money due at signing (3092.75) and we're left with $17,712. Subtract the residual, and we have $6199, total amount financed. Amortize that over 36 months, at 10% interest (.004 money factor) and we're at exactly $200 per month. So why did these guys let me walk out the door while trying to take an extra $2000 out of my pocket at signing plus another $720 over the course of the lease?
 
Whose math is wrong, theirs, or mine?
 
Thanks in advance.
 
Chris Perosi

Replies to this message:
• Car_man (Nov 15, 2006 2:46 am)

Replying to: Car_man (Oct 18, 2006 2:05 am)

Replies to this message:
• Car_man (Nov 15, 2006 2:55 am)
  • aviboy97 (Nov 15, 2006 11:05 am)

Replying to: mazda3_fan (Oct 18, 2006 7:38 am)

Replying to: cperosi (Oct 29, 2006 9:04 am)

Hi Chris. I'm sorry to hear about your bad experience. Dealer invoice might be a slightly optimistic price for this car. Given the lack of cash incentives on it, I'm surprised that this dealer told you that they would sell you this car for below invoice. I would think that something like $500 over is more reasonable. If you can get such a low price with no strings attached, good for you . Have you stopped by the following discussion yet: "Mazda3: Prices Paid & Buying Experience"? If not, make sure that you do. It contains tons of real world examples of deals that community members have gotten on this car. Checking it out should give you a good idea of how much you will have to pay for one.
 
I would be happy to double check your calculations for you, however in order for me to do so I need you to provide me with this car's full MSRP, including the destination charge. Let me know and I'll crunch some numbers. In the meantime, check out the following informative article that is available here at Edmunds.com to see if you are using the correct formula: Calculate Your Own Lease Payment.
 
Car_man
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Prices Paid Forum

Replying to: 100ofr (Nov 03, 2006 9:12 pm)

Replies to this message:
• aviboy97 (Nov 15, 2006 11:05 am)

Replying to: Car_man (Nov 15, 2006 2:55 am)

Replies to this message:
• mbartels11 (Dec 08, 2006 5:33 pm)
  • Car_man (Dec 12, 2006 3:32 am)
  • Car_man (Dec 12, 2006 8:56 am)
• Car_man (Dec 12, 2006 3:31 am)
• Car_man (Dec 12, 2006 8:52 am)
  • fedriver (Dec 12, 2006 1:28 pm)
    • Car_man (Jan 18, 2007 4:12 am)
  • aviboy97 (Oct 09, 2008 9:07 am)
    • Car_man (Oct 09, 2008 4:15 pm)