Last post on Dec 09, 2013 at 6:17 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Mazda MAZDA6, Car Leasing, Hatchback, Sedan, Wagon
#465 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [kyfdx@Edmunds]
Aug 28, 2013 (6:32 am)
Chase has higher lease rates in RI due to a drunk driver liability case that went against them a few years ago. Ridulous.
Can kydx or anyone else explain Mazda's current $0 Due at Signing promo? Can the $0 first payment (Paid by Mazda) be applied to any lease term, or just the lease described in the disclaimer? I am looking for 36 months. I also don't see anything about the acquisition fee... Here is the text from the Edmunds incentive page:
Requirements and Restrictions:
Down Payment: $0
Security Deposit: $0
Lease Cash: $0
Annual Mileage: 12,000
$0 Due at Signing Lease is based on the 2014 MAZDA6 i Grand Touring. MSRP as equipped is $30,290. $600 Dealer contribution is required for the $357 monthly payment. First month's payment paid by Mazda for the Zero Due at Signing. Tax, tags and insurance are extra. Must finance through Mazda Capital Services.
Monthly Payment Month Term Start End
$357 39 08/01/2013 09/03/2013
#466 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [biggbrother]
Aug 28, 2013 (11:19 am)
I didn't see any lease on the GT at the Mazdausa site so I can't comment on it specifically but generally when a manufacturer advertises a lease, it includes the lease inception fee. It would exclude dealers doc fees/DMV fees and taxes.
Any lease can be made zero due at signing. In fact, they can be made to be truly zero due at signing by putting in all of the fees, taxes, etc into the capitalized cost.
Since you lose anything you pay at signing should the car be stolen or totalled, I always recommend that you put everything into the lease and get 36 equal payments.
btw, your ad says that a $600 dealer contribution is required. If you take a look back at the deals have been done over the past several months, seling price/doc fees have been running around invoice plus/minus a few hundred so the dealer would be making about an extra $1,000 on this lease.
#467 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [biggbrother]
by kyfdx@Edmunds HOST
Aug 28, 2013 (2:35 pm)
I'm not real familiar with the ZERO Due at Signing lease, but it is a special lease that has special requirements... (and, of course, the benefit is Mazda picks up the 1st payment).
As noted, you can make any lease a zero due lease... but, this is a special program from MCS that includes the free payment (it's not just rolled in to the lease).. and, the acquisition fee is capitalized into that advertised payment..
It's not just RI that has those special MF numbers... more states than not, have that program..
#468 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [kyfdx@Edmunds]
Aug 28, 2013 (4:27 pm)
Sorry, but I have to disagree with you regarding the free payment. I took the .00023 MF and 60% residual you provided the other day. The MSRP is 30,290 and so is the capitalized cost since the dealer must contribute $600 but that is offset by Chase's acquisition fee. If you use 35 payments, it comes to exactly the $357 that was quoted. If the first payment was free, it would need to be computed using 36 months. That would mean 35 payments at $348.
#469 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [gee22]
by kyfdx@Edmunds HOST
Aug 28, 2013 (7:11 pm)
I can't vouch for your calculations... I can only tell you what Mazda's lease program states..
#470 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [kyfdx@Edmunds]
Aug 28, 2013 (7:21 pm)
I know my calculations are correct. Try it yourself.
Please tell me where I can find the terms of this lease where they indicate the first payment is free. I would like to challenge Mazda.
#471 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [gee22]
by kyfdx@Edmunds HOST
Aug 29, 2013 (3:29 am)
Well.. for one thing, leases aren't calculated on 35 months. So you have to start from there... You can capitalize the 1st payment, but the lease is still 36 months, not 35.
The only place you can see the lease program is at your dealer, I'd think.. if they choose to show it to you.
Something else to keep in mind.... the MF and residual I quoted aren't from the special "No 1st payment" lease. I don't have those numbers..
#472 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [kyfdx@Edmunds]
Aug 29, 2013 (4:21 am)
If you notice in the terms I posted, it says "First month's payment paid by Mazda for the Zero Due at Signing." So it's still a 39 month lease but Mazda Capital Services (Chase) will probably credit the first payment on your statement.
My question was could I get the dealer to do better than a $600 contribution, use a 36 month lease instead, and still get the the same credit on my first statement?
Heck, I might consider 39 months if one of my extra 3 payments would be paid by Mazda...
#473 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [kyfdx@Edmunds]
Aug 29, 2013 (7:34 am)
I understand it is a 36 month lease, but if the monthly lease payment was calculated based on a 36 month lease, the payment would be $348. If no payment was due at signing and then 35 payments at $348, I would agree with you. But the 35 remaining payments are $357, the exact amount it would be if a 35 month term was used. So it is zero due at signing and 35 payments at $357. The lessor is getting $324 more over the 36 month term than if they truly calulated it as a 36 month lease and waived one payment.
#474 of 557 Re: Looks like Car_Man isn't around.. can anyone else help? [biggbrother]
Aug 29, 2013 (7:42 am)
If you are looking to save some money, you may want to inquire about a 39 month lease. When I first looked at the car in March, the residual for 39 months was the same as 36 months so the payments are less. The only problem is that it is out of the warranty period.
Yes, you can do a lot better than $600. The payment is based on the capitalized cost of the car, the biggest piece is the selling price/doc fees. You negotiate that just like you would do a purchase. The difference is that he will be selling the car for that price to Chase who will lease it to you based on that price, rather than you paying the dealer directly for the purchase. The selling price should be at invoice or below right now.