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Mazda CX-7 Lease Questions

268 messages,  Last post on Nov 18, 2009 at 3:15 AM

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What is this discussion about? Mazda CX-7, Car Leasing, Car Buying, SUV

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#11 of 268 Re: Mazda CX-7: Lease Questions [maximafan] by vbbuilt Jul 25, 2006 (4:19 am)
Replying to: maximafan (Jul 24, 2006 10:48 pm) OMG, I hope you're OK? So sorry to hear about this!   Within the last two years, I've been in two severe accidents that totalled two new cars...luckily walked away with only a broken collar bone (impact was severe enough for the shoulder belt to snap the collar bone) in the 1st and 6 months later, happened again to another new car. Walked away with no injuries on that one. Both accidents caused by hit n' run a**holes. In both instances, I had purchased those cars with GAP insurance. Saved my butt financially.   In your case, I'm assuming your insurance will cover up to the blue book value of the car, less your deductible. Not sure about your deposit, though. I wouldn't think you'd be liable for your remaining 10 payments on the lease, since the value of your insurance should cover the loss.   I'm sure you've already checked with your insurance and the lease company?   Here's a silver lining...now you can get the CX7? Yes?   Vince.
#12 of 268 Re: Mazda CX-7: Lease Questions [maximafan] by tinycadon Jul 25, 2006 (4:51 am)
Replying to: maximafan (Jul 24, 2006 10:48 pm) Your lease will get paid off with the insurance, as long as the book value is greater than what you owe. But if the book value on your vehicle is say 20k and you only owe 17k, you do not get the 3k difference as if you owned it, just the 17k to pay it off. That's why you should never try to put $cash$ towards a lease to lower the payment, you would lose that down payment in the event of a total loss accident. Replies to this message: maximafan (Jul 25, 2006 8:31 pm)
#13 of 268 Re: Mazda CX-7: Lease Questions [tinycadon] by maximafan Jul 25, 2006 (8:31 pm)
Replying to: tinycadon (Jul 25, 2006 4:51 am) Thanks, guys for your concern, and thanks for the info. I've spent most of today on the phone with my insurance company, the other driver's insurance company, and I called Nissan Motor Acceptance Corp. to let them know and to try to understand how this might work. Luckily, when I leased the Max, I got cash back. I was supposed to get $1200 cash back and they held onto $600, I assume, for the security deposit. So, thank God, no money was put down on this lease. I was also told by the person I spoke to on the phone with Nissan that all leases that are done through NMAC have gap insurance automatically built in. So I would imagine if the car is totalled out, I'll probably be able to walk away as if I had completed the entire terms of my lease, possibly less a $500 deductible.   Now, on the other hand, the adjuster may tell me that the car is repairable. I don't know. I can't imagine how things might go if I end up driving a car that may have possibly had over $12,000 in accident repair and live with it for the next six or seven months.   I am getting more and more sore as the day passes. I had to get a prescription for some of that stronger Motrin stuff. I will keep everyone posted on the progression of all this. Thanks
#14 of 268 CX-7 Touring - 36 Month Lease Numbers by theomegaman Jul 31, 2006 (9:27 pm)
Hi Car_Man.....if you could supply MF & Residual on:   CX-7 Touring MSRP: 31,030 36 Month Lease / 12,000 mile   &   CX-7 Grand Touring MSRP: 28,045 36 Month Lease / 12,000 mile   Thanks in advance! Replies to this message: Car_man (Aug 02, 2006 2:39 am)
#15 of 268 Lease? by cx7byer Aug 01, 2006 (1:59 pm)
After much negotiation, I managed fifteen hundred off my grand touring copper red with tech and preferred packs and AWD. Now, I'm wondering, should I lease instead? What would you do? How are the lease rates?
#16 of 268 Re: CX-7 Touring - 36 Month Lease Numbers [theomegaman] by Car_man HOST Aug 02, 2006 (2:39 am)
Replying to: theomegaman (Jul 31, 2006 9:27 pm) Here you go, theomegaman. If you were to lease a 2007 Mazda CX-7 Touring AWD through Mazda Credit right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00286 and 60%, respectively. The numbers for an otherwise identical lease of a 2007 CX-7 Grand Touring AWD should be .00286 and 59%.   Car_man Host Prices Paid Forum
#17 of 268 Lease Newbie by adam0010 Aug 07, 2006 (11:45 am)
I am looking at leasing the CX-7 Sport FWD with the Moonroof/Bose package. I get the S-plan price and was quoted:   MSRP: $26,245 S-Plan price: $24,678 2 year lease - $479.89 12,000 miles/year zero duesigning Residual: 72% = $18,896.40 Money factor: 0.00283 = 6.7% APR Mazda American Credit   I have never done a lease and am new at this, but I found a site that seemed to have a lot of good information. I used their formula on this page: http://www.leaseguide.com/lease08.htm   When I do the calculations with those numbers I get $364.22.   I wonder if those formulas are correct and if so, where is the extra $115.67/month coming from?   Can anyone give me any advice, opionions, guidance?   Thanks in advance! Replies to this message: wjbushsr (Aug 07, 2006 8:08 pm) tmanmiata (Aug 14, 2006 9:34 am) Car_man (Sep 04, 2006 6:02 am) dilslips (Jun 20, 2007 12:24 pm) Car_man (Jun 22, 2007 2:05 am)
#18 of 268 Re: Lease Newbie [adam0010] by wjbushsr Aug 07, 2006 (8:08 pm)
Replying to: adam0010 (Aug 07, 2006 11:45 am) As a fellow S Plan buyer, I say "Welcome Aboard!"   But here's the thing; from experience I say, DROP THE MOONROOF / BOSE option and get the GT W/ TECHNOLOGY PACKAGE!!!   On the S-Plan you're looking at a 29K invoice/ buying price, that's only 3 grand more. The Tech Package GT however adds HID headlights, Climate Control AC, backup camera and the DVD Navigational, Bose & Moonroof combo with a MUCH better display than the other Bose headunit PLUS it not only plays MP3s, but it shows you the artist, album and song info! There's more to it, but I think if you read around the site, you'll get the jist of it.   For the money; go a little bit further and get the GT!   Trust me on this, the Tech Package has ALL of the bells and whistles!   On the lease deal; if you are SURE you will only stick to 12000 a year or less, then jump on it! BUT find out what the penalty miles are {miles over the contract limit are charged to you, some agents charge up to 20 cents a mile!} Also there may be hidden costs to look at, such as the upkeep, maint. records {some agents require proof of oil changes}, making sure the paint and body have only "normal wear and tear", but the biggest thing to remember that unlike a purchase, if your credit should fall on hard times, the leaser can deny you a great APR at the end of the lease if you want to purchase.  Leasing is great if you can stay within the perimeters, but there are horror stories of people getting fleeced on a lease because they didn't read all of the contract. Do a search for yourself before you commit!   Good luck!
#19 of 268 Re: Lease Newbie [adam0010] by tmanmiata Aug 14, 2006 (9:34 am)
Replying to: adam0010 (Aug 07, 2006 11:45 am) adam0010, thank you for that link. It is very informative. I also have S Plan and considering a CX-7. I've never lease a vehicle, but am interest in find out how it works. But based on the info in that webiste, I think your calculation of $364.22 (((24678-18896.4)/24) + ((24678+1889604)*.00283))) assumes the Net Cap Cost is just your S-Plan price. Based on the information on that website, the Net Cap Cost would include any fees, taxes and gap insurance. And if you live in TX or IL, you need to pay tax for the whole amount of the vehicle. Without knowing exactly what fees and taxes are charged, it is impossible to know how they come up with the $479.89 monthly payment or rather it is a good deal or not. For those who lease before, please share your experience and knowledge.
#20 of 268 Re: Lease Newbie [adam0010] by Car_man HOST Sep 04, 2006 (6:02 am)
Replying to: adam0010 (Aug 07, 2006 11:45 am) Greetings adam0010. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.   I just calculated a 24 month lease on this vehicle based upon the information that you provided in your post, an MSRP of $26,245, a selling price of $24,678, a money factor of .00283, and a residual value of 72%, and I came up with a zero down, pre-tax payment of around $364.22. As you can see, this is the exact payment that you came up with. It is difficult to say why the payment the dealer that you are working with quoted you is higher. Perhaps it includes sales tax. The dealer may have also rolled Mazda Credit's acquisition fee into your vehicle's capitalized cost. I would ask the dealer to explain why the payment they quoted you is so high or get a quoted on an identical lease form a different dealer to see if it is the same.   Car_man Host Prices Paid Forum Replies to this message: dilslips (Jun 20, 2007 12:24 pm) Car_man (Jun 22, 2007 2:05 am)

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