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Prices Paid: Buying & Leasing Experiences Mazda CX-7 Lease Questions
231 messages, Last post on Oct 09, 2008 at 5:35 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hello Car Man, Please advise on 2007 CX-7 GT AWD August 2007 Lease money factor, residual value for 24 month lease at 10,500 or 12,000 for northern California buyers of Tier 1 Mazda Credit co? I'm looking to buy tomorrow and I have found the CX-7 that I really like. I just need to make sure I have leverage knowing what the dealer's buy rate and actual residuals are because they're not being too straight with me (quoting $ of monthly payments without any other info). I really hate this kind of haggling since I used to be a F&I manager for BMW in Fremont. I wanted to share here in this forum that I've found a neat lease calculator that I use and it's pretty accurate. See: lease calculator |
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2007 CX-7 Touring AWD with Tech Package and Preferred Equipment Package. Liquid Platinum Metallic w/ Black leather interior. MSRP $31,990 Selling price: $2480 back of Dealer invoice (27,500?) Lease Term: 24 months Miles: 15K Drive-off: $2500 Lease money Factor: .00054 Residual: $21,000. Payment: $234 + Tax = 250.00 Still can't believe wife and I got this w/a tech package & AWD for a mid $200 monthly payment!
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Replying to: cruzj99 (Aug 31, 2007 11:53 pm) congrats for your deal! Would you mind sharing how you got this deal (i.e. how many dealers did you talk to, did you send emails/call/go to the dealerships), how much haggling did you need to do). I want to lease a GT with Tech Package late september and any info you might give would be very helpful. Thanks
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Replying to: pmadruga (Sep 01, 2007 12:35 pm) I used to be a car sales guy for about 5 years and eventually worked my way up to being an F&I manager at the peak of my career. I remember all the ins-and-outs of how the negotiation takes place and knowing the psychology and process of making a deal is completely different in every market. So the first thing you have to research is how competitive your market is. There's so many dealers located within just miles of each other here in the SF Bay area where I live. That gave me a real big advantage. So I went to edmunds.com and requested a quote from all the local dealers via e-mail. Instead of waiting for each dealer to call me, I called them after getting their e-mail contact info sent to me. Doing this indicated my interest to them and I told them the timeframe, what I was interested in buying and always made it appear to be flexible with what he/she had in their inventory. I talked with three dealers and got quotes from four. Since I made it seem like I was willing to take something off their hands without the hassle of having the dealer to look around and trade it with another dealer for me, I assumed the negotiated price/deal would be sweeter. The first couple quotes was attractive. The key thing I would need to emphasize on was that I was only asking for sales prices, not leasing prices. Sales prices might have more incentives than leasing prices and my goal was to get the best of both worlds. Their first quotes to me on the internet, I figured, still had room to play with. So I went to the closest dealer to my home and test drove one on their lot and got a couple of quotes. After revealing to them that I wanted to lease, the dealer came back with an initial offer of $450 a month with 959 down assuming I had tier one credit. The key thing to know about leases is terminology. I knew all my terms and did my research on what the residuals and lease money factors were, so I knew exactly how those terms would affect my payment. The main thing that I wanted to see was that all terms of the lease deal would satisfy me enough to take it. Because I knew how it would affect me and I told them that bsing me wouldn't cut since I used to be a F&I manager before, the deal was pretty straight forward. I had perfect credit and I had my money down. So I ended up getting buy rate on the lease money factor and the dealer was trying to work me on the price. Not having credit and the money down is always a factor in financing. These are the two tools in negotiating for a car that give you automatic leverage in financing. Don't shop for a car if you're credit score is crappy or if you have nothing down to put. Since it was the end of the month and I was willing to take a car from their inventory, I had leverage and used it carefully. I had to make sure I had ways to justify my price negotiations. So I took the printouts of e-mail quotes from other dealers on vehicles in their inventory and to the dealer I wanted to shop at. In the end, $2480 back of dealer invoice was what the owner of the dealership approved for my deal. They took a $969 dollar loss to sell me a car. I said I'd be willing to take any car color but I wanted specific things (i.e. Tech package tour or GT with AWD). Made it seem that I wasn't compromising too much, but was willing to take another vehicle from another lot even if the color combination was different than the one on the dealer's lot. This gave me another advantage. I was using the leverage of buying on the spot but comparing deal structure's from the dealer's competitors. It took a lot of hassling and a lot of dramatic negotiations, but that's the car business. Be ready to walk out but be patient to hear what the desk manager has to say. It's a really fine line of understanding when you have to give in to what you're going to get and what you actually want. But in all, I made my decision, negotiation and purchasing within 48 hours. This is something not many can do, but only with years of being on the other side of the deal and understanding how it all works gave me a clear picture of what thresholds and limits of a deal were fair enough to make everyone happy. My free advice to you now: 1. Start getting your e-mail quotes from all your local dealers at the beginning of the month. 2. As soon as you get the e-mails call them and tell them your time frame in buying, what you're looking for etc. 3. Be flexible with what the dealer has in their inventory. 4. Create alternative scenarios of your deal, example if it's a lease calculate how much you're willing to settle for and what is ideal for you so you know what to say when you're asked "what's going to make you buy today?". 5. Print all the quotes and take them to your dealer the day you're ready to buy. 6. Give yourself enough time the day you want to buy. Start early on a Friday at the end of the month so you can drive from dealer to dealer if necessary. Also being there early or during office hours means the owner or General manager is there. When you're close to the end of the month and the owner is there sweet and unheard of deals are more likely happen. 7. Don't be afraid to play the game. Dealer's will lie through their teeth when you sit in front of them to negotiate something that they have on their lot but will be so honest and courteous over the phone to get you in the door. The are all manipulative control freaks. 8. Prepare an emotional leverage tool when negotiating. Example: "What would make me happy is if I got this deal instead of that.." or "I need to make my wife happy" something like this. It's usually taboo for auto salespersons to come up with a way to handle such an objection. 9. Realize there are plenty of cars just like the one you see on their lot. Don't let the dealer light the fire under your ass to buy now, but buy within your set time frame. 10. Bring a friend or third party with you to the negotiations who might be interested in buying a car. Have him/her test drive your car to give you some objective advice. If you bring a friend who might be interested in buying later, you can use this as a negotiation tool to get your good deal now. Also a friend with a type A personality can be really 'useful' during a car purchase.
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Replying to: cruzj99 (Sep 01, 2007 3:08 pm) thanks for taking the time to write such a long and comprehensive message. Your thoughts were very instructive and will certainly help me to be better prepared for the negotiation. I know that it will be hard to get a deal as as good as yours, but hopefully I'll be able to get a GT with Tech Pkg for in the low 300s with ~2K TDO. Take care and thanks again. |
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Hey all, I got this offer from a local dealer in NY I'd like some opinions on. The offer is for an 08' CX-7 Touring AWD with the tech package. Total upfront - 1500 plus DMV fees, monthly payment of 389.00 a month for 36 months with 12K miles (includes taxes). Does this sound like a good deal or should I keep looking? Thanks. |
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Just leased an '07 Grand Touring AWD with Bose, Moon roof, and the cargo package. MSRP is 30,370 Invoice 28,314 Sales Price: 28,982 Tax, Title and License: $698.96 Total Gross Cap Cost: $29680.96 36 month, 36K miles, $0 down, $0 security deposit, drive off and monthly $394.10 I'm feeling good. |
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What would be a fair lease deal on a 2008 Mazda GT CX-7 in the state of NJ ? What would the capital cost, residual and money factor amounts work out to be in a best case scenario? Thanks for any help you may be able to provide.
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Car_man would you comment on the following terms of a lease for a 2008 GT Mazda CX-7 loaded. Cap Cost $31665.28 MSRP $32,650.00 Residual $19,263.50 Money Factor .00114 No Capital Cost reduction Monthly payment for a three year lease $459.00 Thanks for your input.
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I'm leasing this car tonight, well maybe, but now im starting to doubt it is a good deal. 2007 Mazda CX7 Grand Touring AWD (no other options) Monthly Payment: 320 12k miles 36 months MSRP: 28,100 Car Cost: 26,268 Transport Fee: 595 NY Assessment Fee: 350 (What is this?) Total Invoice Amt: 27,213 Residual: 54% Money Factor: .00054 Is this a good deal ? Thank you.
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