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SUVs Mazda Tribute Mazda Tribute Lease Questions
16 messages, Last post on Apr 11, 2007 at 5:05 AM
You are in the Mazda Tribute Forum. Your Hosts are steve_ & tidester
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Discuss them here! tidester, host SUVs and Smart Shopper |
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I need to know if I was taking for a ride by (Lehman )) mazda dealer in Miami. I trade in my 2005 Mazda Tribute ( 19 K miles ) for $ 12,900.00 This amount paid my old loan so there was no negative balance. I leased a 2008 Tribute I Touring 2WD 4 cylinder. MSRP was $ 22,235.00 Also they have $1000.00 incentive for leasing. Here is my problem. They put Gross capitalized cost which in fact is the value of the car at $31,197.16 ($30,602.16 +$595.00(acquisition fee ) . Gross capitalized cost ( car value ) $31197.16 Capitalized cost reduction ( cash, down payment ) $ 5347.51 Adjusted capitalized cost ( loan amount to be financed ) $ 25849.65 Residual value ( car value at end of lease if I want to buy it ) $ 10450.45 Depreciation $ 15399.20 Rent charge ( bank loan interest ) $ 6133.60 Total base payment (depreciation plus interest ) $ 21532.00 lease term 48 months lease monthly payment $ 448.00 sales tax $ 31.40 My question is how did they arrived at $ 31K when the car MSRP is$ 22K and I put down payment of $5375.00. plus $ 1000.00 incentive for a total of $6375.00 Here is the break down. capitalized cost reduction $ 5347.51 First month payment $ 480.00 registration fee $ 100.00 Up front Tax $ 378.99 Battery fee $1.50 MVWEA rental $ 62.00 Tire fee $ 5.00 Total $ 6375.00 My total payments ( amount paid by the end of lease ) $ 28,935.00 I do understand the lease terms and mathematical calculations ,but I can't figure out why my Grass capitalized cost is so high. (There are few and hidden charges ,but in my case it looks that they are 50% of the car value. Something is wrong here. I did call the dealer and email them too last night but nobody answer yet. I will give them few days . Please let me know if anything went wrong here ,and how much this lease should be. Thanks: Basil in NJ PS I went to Miami for vacation and look what I got . |
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Replying to: vianos (Apr 06, 2007 11:50 am) tidester, host SUVs and Smart Shopper |
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Replying to: vianos (Apr 06, 2007 11:50 am)
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Replying to: audia8q (Apr 07, 2007 12:46 pm) Mazda USA will not be to happy to hear what the dealer pulled on me. This is the 4 mazda I got and the last 3 deals were honest arms lenght deals. Mazda have rules and regulations in pricing the new cars. They know that the market is very competitive and they will lose on the long run. You make an extra 5K now and lose 23K in the future. Also Mazda USA DOESN'T LIKE TO See bad publicity on their dealer network. Today internet is a very powerfull tool,and I will use it to pursue this if they do not act on my complain I wrote today to the dealer and Mazda USA.Also I have legal means. Remember that even if you sign a deal you have legal right to pursue. I understand that dealers try to add here and there ,but in this case it went overboard. By the way Mazda advertize very atractive leases for Tribute. So it looks that this person at Lehman Mazda was thinking that I am a smock from NJ.in vacation in Miami.
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Replying to: vianos (Apr 07, 2007 1:08 pm) your contradicting yourself. If you have a loan balance you have a payoff. That payoff must be accounted for somewhere, it doesn't just vanish...in your math, where did you put the trade payoff?? let me give you an example (assume 20k selling price, $5000 trade in and $4000 loan payoff) lets ignore tax and mvd fees to make things simple. new car selling price $20,000 trade in allowance ($5000) --------- cash difference $15,000 payoff amount + $4000 ------------- amount financed $19,000 In this example the amount of the trade in value is more than the payoff but the car still must be paid off to the bank to get clean title. Mazda USA will not be to happy to hear what the dealer pulled on me they didn't pull a fast one on you...your figuring the deal incorrectly. Why is that the dealers fault?
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Replying to: audia8q (Apr 09, 2007 6:55 am) The trade in fully covered my old loan so there was not any negative or positive ballance. I put a down payment of $5375.oo also there was a rebate of $ 1000.00 and the MSRP was $ 22,235.00. At the end of the day the Total capitalized cost came $ 10K higher . It came to $ 31,197.00. They used hidden formulas . |
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Replying to: vianos (Apr 06, 2007 11:50 am) 1. How did you arrive at your rent charge of $6133.60? 2. What formula did you use to calculate the lease? 3. They showed you a trade in value of $12,900? 5. The loan payoff on the Tribute trade was also $12,900? 6. Why are you put so much money down?
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Replying to: audia8q (Apr 09, 2007 10:17 am) He told me that there are fees and charges and first month payment of $ 480.00 so he arrived at $ 5,375.00 down payment . He played the upside down game .He set a lease figure and worked from there.Looks like he twisted his calculations to look legit at the end . Its complicated and I will underfstand it after I will talk with a legal expert.
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Replying to: vianos (Apr 09, 2007 10:36 am) Its complicated and I will underfstand it after I will talk with a legal expert. There isnt anything complicated about it, but your turning a simple lease into rocket science...call judge judy. |
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