Hot Damn...Those guys at Mazda Finance are Fast!

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Buzzer777

Member
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Mazda,CX-5, AWD,2015 Grand Touring, Meteor Gray Mica
Must hand it to them (Mazda Finance..CHASE)...I was "forced" to finance a small balance in order to take advantage of an xtra $1500 discount on my 2015 CX-5. The deal was that I had to "carry" the loan for 2 payments (cost of about $30) so as to NOT incur a prepayment penalty.

Received my bill last Tues, Payed it Wednesday in full...RECEIVED THE TITLE SATURDAY...less than a week door to door...I am IMPRESSED!!:)
 
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I took out the loan to get the rebate also. I thought it was a good deal. I ran the loan though as the interest rate they charge is lower than the rate that the money management people are making for me on my investments.
 
Good deal for you all. I had issues with them when I bought out my lease a year into it. It was a process.
 
Buzzer777 said:
Must hand it to them (Mazda Finance..CHASE)...I was "forced" to finance a small balance in order to take advantage of an xtra $1500 discount on my 2015 CX-5. The deal was that I had to "carry" the loan for 2 payments (cost of about $30) so as to NOT incur a prepayment penalty.

Received my bill last Tues, Payed it Wednesday in full...RECEIVED THE TITLE SATURDAY...less than a week door to door...I am IMPRESSED!!:)
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I was trying to work a cash purchase for a Sport MT-6, but was quoted the MSRP of $22,675 and no other discounts for military/loyalty/etc..
I wish the local sales manager were smart enough to recommend your method.
 
Buzzer777 said:
Must hand it to them (Mazda Finance..CHASE)...I was "forced" to finance a small balance in order to take advantage of an xtra $1500 discount on my 2015 CX-5. The deal was that I had to "carry" the loan for 2 payments (cost of about $30) so as to NOT incur a prepayment penalty.

Received my bill last Tues, Payed it Wednesday in full...RECEIVED THE TITLE SATURDAY...less than a week door to door...I am IMPRESSED!!:)
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Smart!

Also, very happy it worked out so easily!
 
Buzzer777 said:
Must hand it to them (Mazda Finance..CHASE)...I was "forced" to finance a small balance in order to take advantage of an xtra $1500 discount on my 2015 CX-5. The deal was that I had to "carry" the loan for 2 payments (cost of about $30) so as to NOT incur a prepayment penalty.

Received my bill last Tues, Payed it Wednesday in full...RECEIVED THE TITLE SATURDAY...less than a week door to door...I am IMPRESSED!!:)
Click to expand...

Same here.....financed small portion to get $2,495 discount. Got the first bill along with a letter from Mazda/Chase indicating there was NO prepayment penalty. So.....along with the $3,000 received from my trade-in....I couldn't be happier - :)
 
What is this $1500 (or $2495) discount you're referring to? The only current financing promotion I see on the Mazda USA web site is 0.9% financing. I'm looking to buy a CX-5 soon, and if there's a promotion I've overlooked, I'd love to know about it. Thanks!
 
I also financed a small portion to get the extra $500 rebate. I paid it off a couple days ago and Chase just sent me the lien release.

I called the DMV and to get the title in my name I have to:

1. Complete a form for a replacement title
2. Complete another form to apply for a title without the lienholder
3. Send in the Chase lien release
4. Send the DMV $77.

It's kind of a hassle.
 
davefr said:
I also financed a small portion to get the extra $500 rebate. I paid it off a couple days ago and Chase just sent me the lien release.

I called the DMV and to get the title in my name I have to:

1. Complete a form for a replacement title
2. Complete another form to apply for a title without the lienholder
3. Send in the Chase lien release
4. Send the DMV $77.

It's kind of a hassle.
Click to expand...

I think that the title process will vary by state.
 
h
GP 2004 said:
I think that the title process will vary by state.
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Yes, I'm sure it varies. I think the fact that the vehicle is so new the title was never created by the DMV yet. Otherwise I think Chase would have sent me a signed title vs a lien release.
 
Dealer "Instant Savings"

s.chamberlin said:
What is this $1500 (or $2495) discount you're referring to? The only current financing promotion I see on the Mazda USA web site is 0.9% financing. I'm looking to buy a CX-5 soon, and if there's a promotion I've overlooked, I'd love to know about it. Thanks!
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I was mistaken on the $2495 - it was actually $2631!. I had to finance a small portion to get that savings and my credit score of 820 probably helped some too. As I mentioned in my previous post, Mazda/Chase waived the full-payment penalty. Keep in mind, I purchased my new vehicle in May 2015 (only had 88 miles on it) and they already had the 2016's in. So I guess they were offering these higher incentives. Here is a screenshot of the ad for my car.
 

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s.chamberlin said:
What is this $1500 (or $2495) discount you're referring to? The only current financing promotion I see on the Mazda USA web site is 0.9% financing. I'm looking to buy a CX-5 soon, and if there's a promotion I've overlooked, I'd love to know about it. Thanks!
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This discount was in April 2015, for a 2015 CX-5. They were clearing out the remaining 15's to make room for the 16's. In my case it was strictly a question of the "$$$ bottom line". I would have liked the 16 L.E.D pkg (though happy with my H.I.D's). This dealer (the only one in my general area without going to CA to buy) was only to happy to break out the "wine and cheese" :) and sell off a 15! He would not budge sans $100 on a 2016 GT though. These deals depend on the make, model, dealer, time of the month (NO NOT THAT TIME OF THE MONTH!) quotas etc. when they decide on incentives. Heck, there are country, regional, and who knows what other, 'FACTORS" they consider....
 
(bang) Damn...My score was over 850 (never knew they went up that far!:)and I only got $1500!
Salesman was pretty new on the job (aren't they all...) and asked how I "walked on water" LOL.
Told him to retire first!

Me thinks I remember when I was that young!

Sigh...wonder if paying it off early decreased my own score...LOL
 
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Tango2014 said:
I was mistaken on the $2495 - it was actually $2631!. I had to finance a small portion to get that savings and my credit score of 820 probably helped some too. As I mentioned in my previous post, Mazda/Chase waived the full-payment penalty. Keep in mind, I purchased my new vehicle in May 2015 (only had 88 miles on it) and they already had the 2016's in. So I guess they were offering these higher incentives. Here is a screenshot of the ad for my car.
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Tango, that is great, I assume you were pretty happy with Gateway? PM me if you would regarding recommended salesperson, etc. Greeneville is an easy drive for me.
 
For the "you must hold the loan for 3 months" business, does anybody know how that's calculated? Can you pay off the entire loan along with your 3rd loan payment, or your 4th? Or something else? I can't find anything in the paperwork I received that even mentions a 3 month minimum.
 
They never went out of their way...

s.chamberlin said:
For the "you must hold the loan for 3 months" business, does anybody know how that's calculated? Can you pay off the entire loan along with your 3rd loan payment, or your 4th? Or something else? I can't find anything in the paperwork I received that even mentions a 3 month minimum.
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They never really even tried to explain it to me. I figured that this "ploy" couldn't really be serious, since I already had the sales document and final finance paperwork in hand. Like you, I searched for an explanation in my own finance paperwork, and could only find a single line item that merely said "additional discount" with the amount typed in.

Funny, but once you get to the finance office, dealers usually watch their p's and q's pretty closely. Usually the finance guys are confined (these days anyway) to trying to screw you over by adding in things like extra warranties, paint finish protection, Oil change packages etc.
Those sales documents and finance docs are pretty much "boiler plate" these days , but still need to be checked carefully!(wow). Man, I still remember the "good ole days"before they had computers to fill in the paperwork...Mistakes galore!a
 
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I suspect there actually is no 3 month requirement for you, the buyer. But if you keep the loan for 3 months, Chase pays the dealer some kind of commission for bringing them the loan, and this commission is what allows the dealer to offer you a discount on the purchase price. So if you pay off the loan before 3 months, the dealer/salesman gets screwed, but there's probably no repercussion for you. This is just my guess, but it sounds reasonable to me.

My first payment is due slightly more than a month after the date I bought the car, so I'll probably be interpreting "3 months" as "paid in full with my third payment" unless someone knows otherwise. To the original poster - did you have to call Chase to find out the exact amount of the total payoff as of a specific date? Since interest is constantly accruing, the total outstanding balance will be constantly changing too.
 
s.chamberlin said:
I suspect there actually is no 3 month requirement for you, the buyer. But if you keep the loan for 3 months, Chase pays the dealer some kind of commission for bringing them the loan, and this commission is what allows the dealer to offer you a discount on the purchase price. So if you pay off the loan before 3 months, the dealer/salesman gets screwed, but there's probably no repercussion for you. This is just my guess, but it sounds reasonable to me.

My first payment is due slightly more than a month after the date I bought the car, so I'll probably be interpreting "3 months" as "paid in full with my third payment" unless someone knows otherwise. To the original poster - did you have to call Chase to find out the exact amount of the total payoff as of a specific date? Since interest is constantly accruing, the total outstanding balance will be constantly changing too.
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This is exactly what happened. If we keep the loan for 3 months, finance company pays the dealer commission for bringing them the business. The finance lady told us the situation and suggested us keeping the loan at least for three months. Of course they can't stop us to pay off earlier. We plan to pay the loan off after our third payment which is due on 6/26. Our auto finance company. TD Auto Finance, listed the pay-off amount on the statement each month with a pay-off date. I can also log on to their website and get a pay-off quote anytime I want and pay it off accordingly.
 
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s.chamberlin said:
I suspect there actually is no 3 month requirement for you, the buyer. But if you keep the loan for 3 months, Chase pays the dealer some kind of commission for bringing them the loan, and this commission is what allows the dealer to offer you a discount on the purchase price. So if you pay off the loan before 3 months, the dealer/salesman gets screwed, but there's probably no repercussion for you. This is just my guess, but it sounds reasonable to me.

.
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I think you are right. I just did the financing to get a rebate/discount and there is nothing in the paperwork I have that indicates the loan must be kept 3 months even though that is what the Mazda guy was telling me. Actually, the paperwork I have is pretty clear there is no prepayment penalty and you can basically pay the whole thing off if you decide you don't want the loan.
 
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