2017 Lease deals
- Thread starter lodisej
- Start date
mazdadude
ZOOOOOOOOOM ZOOOOOOOOOM
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- '16.5 Mazda CX-5 Touring
Right now the real deal would be on a 2016.5 CX-5 as they are now $4500 off. That could possibly save you ~$120 a month on a 3yr lease! But act fast!
As far as 2017 CX-5, you have a Lease Loyalty incentive from Mazda right now... $750 If I recall correctly.
As far as 2017 CX-5, you have a Lease Loyalty incentive from Mazda right now... $750 If I recall correctly.
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- Denver, CO
$3600 down? Yeesh.
Sent from my XT1585 using Tapatalk
Sent from my XT1585 using Tapatalk
Come to think of it I didn't ask what the numbers would be with no money down. What are people getting with no money down? If the difference isn't that much, perhaps I should spend that money elsewhere.
NelsonLewis
Banned
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- 16.5 CX-5 GT AWD w/Tech BRMica
Did you not negotiate the selling price of the car, either?
Sounds high, with paying that high a down payment. See enclosed screen shot. They might be marking up the money factor. (I read that dealers are allowed to play this game, and add .5 percent.)
To figure a fair price, you need to have the model, the MSRP with package, your negotiated sale price, the Money Factor and residual for your selected term (months) and mileage allotment; also helpful is any document fee, the lease/loan origination fee, and sales tax rate for your address.
Many folk advise not putting any money down on a lease because you won't get that money back if you total or have the car stolen, and also because it complicates the buying process and makes it one step more difficult to figure out (how the down payment is being applied, hidden fees) if they're marking up the money factor, etc.
PS: Are you a member of Costco? A Chase or USAA customer? Use their purchase programs to get an idea on a good price. (moderator, let me know if I shouldn't mention these names.)
I see a residual of 62% for 36m/12K and 60% 36m/15k, but can be different per state or sales territory. MF .00084 MF which x2400 = 2.016 APR%
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ImNotDedYet
Member
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- 08 Acura TL
Looks like the dealership I was talking to yesterday is part of the "up the money factor by .5 percent."
For a GT Premium package, MSRP of 33,665, Selling price of 32,879, (didn't try negotiating yet, but sales guy said he could get that a good bit lower) I'm about 7.5% sales tax in my city. 3 year/15K, Residual is 60% (20,199) and MF of .00134. (which still gives me roughly the same monthly payment as a 17 CR-V EX-L because Honda's not budging on lease numbers and their MF is .00210)
I got numbers for 3K down 1.5K down and 0 down. 0 down was about $90 more for both with and without Premium. So, comparing that to 3.6K down, you're probably looking at roughly $100 more per month, obviously some things will be different in Denver than they are in Wisconsin, which could also affect that.
For a GT Premium package, MSRP of 33,665, Selling price of 32,879, (didn't try negotiating yet, but sales guy said he could get that a good bit lower) I'm about 7.5% sales tax in my city. 3 year/15K, Residual is 60% (20,199) and MF of .00134. (which still gives me roughly the same monthly payment as a 17 CR-V EX-L because Honda's not budging on lease numbers and their MF is .00210)
I got numbers for 3K down 1.5K down and 0 down. 0 down was about $90 more for both with and without Premium. So, comparing that to 3.6K down, you're probably looking at roughly $100 more per month, obviously some things will be different in Denver than they are in Wisconsin, which could also affect that.
I am a Costco member, but there are no Mazda dealerships in my area that work with the Costco Auto Program. I did do the Costco auto program to see how a Honda CR-V would cost me as a back up plan in case I get fed up. Would rather have the CX-5, but the Honda dealership that works with the Costco Auto Program is literally next door to where I would return my Infiniti, so that would be easier on me. Requested a new quote on a CX-5 from the other Mazda dealership in town just in case I need to cancel the first one. Hopefully they will be a little more transparent about things.
Didn't think about them lying about the money factor. With my first back calculations it just looks like the dealership told me the sale price was $300 below invoice (which I agreed to) and my math tells me its $900 above MSRP. A money factor twice what they quoted me would do the same thing, assuming the below invoice sale price is correct.
Not my first rodeo with leasing, so I know the game. I just usually work with dealerships that are better behaved and don't play these sorts of games. Thanks for the suggestions. Monday should be an interesting day since dealerships are closed on Sunday in Wisconsin.
Didn't think about them lying about the money factor. With my first back calculations it just looks like the dealership told me the sale price was $300 below invoice (which I agreed to) and my math tells me its $900 above MSRP. A money factor twice what they quoted me would do the same thing, assuming the below invoice sale price is correct.
Not my first rodeo with leasing, so I know the game. I just usually work with dealerships that are better behaved and don't play these sorts of games. Thanks for the suggestions. Monday should be an interesting day since dealerships are closed on Sunday in Wisconsin.
When I worked out my lease deal, I knew how much I wanted my monthly payment to be and that I was not adding any cash down. And exactly which car I wanted (VIN). Gave that info to two different dealerships and let them battle it out for my business. One obviously wanted to move a car much worse than the other one did and gave me exactly what I wanted. I don't know if you have the luxury of working with more than one dealerships, but it definitely helped me out.
A 2017 Honda CR-V Touring AWD through Costco Auto Program would be $418/mo for 36mo/12K miles and $3000 down. A 2017 Mazda CX-5 Grand Touring AWD with premium package for the same 36mo/12K miles and $3000 down is $367/mo. Finding out what the other cars I was looking at would go for on a lease helped me make a decision. With the Costco price on the CR-V being $50 more a month than the CX-5, I can pick my new CX-5 up tomorrow with no regrets.
ImNotDedYet
Member
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- 08 Acura TL
Go to the Edmonds Mazda forum and ask for the MF and Residual in your area. Give them the MSRP, Sales Price and any incidentals and they can give you the going rates for MF and Residual for your type of loan. Beware that Mazda has a fairly standard MF, but dealers have an option to mark up the MF. You have to tell the dealer you're not paying the marked up MF - helps if there's more than one dealer locally as one is sure to bite. Tell them you know the base MF is X and they're marking it up, and you're not going to pay a markup. (my sales guy kind of giggled when I said that on the phone, and they came back with the non marked up MF)
Outside of that, there doesn't seem to be a whole lot of deals other than offered on the Mazda site/TrueCar. No one here in Denver was willing to come down on sales price more than about 1K from MSRP for a GT w/ Premium.
They're not necessarily lying about the MF, they're just all marking it up and most purchasers probably don't know. It's somewhat of an oligopoly. There's only so much Mazda financing will allow them to mark up, but they were all at that max markup point given my initial numbers from three dealers.
Outside of that, there doesn't seem to be a whole lot of deals other than offered on the Mazda site/TrueCar. No one here in Denver was willing to come down on sales price more than about 1K from MSRP for a GT w/ Premium.
They're not necessarily lying about the MF, they're just all marking it up and most purchasers probably don't know. It's somewhat of an oligopoly. There's only so much Mazda financing will allow them to mark up, but they were all at that max markup point given my initial numbers from three dealers.
Ended up at $352/mo with $3000 down for 36/12 lease term with a sale price $300 below invoice & $525 of accessories (MSRP ~$34K). Other dealerships nearby were more or less the same and I didn't feel like waiting to the end of the month to try to get a better deal with less money down. Initially they had the wrong money factor listed, so it could have been worse. In the end I am happy and got exactly what I wanted.
mazdadude
ZOOOOOOOOOM ZOOOOOOOOOM
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- '16.5 Mazda CX-5 Touring
Those numbers sound high. That's $16000 dollars for 36000 miles which comes to .45 cents a mile if you get all 36k miles... what is the residual?
62%. I make the $3000 back in less than a year with the money I save from getting rid of the Infiniti, so I don't mind the deal that I got. It works for me and that is all that matters. What I have noticed is that people in other states can get the same monthly payment for no money down for the same exact car. I guess that is the nature of the US car market. I appreciate folks trying to help though!
mazdadude
ZOOOOOOOOOM ZOOOOOOOOOM
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- '16.5 Mazda CX-5 Touring
Exactly, if the papers have been signed, there is not much more to do! So glad you are happy, and that 36 month 36k mile residual 62% is WOW amazing for a Mazda, and has to be one of the highest I can remember for a Mazda vehicle. To compare, the same term 2017 Honda Accord is at 54%, and 2017 Civic @61%
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Hopefully the residual on the Mazda tracks over its lifetime better than my previous Infiniti. With the Infiniti the residual at signing was 60%. At the end of my lease the real residual was 40%. The difference between market value and my lease buyout on the Infiniti was like $10K.
