Returning your lease to the dealership

[jasma1]

Hi guys,

Anyone would like to share their experience in returning their leased Mz-5 at the dealership?

Any problems with the inspector? With the dealer?

I am returning my lease in Feb 2010 and will wait for the 2011 model.. Sometimes in sept. 2010.

I am just anxious about the fact that I have a few scratches on the side bumper... And would hate having to pay 400$+...

I cleaned the scratch with a special "grinding paper" and repainted it + clear coated too. But then again... Can't match perfectly what a bodyshop could have done.

I'm just curious if anyone had problems or not.

Thanks and drive safe during the holidays!

Jasma.
Mz-5 2006 GT

 

[KBrian]

Scratches, door dings, and paint chips will pull down the value of the vehicle somewhat, but mileage is the critical element. As long as you haven't gone over the KM allowance, or caused damage needing repairs, you should exceed the pre-determined value.

Wholesale values on the 5 are strong in Canada (some dealers are paying 1500 over blackbook on the west coast) so you may want to test the used market and pocket the difference between street price (15000 for an 06 model) and you lease buyout price.

 

[blacktalon13]

NEVER buy out your lease and try to sell it and thinking you can make money, it's the BIGGEST mistake you will make. i work in the industry, i know how it is. Current used car market is growing.. but it's not THAT stronge. even the dealers in toronto don't want to buy the lease return vehicle because they are so over priced.

Mazda use auto-vin as a thrid company that does the inspection, my advice.. call them in advance to book an appointment to get things checked out first.

 

[SGT_OKINAWA]

NEVER buy out your lease and try to sell it and thinking you can make money, it's the BIGGEST mistake you will make. i work in the industry, i know how it is. Current used car market is growing.. but it's not THAT stronge. even the dealers in toronto don't want to buy the lease return vehicle because they are so over priced.

Mazda use auto-vin as a thrid company that does the inspection, my advice.. call them in advance to book an appointment to get things checked out first.

Tee he, not much has changed in 15 years... (stash)

Agree, get it checked out first, it's a pain, but worth know what youre holding going to them, good luck!

Peace!(rei)

 

[jasma1]

Blacktalon,

Thanks for your advice! I appreciate it. As you said, it's Auto-vin that will come to my place on Feb.1st to have a look at the vehicle. And from what I understand, there are 2 inspections: one by Auto-Vin and one by the Dealer. Am I right?

But again... My big concern... Since you work in the industry, do they (auto-vin and/or the dealer) go over it with a fine tooth comb? Or if generally, they will let you go without having to pay 1000$s of dollar?

 

[SGT_OKINAWA]

Blacktalon,

Thanks for your advice! I appreciate it. As you said, it's Auto-vin that will come to my place on Feb.1st to have a look at the vehicle. And from what I understand, there are 2 inspections: one by Auto-Vin and one by the Dealer. Am I right?

But again... My big concern... Since you work in the industry, do they (auto-vin and/or the dealer) go over it with a fine tooth comb? Or if generally, they will let you go without having to pay 1000$s of dollar?

1. Main thing is they're going to look and see if it's been repaired or in an accident you'd failed to tell the dealer about (lol2) ooops!

2. Fill out a form, miles, belt condition, battery is original or not, a ton of things, that allows them to take that data back and build a profile for it, that profile then goes into "the system" to determine buy back/resale, etc.

Fine tooth comb = Rule of thumb is, have it as clean and spiffy looking as possible, go all out, it can't hurt to wax it (Weather permitting), wipe down the plastic in the engine compartment, use some armor all, i.e. top of battery box, etc. Warm it up too, check fluids, etc.

Good luck!

Peace!(rei)

 

[simonnyc]

I leased an Altima prior to getting my 5. When i turned in the altima, the inspector knew right away that I had the passenger side front door repaired (got hit by a taxi). I didn't get charged for a repaired door but it was noted. Somebody also keyed the car which i wasn't charged for either. The only thing I was charged for was a cracked wheelcover (hubcap)

 

[raspykart]

funny, my buddy made some coin on his Lexus when he bought it out/traded in early. I definitely would try to sell it out right before letting the dealer make any more money on it.

 

[jasma1]

SGT Okinawa,

Thanks for your output. I was just about thinking should I leave it dirty, so that minor scratches would not show... But as you said, might as well clean it (interior, exterior and engine) so that it will show how much you care about your vehicle.

I have not been involved in any sort of accident (toutch wood!!), so I simply hope they won't argue about one frigin small scratch...

 

[mpvue]

lease returns aren't all that bad. I leased one car ever, a '02 saturn L200. it had gotten hit pretty bad while parked (repaired of course) and had some normal wear and tear. I was under mileage allowance also. all they charged me for was ONE tire (they were all marginal IMO).
mileage is the real kicker. don't fret too much over cleaning/waxing, etc; all cars get washed/detailed/gone over anyway before they sell it.

 

[KBrian]

While I would NEVER advocate buying out a lease to try and sell it on the market, I think its a good idea to check the used market to see what the prices are. No harm in putting an ad in the local rag if the value is strong.

An early release (like the 2010 Mazda3) model will be 2 years old in 2011, but is still marketed as a one year old car on the used market. Combine that with low (-10K/year) mileage and spotless condition, and a seller may score more than the residule value on the used market.
IMHO

 

[stillageek]

On my last lease, 2005 Acura TSX, I traded it in 2 months early and "made money". I was way under miles at 32K miles on a 39 month 45K mile lease (first lease so I shot high on miles). I sold my car to Carmax and took a $1700 check with me. On my current 2008 Mazda5 GT lease I am 22 months in and have just 13K miles on it. Residual in March 2011 is pegged as $12800. I'm hoping once again to trade in and save.

I know I could sell it privately and "make more" but too much of a hassle.

 

[Katner]

Everyone is going about this the wrong way.

With my Civic the Honda dealer actually HELPED me make the difference in value over the buy-out price at the time of the lease expiry.

They gave me the current buy-out price and said "that's your bottom line, anything over this price is money in your pocket." Then they said just list it, sell it, and send us the buy-out balance at the time of sale.

DONE, with $1500 extra in my pocket. And I didn't even buy another Honda!

So if you can find a buyer at a price higher than buy-out then your good to go. If no-one bites at those prices then just turn it into your dealer for minimal loss.

 

[jasma1]

Guys,

Just had my inspection done by Auto-Vin to look at the overall appearance of my 5 and everything was good. Eventhough I had a scratch on the front bumper (that I repared myself and it was still showing a bit) and a few things here and there, the final result was that I have to pay... ZERO!

4 season tires where ok and the guy left 20 minutes later. I'm soo relieved...

So I will be loosing my baby this saturday... And will wait for the new model to come out.

And by the way... I have found more articles about it. Here they are.

http://www.autoblog.com/2010/01/20/all-new-2011-mazda5-coming-to-geneva/
http://www.thecarconnection.com/marty-blog/1041796_preview-2011-mazda-mazda5
http://www.netcarshow.com/mazda/2011-5/
http://blog.caranddriver.com/2011-mazda-5-official-photos-and-info/
http://www.theautochannel.com/news/2010/01/22/462838.html
http://www.4wheelsnews.com/all-new-mazda5-revealed-ahead-of-geneva-motor-show/