reaper1

Ok , here is the thing . My leased ends on May 27 , so a month from now . I have'nt heard anything from Mazda , I do plan on calling them sometime this week . I plan on keeping the car, would'nt make sense to turn it in when all I owe is about 9,500 on the car , only 18,000 miles on it and all the other add ons that Ive done .

Im going in for an oil change next Sat and I'll talk to them there, maybe they'll know something . Anyways by keeping the car do I have to refinance or do I keep paying the same . Just some of the concerns I have . As you can see this is my first lease . So if there anything I should be in the know about , can you help me out .


Thanks .

cbrf1wr

Usually it's like purchasing the car. You can keep the same payment they just have to workout the terms of the loan to match your payout on the vehicle. They will prob try to sneak in some dealer fees and such. Might have to negotiate to get them to remove those. The only vehicle I leased I chose not to purchase after the lease terminated. Took them a month after it expired to contact me and arrange pickup of the vehicle. They of course inspected it and loaded it on a semi. Then sent me the termination paperwork in the mail. Pretty obvious on that vehicle they did NOT want it back since it was only worth about 1/2 what the payout was at that time. I got a really good deal on that lease originally 36K List I paid 425 month 36 Month with ZERO down payment. They took a beating on that one. The dealers will not lease the high priced vehicles anymore with ZERO Down. It's usually 5K-6K down now on those vehicles, or the value of your trade if it's worth that.

reaper1

Sound good , just want to have an idea what to expect when they start getting in touch with me . If I keep the same payment I have now , I will pay it off in a year and a half .

77mjd

You should be able to negotiate well below what the buyout price is considering the horrible depreciation on this car. I can assure you they don't want a used 8 on their lot so they should be willing to negotiate. You may have to threaten to walk away from the car but trust me, they will be willing to deal.

reaper1

I will let you guys know how this work out . Ill just give them a call and see . I like the part about negotiating , maybe I wont have to pay everything .

Race Roots

iTrader: (64)

Look on your lease paperwork their is a buyout agreement on there that is the price you will buy it for.

You will not be able to negotiate out of dealer fees or because the car is valued less due to depreciation. The dealership isnt taking the hit so they could care less, they will dump the car at auction.

You may have to let the car go.

I have pondered 3 lease buyouts because I ended up loving the car. I only walked away doing 1 lease buyout due to the associated costs not being worth it. Just my exp. it could be vastly different from someone else.

reaper1

So eventually I called Mazda some time last week and mention to them about my leased expiring . They said I should had received something from them , with I hadn't . Anyways I ended up taking the car in this past Saturday for an inpection and ended up keeping the car .

I only have 18,000 mile on it plus all the other thing I have added to it (look at sig) that it wouldn't make sense to give it back . So pretty much we ended up doing paper work and a new payment for the next 3 years of course tax had to be added to it . So all in all .

I was paying 480 a month for the past 4 years
so that total 23,040 .

now payment will be 450 for 3 years with taxes included
for a total of 16,200 . Plus a bumper to bumper warrenty for 72 month
or the 100,000 mile thing . So the total came out to 39,240 .

Anyway its over and done .

Krazed_Rx8

iTrader: (5)

Ouch! Pricey but worth it IMO

mscamp02

iTrader: (3)

and that is why leases are bad

reaper1

You are correct .......... Then again that was the going price back then , now cars
have taken a big dip in value .

Bigbacon

iTrader: (4)

holey moley 400+ dollar payments.....

2tone

iTrader: (3)

wow that's expensive. true for any lease on any car, but ouch.

so your buyout was 9500 but your payments add up to 16,200?? i guess w/ fee + sales tax it's higher, but damn, what interest rate did they rape you with??

reaper1

The buyout when I called Mazda was something like 13,500 ..... 13,800 . But yea the rest came up with financing , tax and a couple of other fees .