Check it out!

The Royal Bank will provide financing for the 2004 RX-8 in GS and GT Trim. They
provide a regular purchase or the royal-buy-back which is basically a lease!

Interest rate seems to vary between 7.05% and 7.55% with the lower rate being if you borrow more money. This is good news as I was worried when seeing Nissan's rates for the Z being in the 8.5% range.

I played with it, putting in $48000 (GT with taxes and fees) and payment was around $750 a month with a buyout of $16500 after 48 months.

Then I tried with a $15000 deposit and the payment was around the same with no buyout.

Another great note, they also classify the RX-8 as a 4 door sports sedan! Just like the bel-air direct insurance company.

This is looking VERY VERY promissing! If the car is classified as a sedan, insurance and interest rates are lower!

Here's the link.
Bank Financing of RX-8

 

omfg... AHAHAHAHA... jesus christ these guys have friggin' holes in their heads...

anyways, MAKE SURE YOU GET THESE DEALS WHILE YOU CAN!! I SERIOUSLY DOUBT ANY RESPECTABLE INSURANCE AGENCY OR FINANCIAL INSTITUTION WILL REALLY REMAIN SO NAIIVE FOR TOO LONG... the car isn't out yet, so i can understand their complete ignorance regarding this vehicle...

what a freakin' sweet deal.

 

It seems like they got everything going for this car. unbelievable.

Anyhow, Insurance wise, I think they are probably throwing this car in the same category as ... let say the Maxima (4 door , 255hp) ?

You think the rate is gona go up soon eh ? it might, but Insurance have strict DEFINITION on what car belongs to what category, I guess probably, the 4 door and not having like 300hp got it in a "better" category for us.

 

The car worths $16500 after 48 months? That's not much.. My RSX-S is $10k cheaper and worths more than that after 48 months. For $750 a month, you can probably lease a better car..

 

no, and that's because the bank is going to re-sell the car and wants to make money on it.

 

yeah, but as soon as the policy makers (the guys that crunch the numbers) realize that this car, by nature, is maybe 1.25 (i guess) as risky to insure to any age category because of the types of buyers, and the activities the car will be used for (how many Altima owners are "true" performance enthusiasts?)... the rates will go up, and maybe they'd choose to just ignore those "not doors" doors...??? well, of course, hopefully not... i'm just cautioning that it's very possible they change thier minds or make an exception.

 

The insurance rate for my RSX-S jumped by like $800/year because those damn kids out there racing and wrecking their own RSX-S, and I'm paying for their mistakes! So yes, they can change their mind.

 

mmm, yes precisely.

 

All your points are absolute true, wakeech, the only thing is that, since Insurance Companies are completing against each other and use a "similar" formula to calculate out this rate, unless that particular Insurance Company felt that at this rate they will lose money (or make not enough) , they will not raise this rate as an exception. (For example, like Avonord said, people start recking their cars at an alarming rate)

 

:o oh, this is what i anticipate happening... maybe not initially, but i believe there could be a sudden realization that this car poses a higher initial risk (because of who's buying it, and how most will probably drive it... and these are people who aren't on this forum, obviously, but on www.speedmagazine.com or something) than they had thought at first.

 

Correction.. this is what the bank THINKS the RX-8 will be worth after 4 years.. In actuality I think it will be more.
Question, how can your RSX-S which originally is about $31K Cnd be worth more than half it's value after 4 years?

 

If your RSX is a lease and is worth more than 50% after 4 years, you'll not be very happy to find out, that's not exactly true.

IE, my cars current buyout is $17k, the blackbook value? $12k! The lease end value $12k! So bang on, EXCEPT....... I have 1 year left in the lease so it will be worth less.

The Royal bank buy-back is like a lease only a little different in that you are paying more so that you can purchase the car at the end. So it's like a lease with a low residual so you can buy out easier at the end. Kind of good if you want to do that.

As far as insurance premiums go, we'll hae to wait and see. The RSX starts at $24k, so there are a lot of stupid people out there recking there RSX's. Hense your insurance goes up, this is partly because the car appeals to the younger generation. I'm not sure how "safe" the car is but the less safe it is the more payouts for medical etc so the more the rates go up again.

The RX-8 is basically at $40k car there will be many enthusiasts and some buying just for style and status, I guess, or the looks. I don't think your average college kid or just out of college will be buying this car, it's a little out of reach.

If the car is sold to mainly people 25 and older the insurance premiums will probably stay lower.

Avonord I don't know how old you are, but if your under 25 your going to get raped on the RSX because of the demografics of the car. I just looked into insurance for it and it was almost as much as my Tiburon (most stolen car in canada). As a result high rates.

You kind of scared me with your comments, I hope my insurance doesn't go up $800 this year, the tiburon insurance rates have been climbing and I'm fedup of getting raped on them, I want to get a sedan just so I can get out of the stupid insurance premiums! My policy renews next month, I'll find out soon enough!

 

I can't speak for Avonord but my 99 Teg which I paid $21,800 is now fetching between $15k- $17k street, (dealer is offering $14K) . My lease buyout was $11k.

I just wished the Mazda's were a little closer to the re-sale value of the Acura.

edit: I've been driving for 22 years, clean record, no claims and I'm paying $1,500 /yr for insurance on my Teg !!!!! Bel-air wanted $2,000!!! That's what pushed me to look for a new car. The RX-8 which costs 2x and has 2x horsepower will cost about $300 less. Go figure. I'm just praying that there won't be too many under 25 who will be able to convince mommy or daddy to buy them the RX8

 

Just got a call from my dealer; Mazda Canada released their rates today, and they look like this:

Any term financing (3 to 5 years): 8.09%

Lease Rate: 9.1%
Residual on lease (after 4 years, 25K KM /yr): 50%

I think I'll go to the bank.

 

Thanks for the info 73JPS.

Geezz 8.09% is pretty steep man.

 

Ouch! Let me assure you, as a member of this particular class, that I will personally do my best to keep your insurance costs down. I cannot, of course, vouch for the rest of my generation, nor for the vast number of individuals (inclusive of all ages) who are generally car-retarded.

 

Too bad for Mat...

 

8.09% is actually lower than I expected, look at the 350z it has a rather high interest rate as well.

This kind of peeves me off to no end. The lending rate has nothing to do with the amount of money lent, but the type of car! How does that make sense?

You can buy a Nissan Murano for 4% for $50k or a 350z for $50k at 8.5% oh that's FAIR! Grrrrrrr

The other issue we have here is as the enocomy gets better the rates will rise! Damn! I bought my 2000 in 2000 at the height of good times, I'm paying 7.8% on a lease sucks!

 

Has anyone else been able to confirm these numbers. If so, I have to say ouch! Infiniti et al will be breathing a big sigh of relief - they'll say yah it's $37k but look at the financing...

I am willing to pay MSRP, pdi and tags but I won't be paying ludicrous rates. Heck I can get WAY better numbers from my line of credit.

 

I just was just informed that the 8.09% financing and 9.1% leasing rates available through Mazda Canada has been withdrawn. Hopefully the numbers will be a lot more attractive when they re-release the new rates.

Hang in there Matt!

 

"Interesting"... no pun intended.

My question is, have they been withdrawn because the cars are coming out later than Mazda Canada anticipated (remember, they still think the cars are going to arrive in May lol)? Or have they been withdrawn because of some sort of outcry...