MP3Guy

Hi guys- my lease is ending in January, and I want to purchase the car- it's in great shape, I maintained it like I was going to own it forever, and I am over the mileage limit anyway.

Is there anything I should know before approaching the dealer? Are there any purchase deals out there?

Any advice from the experienced hands here would be welcome.

Thanks.

pcs

iTrader: (2)

You might want to look into how much you would have to pay for your car versus how much your penalty would be paying for the mileage, and then purchasing another used one. There might be a SIGNIFICANT difference, especially with the way Mazda has been giving out rebates on the 8's...

weigh ALL of your options and break it down before making a decision. A trade-in for another car, or even another 8 at that point may be worthwhile to take a look at...

77mjd

If you want to buy it, you will be in COMPLETE control of the negotiations. I guarantee you the dealer does NOT want an RX-8 sitting on their lot. Id start looking now what used 8s similar to yours are going for in your area. Im sure its considerably less that what your buyout will be but like I said, Im sure they will be willing to negotiate big time so they don't have to take back that car.

MP3Guy

I was hoping for some kind of deal, but reports are that lease turn ins are not negotiated since Mazda finance essentially owns the car.

That is why I am asking for advice from anyone who has actually done it.

dzignrgrl

I was reading that you can call the leasing company itself (which is NOT Mazda) and try to negotiate with them. With the car being in great shape, they may cut you a better deal. Dealers will never tell anyone about this. I am going to be in the same boat as you soon. My lease ends in April, and I am trying to decide whether to keep my car or maybe get a new R3...

MP3Guy

If the leasing company isn't Mazda, who is it?

dzignrgrl

The leasing company's address is on your vehicle registration card. They are the true owners of the car. For example, when I was in a car accident, the leasing company is listed on the police report as the owner. From the research I did, I found out that they would rather not want the car back to deal with. There are probably a number of different leasing companies. I live in NJ, but the leasing company that owns my car is in Georgia. Search for your leasing company's phone number and give them a call to see if they will negotiate with you.

MP3Guy

So Mazda Credit is not the lessor of the vehicle? My New York State registration lists ME as the registered owner.

dzignrgrl

That's interesting. I've had 2 car leases and both had leasing companies listed as the owner on my Vehicle Registration card. Maybe it's different for NY state. I'm in NJ. Check with your dealer as to who the leasing company really is, or maybe it is in your leasing contract.

2tone

iTrader: (3)

another option is to skip mazda altogether - if you have good credit you can try to get a loan from somewhere else (bank, credit union, etc., family member, whatever), then just walk in to mazda and write them a check. you'll just have payments to a different party, but may get a better rate from them.

always a good idea to talk to mazda but walk away (unless they offer some ridiculously good rate). tell them you'll need to look around for better rates. that may make them budge a bit. then, with the total buyout figure in mind, call around, try to get a better rate from your bank, other banks, etc. if you get one, great! if not, you'll be stuck with mazda's rate.

like someone else said - if all rates suck, you can always try to negotiate for another car FROM that same dealership; maybe even get your over-mileage fees waived or rolled in so you don't pay out of pocket. many options...just talk and talk and talk and don't go with the first thing you hear from them.

MP3Guy

There are independent leasing companies out there. In fact, they kind of invented the concept until the auto firms starting offering them out themselves.

DubbsLuvs8s

iTrader: (1)

You can call your insurance company to find out who it is. When you first got the car you had to send the lien holder info to the insurance, which the dealer probably did for you.

Good choice in buying out the car...now you can work on acquiring the vehicle as an asset instead of a rental.

colnago1331

iTrader: (1)

You should absolutely try to negotiate the lease and if the lessor won't negotiate then turn it in and walk away. My guess is the payoff is far higher than the retail value of the car, let alone the auction value of the car. If Mazda Credit truly owns the car, they will either (a) have to sell it at auction or (b) ask a dealer to sell it. If it sells it at auction they're looking at getting around $13k - $15k would be my guess. The auction company will deduct fees from that as well. In the alternative, a dealer might ask $19k for it but in this market in the winter - good luck. Either way, it would behoove either Mazda Credit or the dealer to negotiate with you.

dzignrgrl

The buyout for my car in April is about $16,500. It's cutting it close as far as what the car is worth. If I decide to keep it, I definitely have to negotiate with the true owner (leasing company or Mazda). If the 16X rotary really comes out in 2012, it would probably best for me to keep my car for now and then get next-generation rotary.

Thanks for your insight!

colnago1331

iTrader: (1)

FWIW - I just bought a 2007 GT w/ everything but nav for $16,200 OTD ($14,900 + TTL). It has about 29,000 miles and the only thing it needs is 3 new tires.

77mjd

I wouldn't worry about the 16x. I seriously doubt it will be here for 2012.