MyRxBad

iTrader: (1)

I was wondering what you owners of the 8 in Ontario are paying for monthly payments on your rx-8's.

I'm seriously considering purchasing one in the near future (press car ride helped :D) and want to know what I'm up agianst, as I'll have to give rid of my Rx-7 to do it.

If you don't mind can you let me know if your car is:

- leased
- financed
-monthly payment
-down payment
-what interest rate you are getting on loan
-who the loan is from (Dealer/Bank/Other)


Thanks

halfon

I checked with haltonautolease in Burlington, ON and they offer a lease at 7%. Mazda's rate is at 9.3%

rotorian

Be careful! An independant leasing company sometimes still adds a monthly "profit" or overhead factor to the payment. Although some mark up the interest rate. I.E if prime is 4.5% and the leasing company was using 7%, they have a 2.5% mark up. The other biggest factor is the residual dollar amount. Also is it an open ended or closed end lease?

Wing

- purchase price $36,795 + $150 for paint + $250 dealer fee + $100 air tax + $75 gas tax. (no extras, base GS)
- financed (check)
-monthly payment (838)
-down payment (1500)
-what interest rate you are getting on loan (6.79%)
-who the loan is from (Dealer/Bank/Other) (BMO)

halfon

The lease with autolease would be no money down, 48 months, purchase price after 48 months, one dollar.

The 7.% includes their profit.

I do not know why Mazda charges 9.3%

rotorian

It is technically not a lease if the buy back is a dollar. Why would anyone do that?

halfon

for tax purposes

rotorian

Sorry, I am in the leasing business. As I said, the Government does not consider it a lease if the buyback value is considerably below wholesale value. I know of no valid reason for an individual, even for tax purposes to lease a vehicle with a $1.00 residual. Check with your accountant if you intend to write off the payment.
Also I believe the maximum amount in payment to write off is $750.00. Your terms would well exceed that amount.

MyRxBad

iTrader: (1)

Thanks Wing... I'm going to go and talk to the dealers this week and see what's kind of timeline for an order and finance rates...

Plus I'm going to check out the bank rates for a loan as well.

halfon

Rotorian.

thanks for the clarification about leasing.

The maximum monthly payment deduction for a lease is $ 800 plus PST and GST.

halfon

rotorian

I checked with CCRA and there is no regulation regarding the buyback price of a car from a lease. Check http://www.ccra-adrc.gc.ca/E/pub/tp/...tml#P122_11928

If you have additional information and you know the CCRA interpretation bullettin where they specify the limitation og buyback from leases, please post it.

Mr. Eccentric

Scott, my friend works at a Mazda dealership in sales in Orillia. Let me know when you're close to buying, I'll refer you to him, maybe you can see at least a small discount.

Oh yeah, how'd you sneak that avatar in there with less than 100 posts!?

MyRxBad

iTrader: (1)

Cool, I'll definately take you up on that. Can't hurt to talk to your friend. Maybe he can pull some strings for me, and get me a black one with the red/black leather int. (which I really want), but I'll settle for red red/blk int.

The avatar thing is the same as the rx-7 forum, but no restriction here.