Mazda Canada Interest rates did not drop?

I was really surprised to see Mazda did not reduce their interest rates.

Here is what I am getting.

Was hoping to be getting lower than 2% for 60 months.

I cant understand why has Mazda not reduced their interest rates to encourage sales. Ford has dropped interest rates and others are even making the first couple of payments for you.

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Ottawa, Ontario
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17 Mazda 6 GT
I was checking Mazda Canada yesterday and the only incentive I can see is no payments for the first 120 days. Big deal. Just delays the pain.
There are no cash incentives or price reductions, and no breaks on interest rates.
I'm not sure what Mazda Canada is thinking here.
Sales have tanked everywhere, and the competition is offering better incentives.
I also notice when looking at the Mazda USA site that the incentives are different.
I don't get it.
 
My thoughts exactly. I don't want to just push the pain. They are offering a $1,000 cash incentive but that was there before virus.
 
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CX5 GT +pp 2018
no idea for Canada but in Usa mazda does not provide the financial services whether be a lease or finance.
Chase Bank does at present so Mazda has to rely on what they dictate.
and US car brands have always had better incentives than Mazda but they are captive lenders in a way - they have their own financial companies under the main company and can flex more. at least in the past, the future is unknown.

If you are buying the car you can get financing from another place if you find lower rate, you dont have to stick with mazda % deals.
 
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Banks would be pretty much same rate if not more than Mazda. Don't get me wrong, the rates are not awful, but as you stated, the Americans are more agressive. I'm seeing 2.25 and hoping for just under 2 or better in these times from Mazda.

See interesting article below:


Mazda sales down almost 40%. Sounds like May they missed the mark to be aggressive but I bet June they will try and get the wheels going and incentives will be out. I guess I have another month with the Escapay.
 

Avoidin Deer

Zoom Zoom, baby
Contributor
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Central Virginia
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2019 CX-5 Reserve
no idea for Canada but in Usa mazda does not provide the financial services whether be a lease or finance.
Chase Bank does at present so Mazda has to rely on what they dictate.
and US car brands have always had better incentives than Mazda but they are captive lenders in a way - they have their own financial companies under the main company and can flex more. at least in the past, the future is unknown.

If you are buying the car you can get financing from another place if you find lower rate, you dont have to stick with mazda % deals.
From Mazda's website:

Mazda has partnered with Mazda Financial Services, provided by Toyota Motor Credit Corporation, to provide you with a variety of auto financing options. Check out our latest special financing offers and contact your local Mazda Dealer for complete details.
They made the switch April 1. Yet one more aspect of Mazda and Toyota getting ever closer in their relationship (they're building a joint-production facility in Alabama, due to open in 2022.)
 
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16 CX-5 Tour'ngAWD
Just because rates are published, doesn't meant that is what you will get and/or what you will "qualify" for.

If you can't get the finance rate you want, you can always negotiate a lower price or find someway to negate the added cost of the higher interest rate.

If dealers want to move product, they will find ways to move product. Sure, they don't have to accept a deal that they don't like or isn't beneficial to them, but in the end, a lower, but 'fair' offer on your part could persuade them to go forth with the sale. If they dealer is not willing to entertain a slightly lower price (at or below invoice), then the best thing to do is walk away. Be cordial, non-hostile, and just say thanks, but no thanks and walk away.

Get prices/"promises" in writing and don't accept the run-around bologna from the finance guy. Be firm, read everything and don't sign until you are satisfied.

There are lots of factors that go into the interest rate, and most of it has to do with risk to the bank. Maybe a higher down payment could drop the interest rate...maybe?
 

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