We have a 22 gt and Our lease is ending soon. I believe it's a 36k term, and we are at 33k miles now. I'm sure we're going to bust the miles since my wife and I both work/school minimum of 25 miles one way from home. We want to buy it, to give us a solid 3 row car at a good price, but only if the payment wil be drastically lower. For those who leased, what did you end up doing, buying or returning? What did you pay if you bought after lease? If you went over on mileage, how bad was the fees?
2022 CX-9 Lease Ending...What to expect?
- Thread starter Dlcorbett
- Start date
- :
- Mazda CX-9 Signature
I thought all these numbers would have been pre negotiate with the lease agreement?
I think the 22 is solid and good car to keep long term
I think the 22 is solid and good car to keep long term
N7turbo
2023 CX-5 2.5T ... 2024 MX-5 RF GT
Sort of.
You have the right to either buy the car at the price in the agreement (or lower if you keep adding miles, which sounds likely here), or negotiate the trade-in value if the market value is higher.
I'll add mine because this is a general lease question and it doesn't matter what model of car you have.
2020 CX-5 Touring
Sticker price was $28K
Lease ended August 2023 at 13K miles
Contract price was ~$15.5K (based on 30K miles)
I knew they would put it on the lot for no less than $26K.
I brought them a CarMax quote for $25K, showing that I could buy the car for $15.5K and easily sell it for $25K—or more if I sold it privately. We agreed on $23.5K and I got to skip the process of buying, registering, paying tax, driving an hour to the nearest CarMax, and getting help getting back home.
If you don't know those numbers find your lease documents and learn them. If you go in blind they are sure to take you for a ride.
Antoine
Administrator
Great questions for our resident Lease Expert and Sponsor, @Ninja_Matt
Ninja_Matt
Authorized Vendor
@Dlcorbett Hey really sorry for the absence! I can definitely help you with this, if you DM me your VIN I can pull a payoff and value report to help answer, "Should you buy your car?".
CX-9s unfortunately are worth a lot less than residual value these days, so you might be better off eating the mileage and buying a CPO for less overall with added warranty.
Additionally, if you are open to jumping into a CX90 lease, Mazda has Pull Ahead right now, $1,000 in payments waived up to 3 months, if you time your mileage so you jump out before you hit mileage and use the waiver towards your couple remaining payments, that might be the best move.
I'm not sure your location, but if you are on the East Coast we may have a good deal to consider through our service. Let me know what questions you have!
-Matt
Ninja_Matt
Authorized Vendor
For clarity, adding mileage beyond your contract does not lower your residual purchase price. That would imply the bank is eating the cost of you breaking your contracted mileage since they own the asset and this is the agreed upon sale price.
However, it also means you won't get charged for the miles if you buy at residual, so in that sense, you can "waive" your miles by buying your car out instead, which depending on miles can be worth it. I once had a customer that was allowed 45k miles on their lease, they put 120k miles on in 3 years and had an $11k over-mileage bill, plus they had damages and needed tires. Their residual was like $16k so we bought it for about $9k IIRC and saved them a few grand.
-Matt
N7turbo
2023 CX-5 2.5T ... 2024 MX-5 RF GT
I was far under the mileage, at only 13 out of 30K allotted.
Also implied that if you extend the lease, you are making an additional payment or two, which reduces the residual value. I should have clarified that.
Ninja_Matt
Authorized Vendor
Ah yes, that was the reason for the residual drop and that actually is not true on all leases - many lock at residual and will add extra payments each month, Mazda is actually one of the few that do reduce past residual for additional payments. Was yours thru Chase or Mazda Financial (Toyota)? If you signed before April 2020 its Chase, after is MFS. I may be wrong, but I think it was only Chase that does below residual for extensions, MFS may not do that either now.
N7turbo
2023 CX-5 2.5T ... 2024 MX-5 RF GT
MFS.
My daughter just bought her leased CX5 from MFS. She paid the residual value that was identified on the original contract lease. That price was a good deal based on current prices on the lots for same year/model. She made an extra payment once the lease expired which reduced the residual amount since she was late making up her mind. She had a choice of going thru the dealer or dealing direct with MFS. She elected to deal direct since here in PA she would need to have the car inspected by the dealer to determine a final pay off, residual amount plus whatever costs to fix dealer would find upon inspection. The dealer rep actually suggested she deal direct with MFS. Process was pretty painless.
I leased a 2018 Mazda CX9 in Oct 2018. Three years later, I bought out the lease. The residual was very clear in the lease T&C's. At the time of buy-out, 60 month loans were at 2%; and the payment was about the same as the lease. I bought the car out at the peak of the pandemic so residual was far lower than market price. I was 'in the money' which is always a nice feeling.
Given than the CX9 it no longer in production, I suspect your residual will be higher than market rate. You may want to hand the car back and move on.
That said, if you like the car and you've taken good care of it, just get a 60 month loan from your local credit union -- I suspect the payment will be just a hair lower than your current lease payment.
Given than the CX9 it no longer in production, I suspect your residual will be higher than market rate. You may want to hand the car back and move on.
That said, if you like the car and you've taken good care of it, just get a 60 month loan from your local credit union -- I suspect the payment will be just a hair lower than your current lease payment.
