Just put a deposit on a 2015 CX-5 Sport... Nervous. Questions.

[Kedis82ZE8]

The only thing my wife seriously misses in the CX-5 from the Infiniti is the memory seats. I agree it would be nice to have but in the grand scheme of things just a small annoyance.

EDIT: I still have my G35X but the CX-5 corners every bit as well as that car.

 

[fdew]

I traded a Audi Allroad for my CX5. I liked the luxury toys. There were ovious things like the memory seats and little things like when you locked the car it closed all windows and the sun roof. The CX5 is more fun to drive.

 

[Chris_Top_Her]

Look at my sig you can start getting parts for it.

 

[speedbegone]

Life is short, please yourself by getting exactly what you want when you want it... and enjoy every minute of it.

the CX5 is a great vehicle, fun to drive, and so far very reliable.

A FWD CX5 in the snow should be as good or better than the mazda 3 with similar winter tires just because of ground clearance.
AWD will only be better for traction, going up hills or getting trough deeper snow.
Here in quebec, the winters are long, an there can be a lot of snow for 4-5 months, so I opted for AWD.
But all my previous cars (including a 2007 mazda3, 2008.5 mazdaspeed3 where fwd and I managed to get by just fine.

 

[beckster]

Just going to copy and paste from the current selling price thread...

Just picked up my 2015 CX-5 Sport FWD 6 speed manual on Friday. Sticker was $22,375, but I found the exact same vehicle (down to the color) at another dealership for $20,759. Printed it out and they matched the price. Got $1000 for my trade in (2004 Mazda3 hatchback, it was rusty and needed a lot of work) and $500 loyalty rebate, total was $19,259. With tax, out the door was $20,800 (rounded to the nearest dollar). I still owed a little on my previous car so that was rolled into the new loan. But I think I got a decent deal.

I got a pretty high interest rate... they said the only way they would match the price was if I went through Mazda for financing. How long should I wait before contacting my credit union to refinance?

And thank you all so much for your help!

 

[RG_Flyer]

I got a pretty high interest rate... they said the only way they would match the price was if I went through Mazda for financing. How long should I wait before contacting my credit union to refinance?

And thank you all so much for your help!

It sounds like you got a good price. One thing to consider regarding the refinance option. I am not sure about the Mazda financing deal you got, but some of the dealer/manufacturer's financing schemes have pre-paid interest or early pay-off penalties in place to ensure they get their money regardless. This may not be case with your deal, but something to consider before refinancing.

 

[beckster]

It sounds like you got a good price. One thing to consider regarding the refinance option. I am not sure about the Mazda financing deal you got, but some of the dealer/manufacturer's financing schemes have pre-paid interest or early pay-off penalties in place to ensure they get their money regardless. This may not be case with your deal, but something to consider before refinancing.

That's what I was worried about... What part of the contract should I look at to find out? Any key words?

 

[cybercruiser]

I bought a car once that had a early payoff penalty, I went with it anyways, figuring I'd never pay it off early anyways. But, things changed and I was in a position to pay it off early, I called the bank and explained the situation and they were fine with letting me pay if off early without penalty, of course maybe not all banks are that cooperative. They got most of their money on the interest early on anyways, there probably wasn't that much interest left to be made, on my example anyways.

 

[dragonteeth]

Grats!

 

[CX5Alive]

In the future, never negotiate by telling them how much you want to pay per month. They can do all sorts of things to get your monthly payment where you want it, but you end up paying more in the long run. Always negotiate on the actual price of the vehicle. Go to edmunds.com and look up the True Market Value of your exact trim and options in your area. You should probably be able to get it for even less than that, but certainly not more. Don't let them charge for b.s. things like "document fees" and stuff like that. Ask for an itemized list of every charge and don't be afraid to question everything. If something makes you uncomfortable or doesn't seem right, walk away.

How can you get out of the document fees? I've never heard of anyone negotiating those away, just chipping away at the list price of the car. At least with a used, or CPO, you avoid that $800 delivery charge. I don't think they budge on that, either.

 

[CX5Alive]

I bought a car once that had a early payoff penalty, I went with it anyways, figuring I'd never pay it off early anyways. But, things changed and I was in a position to pay it off early, I called the bank and explained the situation and they were fine with letting me pay if off early without penalty, of course maybe not all banks are that cooperative. They got most of their money on the interest early on anyways, there probably wasn't that much interest left to be made, on my example anyways.

That penalty for early payoff should be outlawed. It is insidious to discourage good consumer behavior, like paying down a car loan early. Really, we should never take out car loans. Paying interest on a depreciating asset is about the worst financial decision anyone can make.

 

[CX5Alive]

Just going to copy and paste from the current selling price thread...

Just picked up my 2015 CX-5 Sport FWD 6 speed manual on Friday. Sticker was $22,375, but I found the exact same vehicle (down to the color) at another dealership for $20,759. Printed it out and they matched the price. Got $1000 for my trade in (2004 Mazda3 hatchback, it was rusty and needed a lot of work) and $500 loyalty rebate, total was $19,259. With tax, out the door was $20,800 (rounded to the nearest dollar). I still owed a little on my previous car so that was rolled into the new loan. But I think I got a decent deal.

I got a pretty high interest rate... they said the only way they would match the price was if I went through Mazda for financing. How long should I wait before contacting my credit union to refinance?

You should have contacted your credit union about refi before you even wrote this post! Dealer/Mazda financing is almost always a horrible deal. If you have a credit union, just use them.

 

[fdew]

Really, we should never take out car loans. Paying interest on a depreciating asset is about the worst financial decision anyone can make.

Good advice, and true.

 

[Kedis82ZE8]

Really, we should never take out car loans. Paying interest on a depreciating asset is about the worst financial decision anyone can make.

I totally agree...but make exceptions when 0% is offered as it was on mine.

 

[dragonteeth]

I totally agree...but make exceptions when 0% is offered as it was on mine.

Yep, same.

 

[MikeM.]

I totally agree...but make exceptions when 0% is offered as it was on mine.

Of course when the rate is 0% you are not paying interest on a depreciating asset.

Except for the fact that it is almost always possible to get a much lower purchase price when not accepting a 0% financing offer.

 

[RG_Flyer]

Except for the fact that it is almost always possible to get a much lower purchase price when not accepting a 0% financing offer.

Exactly. You know they are not letting you use their money for five or six years for nothing.

 

[CX5Alive]

Exactly. You know they are not letting you use their money for five or six years for nothing.

I tend to agree, but OTOH, I've never had a dealer jump for joy because I was paying cash. They make money on the financing, they usually encourage you to take it.

 

[beckster]

You should have contacted your credit union about refi before you even wrote this post! Dealer/Mazda financing is almost always a horrible deal. If you have a credit union, just use them.

Unfortunately my credit union won't refi because I'm upside down on the loan (because of the $3k I owed on my M3 was rolled onto the new loan). They said come back in 6 months when you've paid it down and we'll refi you. Wouldn't that be pointless, though? Considering the first six months or of payments go towards the interest anyway. Or am I confused about how the loan works?

 

[CX5Alive]

Unfortunately my credit union won't refi because I'm upside down on the loan (because of the $3k I owed on my M3 was rolled onto the new loan). They said come back in 6 months when you've paid it down and we'll refi you. Wouldn't that be pointless, though? Considering the first six months or of payments go towards the interest anyway. Or am I confused about how the loan works?

I'm not a finance expert, which is one reason I pay cash, but yes I think after 6 months it'll be moot. You have an collateral problem, being upside down on the M3. Who knows, once you've made 6 months of payments, go back to the CU and ask them to run the numbers. If it saves you money to refi at that point, do it.