Lease coming to an end and planning to purhcase it (2019 CX-5)

[pradeeshma]

Hello Valuable members
My 2019 Mazda CX5 GT lease ends next month and the buy out cost from Mazda Finance is approx 19k. I talked to my dealer and he has asked me to come with a Bank draft of 22k along with a Safety certificate. In im GTA mississauga. What all i should be prepared during this process. Any recommendation for a licensed mechanic that can do this Safety inspection ? Kindly advise

 

[Zig613]

Most independent garages and dealerships in Ontario are licensed to do safety inspections. Here is a link to some information on the process Car Safety Inspection | Getting An Ontario Car Safety Certificate.

 

[7eregrine]

(GTA = Greater Toronto Area for those that don't know).

 

[Sig cx-5]

(GTA = Greater Toronto Area for those that don't know).

I always think of the old Pontiac "Gran Turismo Americano" when I see that.

 

[chuh]

Hello Valuable members
My 2019 Mazda CX5 GT lease ends next month and the buy out cost from Mazda Finance is approx 19k. I talked to my dealer and he has asked me to come with a Bank draft of 22k along with a Safety certificate. In im GTA mississauga. What all i should be prepared during this process. Any recommendation for a licensed mechanic that can do this Safety inspection ? Kindly advise

Hi,
I saw a CPO 2020 Mazda CX5 GT with 30000 miles on it. It was just came off the lease. It is in Ohio. The dealer asks for $28, 000. I think the price is kind of too high, and I am also worried about the high miles on it.

Since you are driving a similar vehicle. What do you think about the price and miles?
Thanks.

 

[stickerbush]

Mileage is average, price seems a bit high to me.

 

[wlong01]

If the buyout cost is 19k why does the dealer want 22k?

 

[chuh]

Mileage is average, price seems a bit high to me.

thanks. i thought it is high.

 

[7eregrine]

If the buyout cost is 19k why does the dealer want 22k?

Tax?

 

[Ranman57]

My 2020 GT lease is ending next month and my buy out is around 20.7K, but the actual OTD cost is around 23.3K. Here in Chicago /Il/C(r)ook County when you lease you only pay a percentage of the tax, as you're only "buying" a percentage of the car. So when you buy it out you pay that difference plus some other crap. In my case that diff is about 2K. The dealer hits you for a rip off paperwork fee to transfer some stuff, but I think you can maybe get around some of that by going through Mazda Financial Services directly. But haven't dug into that one yet.

I'll still buy it out one way or another, I'm not going to leave thousands of dollars on the table by just handing them back a car they'll turn for 28-29 G' in about 2 days.

 

[chickdr]

My 2020 GT lease is ending next month and my buy out is around 20.7K, but the actual OTD cost is around 23.3K. Here in Chicago /Il/C(r)ook County when you lease you only pay a percentage of the tax, as you're only "buying" a percentage of the car. So when you buy it out you pay that difference plus some other crap. In my case that diff is about 2K. The dealer hits you for a rip off paperwork fee to transfer some stuff, but I think you can maybe get around some of that by going through Mazda Financial Services directly. But haven't dug into that one yet.

I'll still buy it out one way or another, I'm not going to leave thousands of dollars on the table by just handing them back a car they'll turn for 28-29 G' in about 2 days.

Smart move. If you want something else, at least you can pocket the profits yourself and lower the cost of a replacement.

 

[chickdr]

Hello Valuable members
My 2019 Mazda CX5 GT lease ends next month and the buy out cost from Mazda Finance is approx 19k. I talked to my dealer and he has asked me to come with a Bank draft of 22k along with a Safety certificate. In im GTA mississauga. What all i should be prepared during this process. Any recommendation for a licensed mechanic that can do this Safety inspection ? Kindly advise

Do you have a GT, or GT-R? Your signature says GT-R

 

[acidbug]

Everyone needs to remember that used car market is still pretty high. When I recently totaled my Mazda. I got a check for how much I bought it for two years prior.

Mine was a 19 GTR.

 

[SimpleCanuck]

Everyone needs to remember that used car market is still pretty high. When I recently totaled my Mazda. I got a check for how much I bought it for two years prior.

Same thing happened to me last year. When my '20 CX-5 was totaled, the settlement amount was a few thousand more than the original MSRP.

 

[meow_man]

Same thing happened to me last year. When my '20 CX-5 was totaled, the settlement amount was a few thousand more than the original MSRP.

My 4 month old 2019 GTR was rear ended & totaled just pre pandemic. I had a similar experience. I got more than MSRP. Between that & the deal I got on my GTR's replacement clone, I came out several thousand dollars ahead.

 

[Ranman57]

So I did end up buying out my lease this week. By going through Mazda Financial directly it bypassed the dealer's paperwork fee of 375 clams. I'll have to go down to the DMV (shudder) and transfer the plates and title myself but an hour of my time is worth the savings.