Seeking leasing advice for a CX-9

[SteveBrickNJ]

I want to lease a 2021 Mazda CX-9 Grand Touring trim. I have not ruled out instead getting/leasing a mid level trim 2021 Toyota Highlander. My plan is to go to Toyota first, get their best offer then afterwards go to my Mazda dealer and use that as leverage.

That would work with purchasing a car but do dealers have any flexibility on setting the leasing $ amounts? I've never been in a lease.

Please advise me everyone.
Steve

 

[doomer]

You will get a better response on the leasehackr.com forums most likely.

 

[SteveBrickNJ]

You will get a better response on the leasehackr.com forums most likely.

Thank you. I never heard of it, but I took your advice and signed up.
Gonna try to compose a post over there now.
Anyone here can post if you are willing.
I will check back here as well

 

[sm1ke]

Hmm. Is this an unusual post on my part?
As of 9:33am there have been 47 views but no responses ( although the system will record what I'm typing now as a response)

Not unusual at all, but probably more uncommon here. I have read that compared to some other manufacturers like BMW, Mazdas leasing options aren't as good. Hopefully someone with more experience can help.

 

[SteveBrickNJ]

Thank you. I never heard of it, but I took your advice and signed up.
Gonna try to compose a post over there now.
Anyone here can post if you are willing.
I will check back here as well

I wanted to post a thread on leasehackr.com but their system won't let me (yet)
I have to open 10 other threads and be detected reading info on those threads for 10 minutes before I can post.
ANYONE HERE want to answer my OP question??????

 

[SteveBrickNJ]

You will get a better response on the leasehackr.com forums most likely.

Jumped thru their hoops. Tried to post a thread. It was NOT user friendly like here.
Ran out of patience.
Hoping someone here will be knowledgable.

 

[SteveBrickNJ]

I found this....
*

8 Things You Should Know Before Leasing A New Car — LEASEHACKR

Should I lease? What is leasing anyway? Read this article to learn the basics of leasing a car.

leasehackr.com

 

[PTguy]

Steve, do you play poker? What happens to the player that lets the others see their cards?

Do not tell the salesman how you'll pay for the car. Keep them guessing. Say that you might do this..or maybe that. You need to first negotiate for the lowest purchase cost of the car. Then negotiate hard for the highest trade in value if you have a trade, but let them know that if the value isn't right you may keep it or sell it yourself. These are two separate deals, not connected at all. Always let them assume that you'll walk out if you don't get a deal you like--you do have the upper hand. Needs always trump wants. Car dealers NEED to sell cars. You merely WANT to buy or lease one. If they don't sell cars, they get fired. If you get the deal that is OK for you, both for the purchase price and the trade, if any, then go to the sleazeball called the finance manager. (This individual makes the highest profit for the dealership owner over any other individual employee. They're paid commission only.) Then tell how you'll finance the car...cash, credit, lease. Never buy anything extra from the finance guy. Everything he offers will be overpriced and/or unneeded. Check every line on every piece of paper. Expect to get screwed, and find it before you sign it. Negotiate hard with the finance sleaze to get the lowest lease "money factor" which is actually the interest rate on the money you owe on the lease. When they don't know how you pay for the car, they'll probably draw-up a 4-square diagram with the new car cost, the down payment, the monthly payment, and your trade in value. The intention here is to move numbers around like a shell game to get your head spinning and pad their profit. There are many youtube videos showing the 4-square scam.

A lease is where some finance outfit buys the car and rents it to you for a fixed period of time. The finance outfit, the lessor, is the car owner. You are the lessee. The lower you negotiate the purchase price, the lower the cost of the car, so the lower your payments will be. The lower you get the money factor, the lower the interest rate will be for the car, so the lower your monthly payments will be. Understand that you owe all the payments even if you turn the car in early, or there may be a termination fee. You can't return the car early and just walk away.

Understand the mileage limit and how it must meet your needs. Miles you drive over the limit cost you a lot. Understand the costs you must pay up front to get the lease. Understand the requirements for the condition of the car when it's turned in, and how you'll pay for repairs. Find an on-line glossary of auto lease terms and understand each one before you shop. https://www.bankrate.com/loans/auto-loans/what-are-the-basic-elements-of-a-car-lease-agreement/

Leasing a car is the most expensive way to get a new car. When you turn the car back in at the end of the lease you have no equity to apply to your next car. Know why leasing is right or wrong for you.

 

[SteveBrickNJ]

I thought leases allow 12,000 miles per year.
I built a CX-9 on Mazda USA's site and it only allowed 10,000 miles.
Here's the scoop......

 

[Trip CX90]

All leases are not created equal. It definitely pays to shop around at a few different dealers. As with buying a new car, for a lease I would also suggest emailing at least four or five dealerships in your area, let them know what model you want and ask them what their best lease deal is. Negotiate before you even walk into a show room. I know the car market is wonky right now but being an informed consumer and negotiating before you even walk into a show room is just being smart.

I leased my CX-9 last November. I got offers from a couple $1000 down and over $550 per month to the deal that I accepted which was first month payment upfront (which was $430), and then of course that was my monthly payment.

Your credit score can affect your lease as it may affect the interest rate that you qualify for. The money factor is what the interest is on your lease. It’s expressed as a four place decimal, .0017, for example. Multiply that by 2400 to see what the interest rate is. Money factor of .0017 would be about 4%. Also, the banks that the dealership work with may offer different money factors which is why it’s a good idea to shop around.

When you lease, you basically are paying for the depreciation of a car over X years. If you can negotiate the MSRP down, just as if you were purchasing new, that helps lower your lease payment.

See if the dealership will offer a 33 month lease. The lease would be calculated over the term of 33 months with a two-year residual instead of a three-year. Meaning, the difference between MSRP and a two-year residual is less money to finance than MSRP minus a three-year residual.

If you lease through Toyota, like I did, they have pretty decent lease deals and let me do the 33 month term.

Gap insurance is a smart thing to have. If your car insurance doesn’t cover your lease, you can purchase it through your leasing provider. But again, negotiate it. I was originally quoted $60 a month for gap but they somehow managed to get it down to $7 (seven dollarsj a month. Go figure…

This site has some good info and a simple lease calculator...

What is Considered a Good Lease Deal?

 

[Trip CX90]

I thought leases allow 12,000 miles per year.
I built a CX-9 on Mazda USA's site and it only allowed 10,000 miles.
Here's the scoop......View attachment 299274View attachment 299275

Definitely shop around. That is not a good deal. Personally I wouldn’t put more that first month down, maybe up to $1,000.

 

[SteveBrickNJ]

All leases are not created equal. It definitely pays to shop around at a few different dealers. As with buying a new car, for a lease I would also suggest emailing at least four or five dealerships in your area, let them know what model you want and ask them what their best lease deal is. Negotiate before you even walk into a show room. I know the car market is wonky right now but being an informed consumer and negotiating before you even walk into a show room is just being smart.

I leased my CX-9 last November. I got offers from a couple $1000 down and over $550 per month to the deal that I accepted which was first month payment upfront (which was $430), and then of course that was my monthly payment.

Your credit score can affect your lease as it may affect the interest rate that you qualify for. The money factor is what the interest is on your lease. It’s expressed as a four place decimal, .0017, for example. Multiply that by 2400 to see what the interest rate is. Money factor of .0017 would be about 4%. Also, the banks that the dealership work with may offer different money factors which is why it’s a good idea to shop around.

When you lease, you basically are paying for the depreciation of a car over X years. If you can negotiate the MSRP down, just as if you were purchasing new, that helps lower your lease payment.

See if the dealership will offer a 33 month lease. The lease would be calculated over the term of 33 months with a two-year residual instead of a three-year. Meaning, the difference between MSRP and a two-year residual is less money to finance than MSRP minus a three-year residual.

If you lease through Toyota, like I did, they have pretty decent lease deals and let me do the 33 month term.

Gap insurance is a smart thing to have. If your car insurance doesn’t cover your lease, you can purchase it through your leasing provider. But again, negotiate it. I was originally quoted $60 a month for gap but they somehow managed to get it down to $7 (seven dollarsj a month. Go figure…

This site has some good info and a simple lease calculator...

What is Considered a Good Lease Deal?

This is getting too complicated. I'm about to abandon ship.
Why wouldn't my car insurance company cover me as I drive a leased vehicle?
Gap Insurance?
IDK about that.
Maybe I should just purchase like I've always done.
The lease was just an idea to save money because I never keep my car until 100,000 miles....so why not lease ?
Well I've learned a lot but most of it bad ...or....annoying.

 

[SteveBrickNJ]

Definitely shop around. That is not a good deal. Personally I wouldn’t put more that first month down, maybe up to $1,000.

That is Mazda USA's lease calculator.
I have not approached any dealerships.
Can I get 12,000 miles a year or is 10,000 miles the usual standard?

 

[SteveBrickNJ]

I found THIS.
I sent an email focused on purchasing.
Asked them if they would come down to $33,800?
It has Navigation and less than 10,000 miles!
*

JM3TCBDY8L0400688 | 2020 Mazda CX-9 Grand Touring for sale in East Brunswick, NJ

Make a more informed buying decision at CARFAX by first viewing vehicle history on this 2020 Mazda CX-9 Grand Touring.

www.carfax.com

 

[Trip CX90]

Yes, you can get a 12,000 mile lease. You can go 15,000 if you want but the additional miles cost more.

I decided to start leasing because I would always trade in every outlet of years. For me, I know I would always have a car payment so saving some money every month by leasing makes sense. You sound similar.

The car market is crazy right now. That affects values and I’m sure that might skew leasing numbers. It’s possible a decent lease doesn’t exist right now, but you should still try a few different dealers. Don’t just go by what Mazda’s website says.

 

[SteveBrickNJ]

Yes, you can get a 12,000 mile lease. You can go 15,000 if you want but the additional miles cost more.

I decided to start leasing because I would always trade in every outlet of years. For me, I know I would always have a car payment so saving some money every month by leasing makes sense. You sound similar.

The car market is crazy right now. That affects values and I’m sure that might skew leasing numbers. It’s possible a decent lease doesn’t exist right now, but you should still try a few different dealers. Don’t just go by what Mazda’s website says.

Thank you for your time @Trip CX9 . You have been incredibly helpful! Kindly look at my post 14 (2 above this one). I think if I get that for my offer price of $33,800 I am gonna buy it.

 

[theblooms]

Before you lease a car, watch this. It tells you everything about a lease that the dealership will never tell you. If you still want to lease after watching, at least you'll know what you're really getting into.

Car Leasing Explained

Dave Ramsey explains car leasing and why you should avoid it at all costs. Leasing a car is the worst way to get your transportation vs. buying a car. Dave e...

youtu.be

 

[MGMGT16]

A lease is not something I would ever do. My wife had one before we got married that came into the marriage. Total waste of money as she had no car at the end of it. That said, there are certain people that leases would be better for. If you always want a new car and don’t want the hassle of trading in or selling, get a lease. If you don’t do any of your own maintenance or repairs, a new car every couple years is probably better for you. I also wouldn’t put as much down as their lease calculator said to have payments that are only $100 less than purchasing it. Which camp do you fit in? All of my coworkers are firmly in the “should lease” category but instead buy a new car every 2-3 years and wonder why their cars cost them so much money.

 

[SteveBrickNJ]

Before you lease a car, watch this. It tells you everything about a lease that the dealership will never tell you. If you still want to lease after watching, at least you'll know what you're really getting into.

Car Leasing Explained

Dave Ramsey explains car leasing and why you should avoid it at all costs. Leasing a car is the worst way to get your transportation vs. buying a car. Dave e...

youtu.be

Thank you....but look at my post #14 and post #16
I am planning to go to the dealership to look at a one year old 2020 CX-9 Grand Touring ....9,000 miles....navigation. Looks great. Decent price. NOT LEASING.

 

[PTguy]

Trip CX9 said, "All leases are not created equal. It definitely pays to shop around at a few different dealers." Exactly. It depends on which bank, or maybe the manufacturer's finance division, the dealership uses, and how much the dealership will shave their kickback for getting the customer into an expensive finance deal.

GAP Insurance: Absolutely necessary if the down payment (or the equivalent for a lease) is low. We know the car depreciates greatly the day it's titled. Payments often are so low (and so long) that the equity in the car is less than the amount due on the loan or lease. That is the GAP---the difference between what the car's current value is and what you owe on the loan or lease. If somebody totals you, your car insurance only pays for the car's current value. You owe the difference between this and the loan/lease payoff. GAP insurance covers this difference. Usually the best deal for gap insurance is from your regular car insurer, and the worse deal is from the dealership--that pesky kickback to them for selling the customer overpriced...anything. Cancel the gap insurance when you've made enough payments to make the gap disappear.