2024 Mazda CX-5 Carbon Edition Early Lease termination process?

Ask the Hackrs Buy/Finance
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1

I’m looking to end my 36 month lease early – September will be 24 months remaining.

I’m looking to buy a car outright in cash / no finance (and not within the Mazda realm). I would prefer to keep the two transactions separate to simplify things.

With that being the case, are the steps essentially:
– find buy out price from Mazda Financial Service
– find purchase price from the likes of Carmax or Carvana
– most likely have to cover the negative equity difference between the two
– and then be done with it?

Want to know if there’s other variables in the equation that I’m not accounting for.

2

after #3 , (discover the negative equity)

4a. Find a dealer (Say Honda) that you want their car and who also owns a Mazda dealership like autoNation…ask them to trade in the car for around the same as the Carvana price (Or More!).

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3

While 4A. is totally valid on its own, does Mazda not allow third party buyouts (or charges a diff price)? I assume 4A. is more important when the bank doesn’t allow 3rd party buyouts.

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4

Also seems like more hoops to jump through to complete the transactions versus separately. The only way that 4a seems more viable is if I’m somehow saving a dramatic amount more money.

5

Bids can vary wildly so get as many as you can

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6

Mazda credit does not, Toyota Credit (This car is most likely with TFS) does. Ally does not.

@sixthand6th Is this with Toyota Credit (Mazda) or Chase(Also Mazda) or Ally, if Ally, well you are in a bad place. Look at your original docs

And if OP is underwater, so trying to separate the transactions can save some money, but will possibly burden OP with 2 loans. (1 to Pay off the old car, and 1 to pay off the new car)

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7

Toyota Credit

Not underwater at all lol. Hence why I’m willing to pay cash for next car and also to willingly eat the negative equity on the CX-5. (It’s a long story, but the car had been a shitbox since taking delivery)

8

Are you saying that this commercial is a BS? LOL

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9

I’m not sure if I read this right, but a car with Negative equity is Underwater to me.

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He’s underwater but can afford a snorkel :slight_smile:

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11

Costco bulk size order of snorkels.

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Misunderstood you then. In that context, yes you’re correct but not taking out loan to close either transaction.

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So get your buyout values which will give you a baseline to sell you car at.
Then ask some Mazda dealers to give you a price.
Sell to the best one and pay them the negative equity.

Edit @sixthand6th since it’s TFS, see if you can swap it on SwapALease and get out with no equity issues.

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14

I thought swaps were stopped on MFS even if it was TFS?

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That’s why I asked, TFS allows Toyotas…so I would think TFS would allow Mazdas. Call them and Ask.

I’m thinking the ‘no swap rule’ is for Chase Mazda, not TFS Mazda

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On swapalease:

" Other Policy Information

*Please note as of 01/20/22 Mazda Financial Services has temporarily suspended lease transfers."

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I know, but is that Chase or Toyota? Or is it because they are switching between. 2022 is around the time TFS took over
I also saw one swap for Mazda TFS on the site which said ‘SOLD’

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Will look into it – thanks!

19

Well, I guess that explains why don’t want any Mazda!

Oh, that’s too bad. We’ve had one for ~1.5 yrs. Neither of us LOVE it, but it’s at least been reliable and unobtrusive.

Hope the next car works out better.

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20

I think TFS took over Mazda accounts from Chase in April of 2020 and not in 2022.

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