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!).

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.

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

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)

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

9

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

10

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

11

Costco bulk size order of snorkels.

12

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

13

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.

14

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

15

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

16

On swapalease:

" Other Policy Information

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

17

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’

18

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.

20

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