Buying out Mazda lease without going to dealer?

Ask the Hackrs
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1

Hi hackers! I have a 2021 Mazda CX-30 a few months from lease maturity. I’m exploring all of my options (have already submitted a request to equity hacker :smile:). But, I know that based on the lease deal I got in early 2021 before the chip shortage really got going, the increase in new car prices, and the fact that Mazda seems to have rejiggered its feature tiers to move some features I have into turbo-only tiers, it might be the case that buying out my lease makes the most sense.

I really like my car, it’s in pristine condition, and it has only 7,000 miles on it so no worries there. If I do decide to buy out the lease I would really like to avoid a trip to the dealer. My lease is through Mazda Financial, and I would need to finance at least most of the buyout amount.

So, questions:

  1. Does Mazda Financial have the ability to directly arrange a buyout loan like banks like Chase can?

  2. If the answer is no, how does it work to connect a lender once I’m approved to Mazda Financial? If I got a loan through Chase or a credit union, is there paperwork I have to give to the new lender to get them to pay the lease holder? Does the new lender send me a check to use to pay the buyout? Does it work in some other way?

2

Every lender is just a little bit different so look on their website or call them. But generally speaking you’ll need some sort of purchase agreement showing the price (plus line item for sales tax if applicable).

That amount less the amount you want to put down is what you’re financing thus the amount on the check. It’s probably easiest if the bank/CU check is payable to the seller, rather than to you.

3

I would call Mazda Financial as they would only know this answer. Again, it’s captive specific, just know that Mazda actually uses Toyota as their lease/financing company.

I think having to walk into a dealership will depend on whether you need financing with Mazda or you’re bringing in your own.