Lease Buyout - Want to skip the Dealer

[CliffRedford]

Hi!

I have a 2020 Mazda CX-5 lease that ends in July 23.

I want to do a lease-end-purchase as efficiently as possible and skip the dealership. I’d like to avoid paying any fees not required.

Some details:

• Lease is financed through Mazda Financial Services
• Registered in Florida
• I will finance some portion of the residual and I’m open to suggested lenders.

Thanks in advance for any advice you have.

[mllcb42]

Have you been on the mazda financial portal to see if theyll let you buy it out directly?

[CliffRedford]

Yes, I have logged in to MFS and requested a payoff quote. It it as simple as getting financing and sending it to MFS?

Are there other considerations I need to think of like tax, re-title, etc?

[mllcb42]

Typically payoff include tax. The breakdown should say. They send you the title and youll have to go to dmv to get new plates, transfer title, etc.

[trism]

@CliffRedford

I’m open to suggested lenders.

The Best Finance Rates & Hacks! Submit your CU recommendations!

Sometimes it can be better to finance a car rather than lease it! Some of the reasons this may be true include: Federal EV credit - some lease originators may not pass the full Federal EV credit or state credits. Through financing or balloon loans (another type of financing, you can take advantage of these credits if you have the tax liability) High Lease Money Factor - some lease originators have a very high money factor, higher than what it would cost to lend from another bank! Combined …

[forbs]

Mazda is TFS, so it might need to to visit a dealer
Edit, tfs now, he might have chase and that can be done online

[ApexHunt]

Isn’t it FL that has the “you have to go through the dealer, unless your captive has a branch in the state” rule?

OP - who is the lessor in this case?

[CliffRedford]

I believe the lessor is “Mazda Financial Services / TFS”. I now see that they offer a payoff address / pay online functionality on the website.

It seems I should be able to get financing and payoff the vehicle, then deal with the DMV.

[CliffRedford]

MFS is saying that Florida is not a “direct sales” state and I will need to go through the dealer.

[Zyph]

Hi @CliffRedford , thank you for posting this topic. Really curious if you could provide an update on how you resolved this.

[CliffRedford]

Update now that my process is complete:

Mazda Financial would not allow me to buy out directly, stating that Florida leases must be purchased through a dealer.

I ended up using a company called Lease End. The process was smooth. My only complaint was that they required me to use their lender, which ended up being .5% higher than the credit union I was pre-approved with. Nonetheless, they were straightforward with set document and title fees, and did not try to tack on additional fees. I declined the extended warranty.

One additional point worth considering if you go with Lease End. If your lease is in Florida, it will require an updated title but it does not require new registration. I researched this on my own and informed Lease End of this nuance. This saved me an additional title fee. I think I worked my expenses down to the bare minimum possible.