Looking at a 2019 CX-5 GT Lease

Hi everyone! I’m new here and have been reading around this forum for the last 2 days and really love what I’m reading and find it very helpful an informative!

I’m looking to lease a 2019 CX-5 GT within the next week or so and currently have 1 payment left on my extended 2016 CX-5 Sport lease ($281.17/mo for a 36/12k). I extended the lease for 6 months and my payments remained the same. I am way over the miles. Currently have 67,000. I have had the car for 41 months so I should have only about 41,000, given 1k per month.

My lease is through Mazda capital services (Chase). I’m curious if it would make sense to obtain a preapproval from Chase prior to beginning negotiations with dealers? I’ve read everywhere else that it’s best to get a preapproval before having the dealer run your credit so that you have sort of a benchmark for the dealer to try and beat. Honestly, I’d prefer to stay with Chase as I have all of my banking and several credit cards with them. Very strong payment history with them, no missed payments ever, on anything. Is there even such a thing as preapproval for a lease? If not, what other recommendations would you have for someone in my situation with many miles over? My plan is to sell the vehicle back to the dealer (similar to a trade-in), in exchange for my repeat business leasing a brand new vehicle.

Thanks!

Over 25k overage, ouch! At 25¢ per, that’s over $6k negative equity…
The dealer will simply rollover your negative equity into the next lease. You seriously may wanna consider buying the car.

I’ve never heard of pre-approval for a lease.

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Hey gc2a,

Thanks for the quick reply! I am actually in at only 15¢ per! :wink: Which would still be a lot, but not quite as much. The thing is, I’m thinking I won’t be paying any overage because the dealer is essentially buying the vehicle from me, which is not really any different than me buying the vehicle. And when the vehicle is purchased, whether it’s the dealer or myself, there is no “over the milage” fee per se.

Not sure, but I’d assume the dealer would buy it off you for less than the buyout amount on your contract (bc it’s 25k Miles more than it should be), then just charge you/roll in the difference.

And at 15¢ per mile over, you’re still close to $4k negative equity.

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Miles wouldn’t be an issue if the dealer bought it. Current resale price vs retail payoff would come into play.

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Ya that’s what I was referring to. i.e. the market value of a 3 yr old CX5 with 61k miles vs the lease contract buyout amount.

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If you’re driving close to 20K miles a year, you may not be an ideal candidate for leasing. Having leased 15+ cars in my life, I’d say the sweet spot is between 10-12K. Anything over 12K and you start running into warranty issues as well…one of the biggest reasons to lease cars.

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Hey manku, thanks so much for responding! There were several factors and situations that caused me to put so many miles on the car over a short period. For my next lease, I plan to buyout the car at the end of the lease term, taking advantage of getting more car for a lower monthly payment and thus, mileage will not be a factor going forward. :slight_smile: