I see. That does make things a lot clearer when you put it that way. Thank you. I didn’t know about MSD ( multiple security deposit) option to help reduce the finance/rent charge. Ofcourse the finance guy didn’t bring that up to me after he informed me I was considered a Tier III based on my credit score pulled at the time (~711).
Will definitely go through the resources/links provided by fellow members in the responses above to learn all I can about leasing and do much better moving forward. I clearly left a lot of money on the table and overpaid for this lease based on the feedback I have gotten thus far.
I had a hunch that I overpaid for my lease when I saw what the total in payments would be over the period of the lease at $19367.95 and wanted to get feedback (should have done that prior I know )
I decided moving forward I exclusively wish to lease vehicles and decided to search for resources to learn even more about leases (and this site came up) so I will be better prepared in the future.
I wasn’t sure if my math was correct in estimating the APR equivalent of my lease (I believe it’s ~4.9% at a .0020399 money factor) and wanted to find out if I was correct in my math.
I also am not sure how they calculated my taxes as I understood the state of GA has a 6.6% sales tax on the lease total loan amount and the math wasn’t adding up – wanted to get clarification on that.
So based on my credit score at the time of 711, what would you estimate would be a good lease payment for this vehicle/model – DAS, monthly, money factor, etc.
Respectfully, the deal is done, I’m not going to reverse engineer a good deal after the fact. Others may have already or will do so in this thread. Frankly you can find some examples of deals in marketplace that would answer the question.
It wasn’t even my point. My point is the residual is set by the captive and it’s based on the MSRP and has nothing to do with how good of a deal you did or didn’t get. Either 19,868 is a good price or it isn’t. Doesn’t matter whether you spent $19k to lease it for 3 years or $9k. While there’s no crystal ball there’s enough data out there to surmise a hypothesis. If forced to make a decision now, I’d say it’s likely a reasonable price if the car remains in good shape, accident free and low or on target miles.
Genuine question: why? Sometimes leasing makes sense, sometimes it doesn’t. Part of understanding the factors that go into a lease means that you can determine, for your own financial situation, when it makes sense to lease and when it does not.
Have you reached out to the dealership to ask them for an explanation?
The CX-9 is a different model. You can’t really compare lease deals across different models since MF and RV may differ significantly.
As @TypeSH has suggested, you can look for Mazda CX-5 deals in the Marketplace section of the forum. Start there to find examples of what a fair deal looks like.
Op, I say this in the most respectful way possible,- you are clueless.
Which doesn’t necessarily say bad about you. Until you learn and know, you won’t know. I’m only saying it so it will stick in your head now, and so you hopefully choose to educate yourself for later.
We all didn’t know at one point, and then we got a clue.
Read up now and remember, the worst thing would be for you to forget about this and do it all over again in 3 years.
I find cars to be a depreciating assets and as I intend on looking into driving luxury vehicles (such as BMW, Audi, RR) in the future, I would like enjoy them but but worry about out of warranty repair costs. As to my knowledge, Lexus are one of the few luxury vehicles that aren’t to costly to own outside the factory warranty due to their revered reliability. I also don’t plan on keeping my vehicles too long as would prefer to be in a newer vehicle every few years (if money allows).
Also, I would rather put more money towards investments and a possible home ownership in the future than a car (although my actions so far are the opposite of that but putting so much money down – unfortunately I was more focused to having a low monthly payment due to my current financial situation).
Not yet. I wanted to hear from you guys prior as I don’t exactly trust the dealership that allowed me sign such as poor lease contract (though I take ownership of being ignorant myself).
Understood. Thank you for pointing that out. I will utilize the marketplace section as suggested.
Agreed. That’s why I came to this forum humbly to seek advice. I understood the deal was already done and wasn’t going to cry over spilled milk. But figured I can take the criticisms and advice on the chin so moving forward I can sign a much better deal and know when to walk away from a horrible one (such as what I signed above).
These are worthwhile goals but it’s almost impossible to build wealth while…. blowing your wealth.
Aside from a Time Machine to go back to the really cheap Cruze/Malibu/Trax days, your goals are not going to be achieved by leasing like this.
You would have been much better off having bought a reliable car for $6-7,000 and saving the remainder of your 9k for maintenance. Or financing a brand new Corolla with some $ down and committing to driving it until you’ve achieved more of your personal goals. The car payment savings plus insurance savings would have gone a long way.
Hope you really enjoy driving it! (very, very gently, because if you get into any kind if situation where the car is totaled, you’re out $9,233) Lots to learn for the next lease.
A buddy of mine says that a monthly car payment for a lease/purchase is a given for most of your life as an adult if you want to drive something fairly decent, want to switch it up from time to time and you can afford it. He now likens that car payment(s) to the monthly cell phone plan for a new Apple iPhone (if you want it) every few years at Verizon (although highly subsidized by Apple and Verizon) - an almost “required” monthly payment for most people like your mortgage, health insurance and utilities.
Another definition is meeting your wealth-building goals.
Necessities like housing, utilities, internet (and depending on profession, even a smartphone) shouldn’t be conflated with luxuries such as a brand new car every 24-36 months.
I got a CX-3 2023 here in ATL suburbs Select - MSRP 26675, 1500 down(including 1st month payment), 367/mo - 30 months. Translates to 405/mo. While, I like the car, still don’t like that i pay that much for this car.
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