SIGNED - No credit - 2021 CX-5 Touring AWD w/Preferred pkg - $968 DAS + $409/month (incl. tax)

Signed Deals & Tips
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I just arrived to the states. No credit history. No US drivers license.

I am looking for a car and I am about to close this deal. Should I sign or I am a crazy guy paying so much for a CX5?

EDIT: I have signed for a CX-5, with a little better offer, what do you think? Still bad ?

I still needed the GAP because could not find a reasonable insurance to work with my situation, so I went with the dealer… with the of course extra cost.

Overall I am happy with the deal. Thank you all for your help.

Year, Make, Model, and Trim: 2021 Mazda CX-5 Touring AWD w/Preferred package sv
MSRP: $32.025
Selling Price: $30.025 ($2.000 off msrp) + $580 GAP + $100 door edge guards
Monthly Payment: $409 (incl. 10.25% tax)
Drive-Off Amount: $968
Months: 36
Annual Mileage: 15k miles
MF: base mf 0.00032
Residual: 58%
Incentives: $0
Region: So-Cal - Los Angeles area (10.25% tax)
Leasehackr Score: 7 years
Leasehackr Calculator Link: LINK

2

That’s a lot for a cx5, even in today’s market.

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Yeah this doesn’t look great. Total lease cost is >50% of the MSRP. Try checking the share a deal section here to see cars that are leasing better than others. If you’re set on a Mazda, check out this deal posted recently:

You won’t have loyalty and if you don’t have credit you likely won’t get the same MF, but the higher residual should help a bit. Also don’t put down any more than you need to.

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Why do you need a car if you don’t have a license?

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@Cody_Carter Can a dealer even sell to a person who doesn’t have a US license?

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Lol, I don’t have US license, but you can drive with International/Foreign license in the US for some time at least.

Anyway, I will get US license as soon as possible.

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Why would they care. I am already insured by a US insurance company. And I can pay.

I’ve heard from some colleagues that they needed someone with US license to drive off the lot. But lease was on their name

8

Wowzers, I’ve seen a $54,570 Lexus RX go for this money just a few short months ago. What is happening to our world.

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Take a small auto loan, buy a used car and build up some credit instead of this atrocious lease.

You’ll save on insurance too.

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Yes. You can purchase a car with a passport, if you don’t have a valid ID

11

But who drives it off the lot? Lease’s don’t like non signers driving their cars.

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Leasee, most likely!

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Updated main post. Just signed !

Bad or good deal, I am happy with the car! Thank you all for the help!!

14

Really interesting, will Mazda financial fund to dealer?

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What does this mean? :open_mouth:

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He’s asking will Mazda really fund a No License, No credit history like OP.

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The car is in my garage already.

I hope it answers the question.

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Not quite, we will check back with you in 14 days (which is the date of funding or not funding)

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That’s right, sorry for the late reply.
Mazda couldn’t find dealer if they short any document, and dealer can take car back if they can’t get fund.
This all depends on Mazda finance company. I just know BMW gave me some hard time when my DL has a “Limited Term” mark.

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WTF :open_mouth: I didn’t know this could happen!

I guess if they want the car back, it is going to be like a good test drive LOL. I will let you know in the next days.

Its strange for me to understand that they would just give me the car (a $30k quickly depreciating asset) without being sure that it will work and that I will pay over the next 3 years.

Sounds like a big risk to sign something, give the asset and check everything is good on the back-end after 15 days. If I would actually be a bad high risk customer, it would give me time to mess-up the car big time.

If they want it back, I assume they can no longer sell it as new. Who absorbs the depreciation cost? How is the lease terminated?