Question for TheBiz

[FLIPDADY]

Hey Jeff, is there any possibility of transferring a lease? Basically I want to lease a Mazda5 but I still have 2 years left on my 3. What are my options?

[TheProfessor]

I know Honda Finance allows you to do this, but I think there may be penalty involved depending on how far into your lease you are (i.e. half way is the majic number from what I remember). My brother just traded in his leased Accord two years into a four year lease and got an Acura TL on a new four year lease with no penalty.

Flip, is the Mazda5 exhaust/recall issue sorted yet?

[majic]

Originally posted by PSIVIC
(i.e. half way is the majic number from what I remember)

keep me out of this please.. :p

[TheProfessor]

OMG, do you see what you\'ve done? You\'re making me dumberer.......d\'oh!

[Jeff-TheBiz]

Originally posted by FLIPSPEED


Hey Jeff, is there any possibility of transferring a lease? Basically I want to lease a Mazda5 but I still have 2 years left on my 3. What are my options?

Very simple...

You basically have 4 options in a lease:

1) Drop off the car at the dealership you leased it from with a cheque for the rest of the remaining payments... OUCH!!! )Not the best option..

2) Find someone to take over your lease (ie lease transfer) As long as their credit is as solid as yours, Mazda Canada Credit may release you completely from the contract. Easy, but requires some work.

3) Check for equity... ie consider it as a trade in, little bit more work but typically the easiest and less costly. An appraisal is done on the vehicle and a value is determined. If the value is greater than your current payout (residual + remaining payments + admin fee if applicable) then you are in great shape. If the value is less, then you may have to build the difference into your new lease. Best option if you had money down towards the lease and/or a trade and if the car is in great shape/low mileage.

4) Third Party Buyout. Sell the car to someone for the price of your current payout (residual + remaining payments + admin fee if applicable) or more.. Okay if you don\'t mind selling a used car privately.

In any event if you terminate one lease and get into another you will get the loyalty discount from Mazda Canada Credit.

Hope this helps bud.

Jeff

[FLIPDADY]

Thanks Jeff, I needed some expert info b/c my 3 just won\'t cut it with 2 baby seats and 1 booster. At least with the 5 I have the two seats plus the bench at the back.

I\'ll have to check out my lease terms again.

[SABIO]

what about someone like me who paid $12K up front when I leased...

Mazda would owe me money!!!


I should give it back and save money on gas... and get a truck at least i will get 25 MPG with a full size ford ;)

[Jeff-TheBiz]

Originally posted by SABIO


what about someone like me who paid $12K up front when I leased...

Mazda would owe me money!!!

Well, your buyout should be ridiculously low, as well as your payment... so any option is yours to take..

I am in the same boat.. $250 a month on a GT GFX 5spd Sedan..

[SABIO]

well... I have NO payment.. Paid up front for entire 3 years...

[Jeff-TheBiz]

Originally posted by SABIO


well... I have NO payment.. Paid up front for entire 3 years...

In that case, I am sure that there would be a line up of people waiting to take over your lease..

:D

[billyfo]

hi Jeff, how about switching leasing to financing? I still consider this change but not yet have time to go to my dealer (Prima) and ask. I looked through the contract, only mention early buyout ie (mths left X $$$), but no info for finance. And would you mind helping me to do the contract? but it could be till X\'mas time.:p

[Jeff-TheBiz]

Originally posted by billyfo


hi Jeff, how about switching leasing to financing? I still consider this change but not yet have time to go to my dealer (Prima) and ask. I looked through the contract, only mention early buyout ie (mths left X $$$), but no info for finance. And would you mind helping me to do the contract? but it could be till X\'mas time.:p

Calculate how many payments you have left, add that to you buyback (residual value + gst & pst) that is your buyout.. If you decide to finance the rate will not be the rate of a new car (1.9%, 4.9% etc. It will be the standard \'used\' car rate approx 7.29%.

Hope this helps.

[billyfo]

thanks Jeff:)

[wtom]

EDIT: Jeff responded via PM. Thanks, Jeff! :)

[SourcE]

Hey Joe,

What happened?
Changed your mind?

I\'ve been thinking about this exact same situation, and was wondering what your reasons were for NOT going ahead with this.

[FLIPDADY]

Originally posted by SourcE


Hey Joe,

What happened?
Changed your mind?

I\'ve been thinking about this exact same situation, and was wondering what your reasons were for NOT going ahead with this.
Yeah we changed our mind about the Mazda5 and have decided to get the CX-7.

I\'ll be keeping the 3 for myself and the missus will get the CX-7.

[cyberscorpi0]

CX-7 looks sweeeeet!

Have done a test drive yet?

[FLIPDADY]

Originally posted by cyberscorpi0


CX-7 looks sweeeeet!

Have done a test drive yet?
Almost had a chance yesterday but I ended up bringing back a Mazda3 GT.:(

One of the guys couldn\'t drive a standard so he drove the CX-7 and I got stuck with the 3.

[TheProfessor]

What colour would you get the CX-7 in? You know you want white :D

[FLIPDADY]

Originally posted by TheProfessor


What colour would you get the CX-7 in? You know you want white :D
Nah, we owned a white Integra before and since the wifey will be driving it it\'s her choice.

I just sat in the back of CX-7 and I was quite disappointed with the rear seating. I thought it had a larger seating area than the 3 but it\'s exatly the same.

So I think I\'ll be waiting on the CX-9 coming this winter.

[SIM SIMMA]

That\'s what my friend said too about the rear seating of the CX-7. He\'s expecting a kid in December so he wanted a bigger car. Hr really liked the looks of the CX-7 but after driving it... he also made the comment that it is smaller than he thought.

CX-9 in the winter eh? Moneybags!!!

:p

[FLIPDADY]

The CX-7 has a larger cargo area but the 3 has more hip room than the CX-7. :sarc

My dilema is fitting the child seat base and a booster plus room for my oldest child. A 7-seat vehicle will solve this.

[cyberscorpi0]

Originally posted by FLIPSPEED


The CX-7 has a larger cargo area but the 3 has more hip room than the CX-7. :sarc

My dilema is fitting the child seat base and a booster plus room for my oldest child. A 7-seat vehicle will solve this.

MPV - My Pinoy Van :D
http://www.mazda.ca/eng/Vehicles/MPV/800x600/MPV_04.jpg

[FLIPDADY]

Never thought of that one before!:p

Depending on the price of the CX-9 I\'m also looking at a few other manufacturers vehicles.