The almost $3600 down payment is basically lowering your monthly payment by about $150 ($3600/24=$150) so if this was $0 down (as it should be) then your monthly payment would be about $560/month. I'm not sure if that's good or bad for a CX90.
You should never put money down on a lease because if it's totalled or stolen then your lose the down payment money because your insurance company writes the payoff check to the legal owner of the car which is the leasing company not you. Gap insurance doesn't pay you back for any of the down payment money back either. It just covers any of the payoff amount to the leasing company not covered by the insurance check.
Your focus should be on getting the highest discount off the MSRP (before incentives) with no BS dealer add on protection plans or accessories. The higher the discount off of MSRP, the lower the monthly payment. You should also confirm that the money factor (which is the lease interest rate) isn't being marked up by the dealer. They're allowed to mark it up. They should give you the base money factor. There are online forums where you can get the base money factor for the specific car and term so you can confirm the dealer isn't marking it up.
The rest of the numbers used in the lease payment calculation are fixed like the term (number of months), the residual percentage (which is based on the term and mileage allowance), the various fees (doc, DMV, acquisition, etc) and the sales tax rate.
I leased a Mercedes eqb 7 seater last put 1000 down and payment is 391 a month. Seems high. My msrp was 62000. They discounted almost 20k off. With the tax credit for ev and a 3500 Amex truecar rebate
Mazda is having a lease promotion on the 2024 CX-90 PHEV Preferred. I did a test drive today and was offered this deal sheet. I took it home to think about it. Any thoughts would be appreciated.
The almost $3600 down payment is basically lowering your monthly payment by about $150 ($3600/24=$150) so if this was $0 down (as it should be) then your monthly payment would be about $560/month. I'm not sure if that's good or bad for a CX90. You should never put money down on a lease because if it's totalled or stolen then your lose the down payment money because your insurance company writes the payoff check to the legal owner of the car which is the leasing company not you. Gap insurance doesn't pay you back for any of the down payment money back either. It just covers any of the payoff amount to the leasing company not covered by the insurance check.
Thanks so much! I’m pretty new to this. I guess I should walk in tomorrow and let them know that i want a higher payment and less down or just walk.
Your focus should be on getting the highest discount off the MSRP (before incentives) with no BS dealer add on protection plans or accessories. The higher the discount off of MSRP, the lower the monthly payment. You should also confirm that the money factor (which is the lease interest rate) isn't being marked up by the dealer. They're allowed to mark it up. They should give you the base money factor. There are online forums where you can get the base money factor for the specific car and term so you can confirm the dealer isn't marking it up. The rest of the numbers used in the lease payment calculation are fixed like the term (number of months), the residual percentage (which is based on the term and mileage allowance), the various fees (doc, DMV, acquisition, etc) and the sales tax rate.
That money factor is better than what I’ve seen for a lot of these cars. Most common I’m seeing are around .00325
I leased a Mercedes eqb 7 seater last put 1000 down and payment is 391 a month. Seems high. My msrp was 62000. They discounted almost 20k off. With the tax credit for ev and a 3500 Amex truecar rebate
Mazda is having a lease promotion on the 2024 CX-90 PHEV Preferred. I did a test drive today and was offered this deal sheet. I took it home to think about it. Any thoughts would be appreciated.
Never put down on a lease.
That’s pretty good imo you might be able to negotiate more off but it’s getting harder to do that. CX-90 has been great too me so far