I was wondering what you owners of the 8 in Ontario are paying for monthly payments on your rx-8's.

I'm seriously considering purchasing one in the near future (press car ride helped :D) and want to know what I'm up agianst, as I'll have to give rid of my Rx-7 to do it.

If you don't mind can you let me know if your car is:

- leased
- financed
-monthly payment
-down payment
-what interest rate you are getting on loan
-who the loan is from (Dealer/Bank/Other)


Thanks

 

I checked with haltonautolease in Burlington, ON and they offer a lease at 7%. Mazda's rate is at 9.3%

 

Be careful! An independant leasing company sometimes still adds a monthly "profit" or overhead factor to the payment. Although some mark up the interest rate. I.E if prime is 4.5% and the leasing company was using 7%, they have a 2.5% mark up. The other biggest factor is the residual dollar amount. Also is it an open ended or closed end lease?

 

- purchase price $36,795 + $150 for paint + $250 dealer fee + $100 air tax + $75 gas tax. (no extras, base GS)
- financed (check)
-monthly payment (838)
-down payment (1500)
-what interest rate you are getting on loan (6.79%)
-who the loan is from (Dealer/Bank/Other) (BMO)

 

The lease with autolease would be no money down, 48 months, purchase price after 48 months, one dollar.

The 7.% includes their profit.

I do not know why Mazda charges 9.3%

 

It is technically not a lease if the buy back is a dollar. Why would anyone do that?

 

for tax purposes

 

Sorry, I am in the leasing business. As I said, the Government does not consider it a lease if the buyback value is considerably below wholesale value. I know of no valid reason for an individual, even for tax purposes to lease a vehicle with a $1.00 residual. Check with your accountant if you intend to write off the payment.
Also I believe the maximum amount in payment to write off is $750.00. Your terms would well exceed that amount.

 

Thanks Wing... I'm going to go and talk to the dealers this week and see what's kind of timeline for an order and finance rates...

Plus I'm going to check out the bank rates for a loan as well.

 

Rotorian.

thanks for the clarification about leasing.

The maximum monthly payment deduction for a lease is $ 800 plus PST and GST.

 

rotorian

I checked with CCRA and there is no regulation regarding the buyback price of a car from a lease. Check http://www.ccra-adrc.gc.ca/E/pub/tp/...tml#P122_11928

If you have additional information and you know the CCRA interpretation bullettin where they specify the limitation og buyback from leases, please post it.

 

Scott, my friend works at a Mazda dealership in sales in Orillia. Let me know when you're close to buying, I'll refer you to him, maybe you can see at least a small discount.

Oh yeah, how'd you sneak that avatar in there with less than 100 posts!?

 

Cool, I'll definately take you up on that. Can't hurt to talk to your friend. Maybe he can pull some strings for me, and get me a black one with the red/black leather int. (which I really want), but I'll settle for red red/blk int.

The avatar thing is the same as the rx-7 forum, but no restriction here.