rx8van

I've had a lot of bad stuff happen lately which has kinda put me in a bit of financial difficulty. This shortfall is only temporary so I don't want to give up my car as usually this is no problem at all.

Has anyone ever asked Mazda to skip a lease payment and just extend the lease by a month?

Before I ask, any input would be appreciated.

Thanks...

cleoent

It's usually not as simple as just asking for it. Find a way to pay it, it's not worth the hassle.

BlueEyes

That doesn't really make any sense. You want them to skip a payment, then give you the car for an extra month? or you would pay for the car a month after you gave it back? (that makes sense)

I would find a way to pay for it. Credit card, something. Missing a car payment doesn't look to nice on the old credit rating.

lurch519

CALL THEM. if you miss a payment, they get pissed. but if you call them, and explain the situation, most banks and lenders are very understanding, at least once, as they would rather know whats going on, and have you keep the business with them, than repo the car and possibly lose money on trying to sell it to another buyer. again, MAKE SURE YOU CALL THEM

RX8Sick

yes, i'd call them and let them know you wud miss a payment but payup asap. It shouldn't be a problem if you talk to someone that understands.

tiggerlee

Or even make a partial payment. That would look better than no payment at all.

rx8van

This is a good point, what I was getting at is skip a lease payment and pay for the car one month after you give it back, alternatively just doubling up a payment a couple months down the road.

I'm thinking that maybe just borrowing some money from a friend or something might be the best thing to do, hate to do that though.

Thanks for the input.

Aoshi Shinomori

How about taking out a personal loan from the bank(say you're building a deck or something like that) and use that for the month's payment and then just pay that off later. As BlueEyes said, missing a payment is just bad news.

fredw1

When you miss a payment, it affects the interest you pay on a loan. I suspect a lease works the same way. A lot of banks will "offer" skipping a monthly payment on a mortgage so you can buy Christmas presents. Sounds real good until you figure out that you have essentially borrowed that money for the duration of the loan, so when you finally pay it back as that extra payment at the end, it can be quite substantial.

Mugatu

iTrader: (1)

paying the monthly lease payment is far less then the price you'll pay for a shoddy credit rating when you skip a payment, or even worse....the price you'll pay if you end your lease early and have to cough up $$$ for penalties.

find a way to pay the monthly fee.

KYLiquid

the only time i had ever skiped a payment on a loan was last hurricane season when we got those 3 canes thru FL, they called me to let me skip up to 2 payments and they would just be added on at the end.

IMO, if they dont call you, dont do it....while i think its a bad idea to make a payment on a credit card...its better than not making the payment at all, or even making it late.

Think of it in their shoes, they gave you a car, and are counting on your 400 bucks every month or whatever....then you ask them if you can just not pay them that month, and get them later....

How would you feel if they called you up and asked if they could borrow the car for a month, but you still have to pay that month....and they will let you use the car for an extra month later.

I know how it is when money gets tight...but you gotta find a way.

Right now im dealing with bestbuy cause i made a online payment, and when i entered my checking account info...i put a 6 when it was supposed to be an 8....so it didnt go thru and i found out yesterday. So now I have a $25, late fee...had to pay a $15 rush payment fee and have a $50 returned check fee cause when they tried to charge the account i entered (that was incorrect) it came back to them....so now a $100 payment turned into almost 200 bucks for the month...sure im pissed that they wouldnt understand it was just 1 little mistake but thats how it goes.

grapes

I was 1 day late on first payment, never got payment book from Mazda Credit. They called that day and gave me the 3rd degree. That pissed me off so much that i paid the 24 month balloon off the next day. Luckily i had the $ to do that. They seem to treat everyone like dirt!

dwynne

You will have to ask them, but as was mentioned they will not extend the lease. They also will not take a single payment once the first is past due. They can't repo until you are x payments behind (I think it varies with local law), so once you are behind they will refuse any "partial payments" which means you will have to make TWO payments next month since they will not take a single payment.

It is different with financing than leasing, since if they let you skip a payment they make a lot more interest in carrying the financing for another month on the back end.

I would find a way to make the payment, if not then it may be time for you to get into something less expensive that you can pay for. Of cours, the 8 market is in the tank so it may be hard to sell out of your lease or get someone to take it over (unless you have a smoking low payment).

Dennis

rx8van

Well, I called Mazda (Canada albeit) Credit and they offered me this.

I don't have to make a payment from now until November 15th.

The Deets -

1) On November 15th I must make my standard monthly payment plus pay the interest for the last two months (of course, about $200), plus pay an extension fee (about $100). My lease will now end two months later than at the original time of signing. So total cost of the extension is only $100 as I would have to pay for the interest regardless. (Works out to about an extra 50 % on my November payment)

(These are all Canadian prices BTW, so sounds a little inflated compared to the US since I paid $36,000 plus tax for this car)

2) My credit rating is not affected by this, in fact because I asked they actually like it, Mazda makes a lot more money financing our cars, rather than selling them to us.

It appears a little steep (Total cost for me is about $300 CDN dollars to not have to pay for 2 1/2 months), but at the same time, I can easily make this payment, cover all my other creditors, have some money left over, and stay out of any hot water during this short downfall. I think i'm going to accept the offer.

And just to reiterate, there's no deliquency, I havent' "Missed" any payments, just accepted an offer to extend my lease. Obviously not the best option, but in times of need...

Just FYI...

dwynne

Wow, that is a lot better than what I thought they would do!

Paying extra is a pain, but is they are extending the lease that eases the pain somewhat. Of course, that is if you like the car and want to keep it. If you want or need to get out of it then that will come back to bite you down the road.

Dennis

Aratinga

My car was financed thru Mazda Credit (not leased), but when it was hit last year and had to be in the bodyshop for six months, I called Mazda Credit and explained I'd be unable to use my car for all that time and asked if I could postpone three car payments. They were very happy to do that for me for a $25 fee and the additional interest they'll get. No blip on my credit rating either.

rx8van

Guess I have a larger fee due to it being a lease, but I'm very happy with the response I recieved. I love the car, and don't mind making these payments... FOREVER... plus they'll woo me in to a new model within the next year and a half or so, and this skipped payment will seem like nothing after all the numbers finally work out..