conedodger

I bought mine out. While my circumstances were a little different than yours ('04, 2.5 year lease w/ 15k/year, just under the mileage, $16250 buyout), I am pleased w/ my buyout. Nothing I could buy for the amount of the buyout equaled (or came close to) my 8. If U do decide on the buyout, don't let the stealership add anything on to the price (stupid doc fee excluded). Mine tried to add an extra $300 on to the car as added profit for them. I called M.A.C. on my cell while I was at the stealership to call them out on it.

conedodger

Here's the TSB for the brake squeak. It doesn't say anything about having to do this in the first year.

http://www.mstore2000.com/PDF_Files/04-001-06-1568.pdf

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Ok I have some bad news. Unfortunately the cheapest loan I can get would be $17,000 - 6.15% @ 60 months, which comes out to $330 per month ($130 more than I'm paying now per month)

Because it is an 05' model, I'm unable to get the 72 month loan at 6.45% which would have been $280 per month (affordable).

It seems like my best bet would be finding a used 06' for around $18k, but I don't think that will happen.

I guess I'm going to look around for deals on leasing another RX-8. I won't have the deal I had before, but it will at least be somewhat affordable (no more than $300/mo). It sucks though because if I want the Grand Touring like I have now, it will be over $300. I must have HID headlights. :'(

I don't know what to do though, this saddens me. If it were only an 06' model I would be able to keep it. There is no other car I would rather have for this price range of vehicles.

Someone shine some light on me.

Revvittupp

Go to capitalone.com. I got a very low 7% for 72 on my 05... It will work as a retail purchase as you are technically purcahsing it for the first time. You previously rented it from a leasing company. Go to your local dealership and they will register it and handle MVA paperwork(I know if MD you have already paid all fo the tax).
Dealer Purchased Used is 7.59% for 72 now with CapOne... around $290-$295 ish...

Does that Help?

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Thanks Revvittupp, it definitely helps.

It seems like capital one provides the best interest rates for used cars. I can try to find better but I doubt I will. Thanks again for your post.

Revvittupp

I use to be an F + I guy and hated when people brought these checks in. They are ridiculously flexible, and VERY competitive on rates. As I said, I looked around a bit and the Blank Check was what I used to by my car recently.

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Quote:

Originally Posted by Revvittupp

I use to be an F + I guy and hated when people brought these checks in. They are ridiculously flexible, and VERY competitive on rates. As I said, I looked around a bit and the Blank Check was what I used to by my car recently.

F + I guy?
Checks? Checks from where?
When you say you bought your car with a Blank Check, what exactly do you mean by that?

Sorry I'm new to the financing and loaning world. This is my first time purchasing a car and I have some to learn. :P

Revvittupp

F +I guy is short for Finance and Insurance. I was THE guy at dealerships that arranged auto loans and Sold aftermarket products. It was used as a point of refereence, so people could ascertain my qualifications for the discussion at hand.

I was talking abotu Capital one checks. As a member of dealership personnel, I hated when peopl used THESE particular checks. The reason, is that they can go from dealership to dealership, prequalified for any car at a competitive rate. It took a lot of the "power" of the dealer.

So, when I bought my car, I ordered one of these checks. It's a loan, pre-approved up to X dollars. So In my case, I get a check that I can validate for UP to $35k. I then could purcahse any car I wanted, 04 and newer, at a prenegotiated rate. The best thing abotu these checks, is that the ONLY stipulation on ammount, is 150% of KBB retail.
In my case I bought an '05 with $7k for $16200 + Taxes, Tags and Auction fees, etc. So, it was roughly $19k I needed. My check was valued at up to roiughly $30k on that particular car. So I could have rolled up to $11k in negative equity, or I could have added $11k in accessories immediately, had I wanted a fair loan to pay for mods.

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Hey thanks for clearing that information up for me.

Unfortunately after applying for the loan from Capital One, the best rate they could give me was 8.24.

Was this because I didn't apply directly through auto trader? I think I should call them and ask why I couldn't get the 7.59% APR.

EDIT: Unfortunately, my parents are too broke to co-sign on a loan. Unless I can be approved myself without having them co-sign, I'll be losing the car this Friday.

What a bummer. :'(

Revvittupp

You are probably not their highest credit tier.
8.24% for 72 on $17k is basically $300 on the nose. Do you have any money to put down to make it more affordable for yoiu? Roughly $18 per month, per thousand down?

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The most I would be able to throw down is a grand. It's also possible I will get $0.10 back for every mile I'm under, which is around $1,300. Anyone know if there are any restrictions on that?

I also hear it is possible to extend a lease. I'll be going to the dealer tomorrow anyway so we'll see what happens. It just sucks that I can't get co-signed.

Khyron

This sounds like a tragedy is about to take place.

I feel for you, buddy. I'll keep my fingers crossed.

Razz1

You should be able to extend the lease month by month.

All you do is continue payments. Then when your ready to buy you buy or when your ready to turn in you turn it in.

I have done that on a few leases.

Revvittupp

$1k down will put you jsut over $280... not so bad.

You will not get anything back from mileage as far as I know, and you will certainly NOT get it back if you buy it.

Extending a Lease would be done directly With Mazda. Yes they are open to the concept, I have seen it with my own eyes.

Uncivilizedracer

i bought mine for 15$ cash 04 1 owner had 23,000 miles on it i got lucky

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Quote:

Originally Posted by Revvittupp

Extending a Lease would be done directly With Mazda. Yes they are open to the concept, I have seen it with my own eyes.

What do you mean "directly with Mazda". Would that mean not calling the dealer, but calling Mazda customer support?

It seems like extending a lease will be my only chance to keep the car. :/

Revvittupp

Yes, you need to deal directly with Mazda. The dealer isn't the owner of the car, a subsidiary of Mazda is. Locate a recent bill, call a phone number from that.

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Ok I got my lease extended till December. Unfortunately I don't get any credit back on my miles under. What a lie from the original sales person.

Anyways, looks like I'm gonna be around for a couple months now.

Thanks for everyone's participation in this thread, it has made my life easier.

reaper1

What a lie from the original sales person.

Anything to sell a car........

Revvittupp

Here is the best part about that... As you continue to lease the car, you continually drop your residual, buy out price. You will additionally be increasing your credit. Perhaps in 3 months you can get the buy out deal you were seeking. If not, still like the car, call back and extend it 3 more months.

The lie is precisely why I always trained peopel to answer questions they don't know the answer to with "I'm not sure, but as soon as we get Inside I'd be ahppy to find out for you... " rather then Guess. I doubt the salesperson said that as an intentional lie to get you to buy the car, it seems like he was confused. I can understand him being confused in this situation.
When you purchase additional miles, they are refundable. Example, Mazda leases come in 12 and 15k varieties, but you can easily set it up as a 20k/yr lease. YOu simply purcahse the additional miles up front, for ten cents per mile. If yoiu turn it in after 54k miles, you will get $600 back for the 6k miles you purchased that did not use. If you turn it in with 43k, you would get the entirety of the 15k miles you purchased, so $1500, but would not be entitled to the 2k under the base lease terms 15k/yr.

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Ok it's time for a follow up. Any feedback I can get after this post is extremely important to me, so please read it.

2005 Mazda RX-8 Grand Touring
Excellent Condition
12,600 Miles
Lease End: December 21, 2007

LEASE BUY OUT: $18,000

BLUE BOOK: $18,575
PRIVATE PARTY: $21,315
SUG. RETAIL: $24,170

Now that I have this information, what would you do if you were in my shoes? You're lease is up in a couple weeks, and you still want to consider other alternatives to the RX-8. A car is important to you and you won't settle for anything less. Is the choice obvious?

I want all of the qualities the RX-8 possesses in another car:
- Decent Power: 0-60 < 7.00 seconds
- Excellent Handling: I know the RX-8 is one of the best, but something close would be ok.
- Sporty dashboard with luxurious interior.
- Rare on the road: I realize this might be the quality I value most. You rarely see this car on the road, and when you do it turns heads.

So you have the facts, now what would you do? The problem with wanting a rare car that looks sweet is that there isn't much to choose from. For example, Dodge Chargers are cool, but I would never get one simply because they are everywhere you look.

It is an awful feeling not knowing what to do to ensure I get another car I'm happy with. I've become attached to my RX-8 and I feel like there is no other car I could be happy with for that price range. But due to living in a snow prone area, and the rotary engine not being the best car to permanently own forever due to reliability issues, the RX-8 can't be the best car for that lower $30k range.

So if anyone could provide some advice, that would be great. Right now I just need to get price quotes from the local dealers on what a trade-in would run for. It probably wouldn't hurt to throw an ad out there too. Anyways, feedback is very much welcome!

Khyron

The only thing I could suggest if you are not going to keep the RX-8 (which is probably what I would do, but I just got mine), is to look at a 2004-2007 Subaru Impreza WRX. I used to have one and they are very close to the performance ideals of the RX-8.

They are quick (230 hp) and nimble (all-wheel drive, near 50-50 weight distribution) and sold in a similar price bracket. They are very reliable, not all that common, and a great feel to drive - especially in the corners.

I personally think they are gorgeous but they are certainly not as slick looking as the Rex. Unfortunately, Subaru caved to the needs of the family sedan market and made the 2008 models larger, and more box-shaped. Though the power and handling have remained the same, the look has changed considerably and has lost most of its sex appeal to me.



That would be my recommendation for an alternate vehicle for you. They are particularly good in the winter with the AWD.

Having said all that, I would still take the Rex.

Razz1

Call that number on the loan payment form. The number wher eyou get they pay off amount. Tell them you want to contine payments month by month.

It has worked for me on three leases.

CosmosMpower

I would say that if you were to buy an 05 GT with low miles outright it'd probably cost you 19-20. However you do get the rebate back if you turn it in so you're about even to buy or not buy it. The brake thing should be fixed under warranty/technical service bulletin without cost to you either way.

CosmosMpower

I don't know when you got it but that's about the going rate for an 04 with that many miles. Maybe if you bought it sometime in 05 that would've been a good deal but not within the last 12 months.