REL_RX8

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Quote:

Originally Posted by 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.

If you read the beginning of this thread, you'll see that I already extended the lease, and as far as I know, I can't extend it again...

Khyron, that WRX does seem like a worthy alternative, but I would still prefer the 8 over it. If I can get a good deal on a WRX I just might take it.

Quote:

Originally Posted by CosmosMpower

The brake thing should be fixed under warranty/technical service bulletin without cost to you either way.

I tried to get this fixed when I was only 12 months into the lease, but they would NOT cover it.

Thanks for the replies everyone and keep them coming.

CosmosMpower

They lied, it's a factory warranty issue. Go pull the TSB from finish line performance and take it in to the dealer.

Revvittupp

Rel, I think we "spoke" earlier and I helped get you thinking abotu extending the lease...
If I were you, at that lease payment, the first thing I'd do is try and extend it again.

After that, your buyout price isn't horrible. I bought my 05 T with fewer miles for quite a bit less 4 months ago, but then again, I went directly to the auction.

I guess my questions at this moment... not sure if I asked before... How does yoru state work taxwise? Have you already encumbered the whole tax burden, or whould your "repurchase" also include taxes. I know you need new tags, as the car will hav e a new owner. If no new taxes then I would absolutely buy the car out. Any bit of overpayment would be lessenned by the tax issue, and driven home by the fact that you know this car's history. You sound like someone that takes very good care of your car, and thus this car IS worth more to you then anyone else.

REL_RX8

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Quote:

Originally Posted by Revvittupp

Rel, I think we "spoke" earlier and I helped get you thinking abotu extending the lease...
If I were you, at that lease payment, the first thing I'd do is try and extend it again.

NOT ANYMORE SEE POST BELOW: (Good timing to ask, because I just extended my lease for another 4 months! (April).) The best buyout I could get from a dealer was only $16,000! Apparently this is the worst time to sell a sports car if you're living in the north. I really expected more though for a used car in excellent condition.

REL_RX8

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Ok, I have some crappy news. Mazda Credit led me to believe that I could have my lease extended for another 4 months as long as I had an order number from a dealer. They also said that I wouldn't need to put anything down, and can cancel the order whenever and not lose anything.

Unfortunately, it appears that I'll have to put a non-refundable $500 to secure an order which will go towards the new car. My problem is, 2008 is the final year of production for the RX-8, so it's being discontinued. Which means I cannot place an order on another RX-8.

Is there any way to get an order number without having to throw $500 down? I do not have the money right now and could only pay about half of that.

Right now they suggest that I turn the car in, and lease a CX-7 Sport for $300/mo with nothing down. The CX-7 is ok, but it's just not for me. I swore to myself I would never get an SUV. :P

Right now I'm watching a used 2003 Audi A4 1.8t Quattro with 50,000 miles on it for $15,500, and I think that would fit my needs better than a crossover SUV! I don't know enough about Audi's to tell if that's a good deal. But I'm sure it would be a better car for the winter! I can't imagine it being more unreliable than a rotary engine. Haha.

reaper1

They are being a pain in the *** now. You still want the car and if your giving them monthly payments that should not be an issue. Your pretty much renting it from them. They should take that money and deducted from your payoff .

When mines is done I plan on giving them my payoff and taking my car with me . I would have about 9,000.00 left . If I get any hassel I;ll tell them to shove it up there U hole and walk out . the end of Mazda for me . That will guide me to my chevy dealer ( corvette ) time .

Revvittupp

Buy yoiru elase out then... Didn't we come up with payments south of $300 a coupel fo months ago, based on yoru previous payoff. With a lower payoff you should still be below $300 as, if anythgin the rates should have decreased. If you like yoru RX8 as much as you seem to, it will certainly be a better fit. With the audi you would have to pay new tax and REG, not jsut REG and you would be welcomed to the world of Audi electrical systems.

04RX8man

Just buy it u won't regret it if you don't buy but buy another used one because of price at least u know exactly what this one has gone through can't say that for other ones.

REL_RX8

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Alright I think I know what I'm going to do. I'm going to try to negotiate a lower payment for an order number, then extend my lease for 4 months till I can get a better job so I can buy the car in April.

I realize that I got an excellent lease deal, and I would have to be a fool NOT to buy it. With the RX-8 being discontinued after this year, my car will only become more rare on the road (points for that ).

My only concern is maintenance costs as I put miles on the car. But figuring I only do about 6k miles a YEAR, this car will last me a while! :D

So right now my goal is to get an order number for as cheap as possible. If anyone has any brilliant ideas, please speak!

REL_RX8

Okay, it's been 4 months since my last post. My lease has a couple more days left and it looks like I'm going to have to let it go (It's going to be one of the hardest things I've had to do). I will miss the happy feeling I get every time I simply look at it. Please read on...

1) I don't have a long enough credit history to approve for a $17,000 loan, nor does my monthly income *qualify* me for one (I could barely make the new monthly payments). I don't have a cosigner either.

2) The lease buyout increased from $17k to $18k because of my 6 month lease extension. I guess they do that because they could have sold the car when my lease was originally up (when the car was worth more).

3) Because this vehicle wasn't signed under my name, I will have to pay another $1,200 or so dollars in TAX because the official owner of the car is not going to be on this lease buyout. I would be considered a 3rd party buyer.

4) The car needs tires replaced soon. (Another $800-$1000?)

5) I could be saving a lot more money on gas every month with a different car.

6) I'm assuming the RX-8 is a reliable car when it's well taken care of. The warranty is up in 6 months. Tell me owning this car without a warranty would be hell. I want to hear bad stories.

7) I don't make a lot of money.

GOAL: Because buying it would put me in the $330/mo range (paying $200/mo now), I'm trying to hold onto it as long as I can. I hear speculation that the 2009 lineup is coming out very soon, so I'm going to try to get the dealer to call Mazda and ask if they can extend my lease as well, because I've tried again and failed. Having to turn this car in during spring just totally blows, because summers are the highlights of the car. If I could at least keep it till July or August that would be awesome.

This is just such a shame because I only have 14,500 miles on it after 2 1/2 years of ownership when I'm allowed 28,000.

FINANCES
The original buyout on the car was $17,000, however, by extending my lease for 6 months, the buyout increased to $18,000. If I buy the car, it won't be under the original owner's name (since my dad is unable cosign on a lease buyout), because of this, I would be considered a "3rd party buyer" which means I would also have to pay tax on it. With the increase in buyout cost and tax charge, my car would now costs between $19,000 and $20,000 to buy. I know the car only only has 14,500 miles on it, but would this be considered a good buy any more? Don't forget another $1,000 for some new tires it desperately needs.

NOTE: What makes losing this car so difficult is not having any alternative cars in a reasonable price range. I feel that the RX-8 is truly one of a kind. I've been looking out for cars for the past couple weeks and there's been nothing that even comes close to the RX-8 in terms of awesomeness. Is this just an irrational obsession? It's true that I wouldn't rather own any other car for under the $35,000.

Tell me buying this car would be a bad decision. If I only had the power to not want it anymore, life would be easy.

What I'm looking at: I would like a car that has good performance an eye catching appearance. The next car that's most eye catching would be the CX-7. Tell me, if you had to give your RX-8 up and wanted a car in the $200-$250/mo range, what's the closest thing you can think of that possesses the most similar qualities of the RX-8?

Any help or advice would be greatly appreciated. The anxiety is killing me and I'm dying to have some light shine on this.

CarAndDriver

Complicated.

midlifer

Yes, you can make deals with the leasing company. The last thing they want it to have the car back. I bought a truck after a lease end years ago and did everything over the phone. They sent me the papers to sign and it was done.

Bob

Razz1

Umm.. they are BSing you.

Your payoff now is less after extending the lease 6 months not more.

Sounds like time for a co signer except you can not afford the payments.

I don't know how in the hell you got a new car for 200 month lease.

You must have put a ton of money down. But if that was the case your payoff would be low. Something don't make sense.

Your best bet is a lease on a Civic. Ding ding for MPG 36 Hwy

REL_RX8

I got very lucky, and I only put $2,000 down for a 24 month lease.

The reason the price increased was because Mazda lost money by me extending the lease. I'm wondering if this penalty only applies to the original owner of the car, because the car's value certainly didn't go UP.

I'm probably going to end up just getting a CX-7 or something. I probably won't be able to afford it fully loaded like my RX-8 was, so that will suck. I want auto dimming mirror, HID headlights, and a sunroof.

Need as much advice I can get before tomorrow. Thanks guys you're the best.

mike73737

I would say save your money. It sounds like you're streching yourself pretty thin as it is right now. Buying it out would make it worse. It's probably not worth $18k in the open market anyway, so buying it out doesn't make sense from several angles. If I were you I'd get a cheaper car and save my money until I could comfortably afford it. Gas is only getting more expensive and if you get injured or lose your job you're going to get the car repo'd...

Macius8

iTrader: (3)

Make your dad buy the car and then transfer the loan and the title onto your name. You dont have to pay any taxes if you transfer the vehicle title onto a family member.
I transfered the title, which was in my name onto my dad for insurence purposes. Got into an accident in the previous car and my insurence sky-rocketed a few months after I got the 8. Needless to day I save two bills a month. Just an option I guess.

REL_RX8

I'm sorry, you must be missing pieces of the situation. If you read above, you will see that my dad can't even cosign for me on a loan let alone buy it himself. I don't have long enough credit history to get one by myself, so if there are any multimillionaires who would like to help me out please do. I'll be your slave for life. :P

From the sound of the dealer, if I were to transfer the car under my name, I would be considered a 3rd party buyer, therefore having to pay tax. Being family and even living in the same house hold doesn't seem to matter to them.


As much as I hate facing reality at this point, you're absolutely right. Right now I am indeed stretching myself thin, and with the warranty being up in a few months, I really don't have the money for an emergency in case anything happened. I must also not forget that I need new tires ASAP, and would like to get a couple other things fixed.

Anyways, it's a relief knowing that I'm not walking away from a great deal anymore. What made this most painful was having to walk away from a nice car with low miles with a steal buyout price. With some research, I have found that my car is running for even less than my buyout on the open market. So even if I could lease buyout the car for $18,000 without taxes, I might save very little to nothing at all. Not knowing for sure whether I would have to pay taxes has an effect too... (about $1200?)

I'm thinking about renting a sport bike for a couple weeks to take the sting off of having to turn this car in, because there is no doubt that I'm going to have to really downgrade. It's going to suck being like everyone else on the road with their generic body builds.

The question now is what to get next? I already have $500 secured with Mazda, but the CX-7 is the only car that interests me. I've thought about the Mazdaspeed3 but those are so goddamn ugly. I'm gonna look to see if there are any decent leases on a Saturn Sky or Solstice. Might check out a Charger too, but those might be too much.

Thanks again for the advise guys.

mike73737

One heads up for you too, if you're returning a lease my understanding is that you need to return it with decent tires. In other words they might make you buy new tires before they'll take it back. (sorry to be the bearer of bad news if this is the case for you...) I think brakes are the same deal too.

REL_RX8

How much would they hit me for tires, and would I have to replace all 4?

Back a few months ago when I had service at the dealer, they were saying they would probably hit me for new tires.

Razz1

Book price .. areund 250 bucks each.

The tires have to be below normal wear, if they are you get hit unless you buy them yourself.

Just ask them if your tires are ok BEFORE you turn it in.

delhi

I must be missing something here. So you want to let go of the rx-8 lease and get a CX-7??? That's the SUV you know that right?
It's also more gas guzzling than the 8 but minus the sportscar-ness despite what Mazda marketing wants to tell you.
Why not look into a used NB Miata?

REL_RX8

Why do you recommend a second generation Miata?

I might consider leasing a new 2008 model... I just wish they would change the headlights and especially tail lights.

StewC625

I've leased cars for 20+ years. I've bought exactly two of them post-lease and that's because the leasing co. gave me an offer I couldn't refuse - one was a Dodge Caravan minivan and they offered to let me buy it for $8K when the original buyout was $13.5K and the book average retail was $12K. I sold it for $11.3k to a friend.

And the other one was an Acura TL - the car before my RX-8. Similar situation - leasing co. didn't want it back, made me a great offer that I accepted and then resold for a profit.

The ONLY way I'd buy a car off the end of the lease is if they sold it to me for way less than the original residual AND the market value of the car was significantly better than their buy offer.

These RX-8s haven't held value well, and inexplicably, the leasing companies still aren't dealing on them. Mine goes away in October and I'm planning to just hand them the keys and go pick up my new Mercedes. Nuff said.

Razz1

I still don't see how you can get any car for 200 bucks.

REL_RX8

Well apparently the RX-8s were over produced that year, and they had the new lineup coming in soon. So they wanted to clean the last couple off their lot, but this is not important right now and I want to stay on topic.

Cars I've considered leasing:

Mazda Mazda3 Sedan (Hatchback looks ricey and cheap)
Mazda Miata MX-5
Mazda CX-7
Saturn Aura
Pontiac G6
Pontiac Solstice
Nissan Altima

WHAT I WANT
What I really want to do is extend my lease again somehow by whatever means necessary. I hear Mazda can extend a lease for up to a year as long as an order is placed on a new vehicle. If only I could have the car for a couple more months for when Mazda releases the new Mazda6 and 2009 RX-8, I would be so happy. The problem is the 2009 models don't exist yet and you can't place an order on a nonexistent car. Any suggestions people? (I've only extended for 6 months)

How can I explain to Mazda Credit that I only need the car for 2 more months for when the new RX-8 and Mazda6 comes out? Otherwise I'm probably going with a G6. So far they have the best leases running right now.