Lease Buyout?

[tony33461]

I am leasing an 06 Speed6 which the lease started on May 2006 and is a two year lease...the buyout option is around 21k but seems ridiculously high when you could have bought a new one for 24k...I am thinking i want to buy the car eventually, but how likely am I to get mazda to let me buyout the lease prior to the two year agreement being up? Instead of wasting 360 a month on a payment when i could be paying 360 a month for my own car...anyone have any knowledge of this?

[Confuc1ous]

thats a high buyout, im surprised. I wouldnt bother buying it, I dont think its worth the extra money they're trying to hustle you out of.

[firedawgs]

You can buyout a lease at anytime. Go to the dealer and see what the payment would change to buy it out now, rather than waiting one more year.

[tony33461]

You can buyout a lease at anytime. Go to the dealer and see what the payment would change to buy it out now, rather than waiting one more year.[/b]

interesting? im quite sure the buyout shouldnt be more than 17k now maybe? i have 14000 miles on it...around what would be reasonable?

[firedawgs]

That all depends all what APR you have. OK, go get your contract and research a view things.

First, the biggest thing you need to find out is if you have a opened end lease or a closed end lease.

Closed end Lease = These leases give you the option of purchasing the car at the end of the lease term, but also allow you to walk away without buying. Generally, the purchase price is determined before the lease is signed. Closed-ended leases offer the benefit of choice.

Open end Lease= These can get expensive if at the end of the lease the projected value of the vehicle is larger than the fair market value. Open-ended leases generally offer the advantage of lower monthly payments.

With a closed–end lease, it is the leasing company. With an open–end lease, it is the consumer

Look under the section called Early Termination. This section explains what will happen if you decide you don't want the car anymore or if it's totaled in a wreck. You will be required to pay at least the remaining lease payments, a disposition fee and possibly other fees, depending on your lease. Be sure you understand these charges before you sign any papers.

This should help you make a more educated decision on your lease

[bechhead]

That all depends all what APR you have. OK, go get your contract and research a view things.

First, the biggest thing you need to find out is if you have a opened end lease or a closed end lease.

Closed end Lease = These leases give you the option of purchasing the car at the end of the lease term, but also allow you to walk away without buying. Generally, the purchase price is determined before the lease is signed. Closed-ended leases offer the benefit of choice.

Open end Lease= These can get expensive if at the end of the lease the projected value of the vehicle is larger than the fair market value. Open-ended leases generally offer the advantage of lower monthly payments.

With a closed–end lease, it is the leasing company. With an open–end lease, it is the consumer

Look under the section called Early Termination. This section explains what will happen if you decide you don't want the car anymore or if it's totaled in a wreck. You will be required to pay at least the remaining lease payments, a disposition fee and possibly other fees, depending on your lease. Be sure you understand these charges before you sign any papers.

This should help you make a more educated decision on your lease[/b]

3

Mazda offers Close end lease
You can buy out your lease anytime during the lease if you want to
call Mazda American Credit and enter your SSN to find out your balance over the phone

[awh]

If you wait till the end of the lease you can potentially negotiate the buy out price lower. Do a google search on negotiating lease buy out. You may be able to save a few thousand dollars at the end of the lease agreement if you negotiate with them.