Since I cannot get a loan, I'll try to see if I can lease a P5.

Does anyone here know money factor and residual value for 2003 Protege5? Or if you have leased your P5, what where your money factor and RV?

(edit)
I forgot to add: 36 month lease @ 20,000km/year
(/edit--)

Thanks!

 

A lease usually requires an even higher credit rating than a loan. Mazda is pretty lenient with getting you financed, if you didn't qualify for the loan, it would be next to impossible for you to get the car on a lease. Try shopping around for a finance company on your own. You will usually have to drop a larger down payment to convince them to finance you, but it all depends on your credit history and financial situation. You may just have to take on a co-signer, if you can't do it on your own.

 

Hmm, that totally sucks! I really don't want hassles of owning a used car so I really want a new car, but I just can't seem to have luck with getting loan.


(See my post in thread "Need some legal help".)

 

Don't let advice you receive here scare you off from trying to get financing, or lease if that's what you choose. In my experience a lease doesn't require any special kind of credit check -- you're actually financing less money on a lease than you are with a traditional loan. And anyway, it's not that you have a bad credit rating, just that you don't have enough of a history for Mazda to want to finance you, as I understand it.

Mazda's 'Mazdamaker' feature on their website actually gives you the lease finance rates (you can convert to money factor) as well as an approximate residual value. I leased for three years, 20k/year, and my residual is just over $13,000.

 

I don't know how people do under 20K per year. If you only use your car to go to work a few times a week then maybe. I bought my P5 in April and it just turned over to 15k on Sunday, 20th October. So in a few months I will be over 20K if I had leased.

As for leasing, I also heard that it was easier to lease than to get a loan but then that was a Chevy dealer. Another thing to consider, is that if you lease you cannot do anything to your car unless you plan on doing the buy out thing at the end. So no intake, no rims, no mods etc.

 

I'll put on just under 20K in my first year. And that includes a fairly long trip to BC...probably 3K. I think 20K - 25K is an extremely average amount to put on in a year, hence the reason that it is common when you lease. In five years that's 100K...what's the warranty on a Mazda?

The dumbest thing you could do with a lease is to buy the car out at the end. You just finished 3-4 years financing the car, then you turn around and take on another 2-3 years? Ouch. The best thing to do would be sell it before your lease is up, if you do it right you might get more than you have owing.

You shouldn't be considering a lease unless you expect to walk away from your car at the end of it. Consider the amount you've paid over for the lease as paying the depreciation up front . Leasing is a different way of looking at owning a car. Yup it is going to cost you more, but if you continue doing it you'll be driving a new car every 3-4 years. And driving a car that always has a warranty.

Just make sure you take care of the car, do the proper servicing...and don't do anything to it that you can't un-do.

Jay

 

It's not really that uncommon to drive less than 20,000 km/year. I personally only put on about 12,000 km every year because I live close to work and don't drive out of town much. Good example of how leasing's not for everyone. You have to be certain you can stay within the kilometre limit.