lease to finance

[billyfo]

my 3 currenly w/ 4 yrs leasing, I plan to convert to finance sometime next yr.
1st Q, do I need to go back my dealer for the filing or I can go to any dealer, such as Avante, to help me? I know no one will get any $$ on this, so pretty hard other than my dealer to do it.

2nd Q, what kind of finance rate I\'ll have? using the \'05 rate or used car rate which is usually higher.

thanks in advance.

[Saphress]

My suggestion is to call up Avante... I find they are nice people, it\'s worth a shot even if they won\'t be making any money... Ask them straight up... as for financing interest rates.... why don\'t you try goin to your financial institution to see if you can do a private car loan.... see what the interest rates are on it. You can even check the websites now.

TD Canada Trust http://www.tdcanadatrust.com/lending/paal.jsp

Check that out... decide... all the financial institutions are relatively the same. :P so check it out!

[MajesticBlueNTO]

you\'ll basically be breaking your lease contract so you\'ll have to pay an early lease termination fee along with the buyout value of the car at that point.

read the back of the contract (i.e. \"the fine print\") regarding the early lease termination fee and what other fees are associated with breaking the lease early.

any dealer can help you out with it but don\'t expect to pay new car financing rates.

[billyfo]

thanks for the help.

I know there will be termination fee if I cancel the lease, but how much? but if I change to finance contract through dealer, will Mazda consider it a termination?

[MajesticBlueNTO]

Originally posted by billyfo


thanks for the help.

I know there will be termination fee if I cancel the lease, but how much? but if I change to finance contract through dealer, will Mazda consider it a termination?

the termination fee should be on the contract somewhere. almost all lease contracts are \"full-disclosure\" meaning they outline everything.

the lease is a contract between you and Mazda Canada\'s finance arm...the dealership may try to get the fee \"waived\" but it is considered a termination if you move from leasing to financing.

bottom line, expect to pay.

[m_a_t_r_i_x]

Originally posted by billyfo


thanks for the help.

I know there will be termination fee if I cancel the lease, but how much? but if I change to finance contract through dealer, will Mazda consider it a termination?

-juz an update, have u switch to financing? i was thinking that too, but with penalties of early termination and hazzles i decided to finish off the lease contract, look at the bright side atleast we are not paying interest for the whole amount of the car.

[billyfo]

I haven\'t asked my sales yet, probably around June/July times.

I read the contract, there is only thing mention is buyout before the lease expired. it says you will be paying the remainder of the amount only, i.e. $$ x mths of the remaining contract. for me it would be $400 x 34 mths. nothing about lease convert to finance part, so I still need to ask the dealer.

[m_a_t_r_i_x]

Originally posted by billyfo


I haven\'t asked my sales yet, probably around June/July times.

I read the contract, there is only thing mention is buyout before the lease expired. it says you will be paying the remainder of the amount only, i.e. $$ x mths of the remaining contract. for me it would be $400 x 34 mths. nothing about lease convert to finance part, so I still need to ask the dealer.


ok juz post it here what will the pros and cons (switching leasing to financing) after talking to ur dealer....coz im not comfortabke with the annual mileage that ill be using , i might go over 100k after the leasing contract, thnks