Dubois Mazda

Frequently Asked Questions

Consumer FAQs about Leasing from Mazda Canada

What are the advantages of leasing?

  • Lower monthly payments, because only the vehicle's depreciation plus interest charges are being paid for rather than the full purchase price.
  • Drive a new car more often.
  • Drive a more expensive vehicle for the same monthly payment as a loan.
  • Business owners can use part of the lease payments to deduct from their business income for tax purposes.

What is the difference between an open and closed-end lease? Which one am I signing for?

  • Open-end leases - Residual values are determined at lease termination. The lessee takes all the financial risk because the lessee is responsible for paying any difference in the residual value and the actual value of the vehicle at the end of the lease.
  • Closed-end leases - Residual values are known at lease inception. The Mazda Lease Program is only offered as a closed-end lease program. Therefore, other than returning the leased vehicle at the end of the lease, the lessee is responsible for excess damage or mileage charges.

What are some up-front costs for leasing?

  • First month's payment, registration fees and any down payment such as cash or trade-in.

What kind of administration fees, if any, do I need to pay throughout the lease term?

  • If the Lessee decides to terminate the lease, there is an Early Termination Fee of $350. Please note that the minimum lease term is 12-months. Pro-rated excess mileage as well as any costs related to excess wear and care may apply.
  • If the Lessee decides to extend the lease, the maximum term for extending a lease is 30 days, and a $75 Lease Extension Fee applies.

Are taxes included in my monthly payment?

  • Yes, taxes are applied on the monthly payment. Unlike loans, taxes on leases are applied on the usage portion (depreciation) of the vehicle during the term of the lease. However, for loans, taxes are applied on the entire price of the vehicle.

Who is responsible for insuring the vehicle?

  • The Lessee is responsible for insuring the vehicle. The insurance endorsements need to have Canadian Dealer Lease Services Inc. as the Lessor and The Bank of Nova Scotia as the Lien holder.

What do I need when I take delivery of my leased vehicle?

  • Proof of Insurance.
  • Driver's License.
  • Proof of Income, a Letter of Employment and a Paystub can be used as documents to represent proof of income.
  • Vehicle and Plate Registration, if applicable.

What are my options at lease maturity?

  • The lessee has an option to either purchase the vehicle at end of lease term for residual value, or return the vehicle to the originating Dealer, and perhaps lease or purchase another vehicle.

What must I do when I return my leased vehicle?

  • Someone from DataScan Field Services will conduct a vehicle inspection close to lease maturity.
  • If neither reconditioning nor excess mileage charges are needed, the lessee will return the vehicle to the originating Dealer.

Am I required to regularly maintain my vehicle?

  • Yes, the Lessee is responsible for maintaining and servicing of the vehicle. The lessee agrees to follow the owner's manual and maintenance schedule to make necessary repairs.

Are deferral payments allowed on leases?

  • No, deferral payments are not allowed. Only monthly payments are permitted.

What is my mileage allowance?

  • Standard lease = 24,000 km/year.
  • Low kilometer lease = 20,000 km/year.
  • Excess mileage can be purchased up front for standard leases (24,000 km/year) for all Mazdas for $0.08/km, except the CX-9, which is $0.12/km, plus all applicable taxes.
  • Excess mileage will be assessed at the end of term for all leases (both standard and low kilometer leases), and is charged at $0.08/km for all Mazdas except the CX-9, which is $0.12/km, plus all applicable taxes.

What is the lease end value? Would I ever have to pay anything above the lease end value?

  • Lease end value (residual value) is the value of the vehicle at the end of lease. The lessee has the option to purchase the vehicle at the end of the lease term at the residual value.

Who can I contact if I have any questions/comments/concerns regarding my lease?

  • Mazda Canada Help Line for any concerns relating to the vehicle(s).
  • Scotiabank Help Line for any questions related to payments.
  • Lease end value (residual value) is the value of the vehicle at the end of lease. The lessee has the option to purchase the vehicle at the end of the lease term at the residual value.

Who can I contact if I have any questions/comments/concerns regarding my lease?

  • Mazda Canada Help Line for any concerns relating to the vehicle(s).
  • Scotiabank Help Line for any questions related to payments.
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