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The way Mazda works it, if you cancel your reserved car before it ships to the dealer, it will be offered to the next person on the waiting list and gets redirected to another dealer.
Once it’s delivered to the dealer, it’s in limbo till the owner of the reservation accepts or declines the car.
If the reservation holder declines the car once it’s at the dealer, it becomes part of the dealers inventory, and Mazda USA’s waiting list doesn’t apply to this car.