Leasing
- Buying Additional Kilometres
- Excess Wear
- GAP Protection Information
- Lease-End Questions
- Security Deposit Information
- Transferring Your Lease
- License Plates/ Registration
- Letter of Release
- Storing Your Leased Vehicle
Q: My kilometre requirements have recently changed on my leased vehicle. Can I purchase additional kilometres?
A: For details, contact the GMAC Customer Service Centre at customercare@gmac.ca or call 1 800 616-4622. Other vehicle customers contact us at customercare@gmac.ca or call 1 800 517-4622.
Q: What is considered excess wear?
A: Excess wear is anything beyond the normal or ordinary wear a vehicle endures. It is wear caused by such things as neglect, abuse, damage or poor maintenance. Excess wear includes:
- broken glass
- dented body parts
- damaged mechanical/electrical parts
- stained or torn interior fabric
- missing equipment that was in or on the vehicle when it was delivered and not replaced within either original equipment or equipment of equal quality and design
Excess wear also includes things that can impair a vehicle's resale value, such as changing the vehicle's appearance or using inferior parts or materials for repairs.
Q: How can I protect myself from excess wear?
A: You can keep your vehicle running at its best by following your vehicle maintenance schedule found in your owner's manual and performing any required repairs at your dealer/retailer.
If you have SmartWear by GMAC, you are already protected against many excess wear costs you might have to pay when you return your lease. Reference your GMAC SmartWear Addendum provided to you when you signed your GMAC lease agreement.
Q: What is Guaranteed Asset Protection?
A: More commonly known as "GAP" protection, this feature is included on all GMAC Lease agreements. If an accident, fire or theft results in the total loss of your vehicle, you do not have to worry about a gap between the lease agreement obligation and the insurance settlement. All you pay is the insurance deductible, provided that all of the contractual agreements of the lease have been fulfilled prior to the accident or theft.
Q: What are my lease-end options?
A: As you approach the end of a lease, there are many options to consider. You can return your vehicle and then lease or buy a new vehicle, choose to simply return your vehicle and not replace it, or you can buy your leased vehicle for the option to purchase price (plus applicable taxes and fees, if any) detailed in your lease agreement.
Q: How can I request a current buyout on my loan?
A: Contact the GMAC Customer Service Centre at customercare@gmac.ca or call 1 800 616-4622. Other vehicle customers contact us at customercare@gmac.ca or call 1 800 517-4622.
Q: Can a family member buy out my lease for the same price that I can?
A: Yes. A lessee's buy-out price is also applicable to a co-lessee or an immediate family member.
Q: Can a friend buy-out my leased vehicle?
A: No. GMAC will sell its leased vehicle only to the lessee, co-lessee, their immediate family members, or a dealer.
Q: At lease-end, do I have to return my vehicle to the dealer that originally leased it to me?
A: No. You can return your vehicle to any similarly franchised dealership in Canada.
Q: Do all GMAC Lease agreements require a security deposit?
A: Yes.
Q: Can someone take over my lease?
A: Yes, If you already have someone in mind to take over your lease, the new individual must visit a Dealer/Retailer, submit a credit application and be approved by GMAC.
If you don't have someone to take over your lease, Leasebusters website can help you in your quest.Contact your dealership to find out if they are a participating GMAC/LeaseBusters affiliate. They are equipped with the knowledge and expertise to aid you in the process, and can offer you very competitive price packages.
If your dealership is not a GMAC/LeaseBusters affiliate, contact LeaseBusters directly. As a GMAC customer you will receive a discount off of the normal posting prices.
Q: Is there a fee to transfer a lease?
A: Yes. A CAD$450 transfer fee (plus taxes) is charged to cover all costs related to lien registrations, credit analysis, document preparation, life/disability cancellations, internal record modifications, mailings and insurance verification.
Q: I just recently moved to another province. What do I need to register my vehicle?
A: You will need a GMAC Letter of Authorization. For details, contact the GMAC Customer Service Centre at customercare@gmac.ca or call 1 800 616-4622. Other vehicle customers contact us at customercare@gmac.ca or call 1 800 517-4622.
Q: My GMAC account is now paid in full. How do I obtain a letter of release for my own records?
A: Contact the GMAC Customer Service Centre at customercare@gmac.ca or call 1 800 616-4622. Other vehicle customers contact us at customercare@gmac.ca or call 1 800 517-4622.
Q: Can I reduce my insurance coverage if I plan to store my leased vehicle for the winter?
A: Vehicles leased with GMAC must carry the following coverage:
- $1 million Public Liability and Property Damage
- Comprehensive (Fire and Theft) coverage Collision coverage may be reduced or removed if the vehicle is not driven at all during the storage period. A Storage Letter, provided to, and approved by GMAC, must indicate the storage location of the vehicle. For details, contact the GMAC Customer Service Centre at customercare@gmac.ca or call 1 800 616-4622. Other vehicle customers contact us at customercare@gmac.ca or call 1 800 517-4622.
