Purchase Financing
- Appraising your Vehicle
- GMAC Custom Payment Plan
- Buying Out Your Vehicle
- Making Lump-sum Payments
- Transfer of Equity
- Letter of Release
Q: Where can I go to find out what my vehicle is worth?
A: Visit Canadian Black Book®, Canada's #1 trusted source for current and accurate trade-in values for over 40 years.
Q: Do I have to make my payments at the same time every month throughout the year?
A: GMAC can schedule payments in varying amounts at specific intervals... ideal if your income is earned on an irregular basis. 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.
*Unavailable in Quebec.
Q: Can I pay off my loan regularly?
A: Yes.
Q: Are there any penalties if I want to pay off my loan early?
A: No. GMAC has a "No Penalty Early Payout Policy," meaning there's no pre-payment penalty when you choose to pay out your account early.
Q: What is the procedure for paying off my outstanding balance at the end of my loan?
A: You can pay off your loan using certified funds (cashier's cheque, bank draft, certified cheque or money order) at any similarly franchised dealer (by appointment only). GMAC is not an authorized agent with any credit card company, so we cannot accept payments by Visa, MasterCard, American Express or other credit cards.
Q: How can I request a current payout 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 I make a lump-sum payment on my loan?
A: Yes. GMAC allows you to make a lump-sum payment on your account so you can lower your monthly payments or pay out your loan sooner.
Q: Can someone take over my loan?
A: Yes, however, the new individual must visit a similarly franchised Dealer,submit a credit application and be approved by GMAC.
Q: Is there a fee to transfer a loan?
A: Yes. A transfer fee of CAD $450.00 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: 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.
