Beginning
Congratulations on the purchase of your new vehicle. We hope that it's everything you expected - and much, much more. Now that a few months have passed, you may have some questions about your GMAC purchase finance contract. We're here to help.
- Understanding GMAC's lien on my vehicle
- Transferring my GMAC loan
- Changing my payment date
- Deferring a payment
Understanding GMAC's lien on my vehicle
GMAC, like many financial service providers, registers notices of its security interests or "liens" on all financed vehicles in accordance with the provisions of provincial personal property security law. The registration is done to protect GMAC's interest in the unlikely event of a default on the loan.
GMAC always registers its security interests for one year longer than the term of your loan. This covers any extensions you may request during the course of your loan. Depending on the province you live in, you may receive a letter in the mail shortly after opening your GMAC loan confirming GMAC registration under local provincial personal property security law. No action is required on your part. You can simply file the letter for future reference.
If you would like more information about the Provincial Personal Property Security Law , please visit www.ppsa.net
Transferring my GMAC loan
During the course of your finance contract, your circumstances may change, requiring you to find somebody to take over your loan. What should you do?
- Your first step is to find someone who would like to take over your GMAC loan.
- They will then need to visit a GMAC affiliated dealer to complete a GMAC credit application.
- Upon approval, GMAC will transfer your vehicle's ownership to the new owner. Please be advised that GMAC charges a transfer fee , which covers all costs related to lien registration, credit analysis, document preparation, life/disability cancellations, internal record modifications, mailings and insurance verification.
- Once you've transferred your ownership, you're no longer responsible for the vehicle or loan.
Changing my payment date
Need to change your payment due date? At GMAC, we try to be as flexible as possible to meet customer needs.
- E-mail us or call the Customer Service Centre at 1 800 616-4622 a minimum of 2 business days prior to your due date
- You can change your payment due date for up to 29 days.
- Please keep in mind that you can change your payment due date a maximum of three times during the course of your loan.
- If your income is earned on an irregular basis, our Custom Payment Plan* may be right for you. GMAC can schedule your payments in varying amounts throughout the term of your contract.
*Unavailable in Quebec.
Deferring a payment
Sometimes, life circumstances make it necessary to defer a payment to the end of the loan. Whatever the reason* - family emergency, job loss, health problems - we will do what we can to help. Customers who have made at least six payments on their GMAC loan are eligible to defer a payment.
- E-mail us or call our Customer Service Centre at 1 800 616-4622 and let us know why you need to defer a payment.
- Upon receipt of all required documents, your monthly payment will be added to the end of your loan. In other words, the term of your loan will be extended.
- Please note that certain conditions apply and a fee may be charged for this arrangement.
*Subject to GMAC approval
