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Last Six Months



Now that the end of your loan is on the horizon, you may be starting to wonder about your next move, setting new priorities in the process. Need some guidance? We have the answers you need right here.

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.

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Changing my payment date

Need to change your payment due date? At GMAC, we try to be as flexible as possible to meet our customer's needs. We will do our best to accommodate you.

  • E-mail us or call the Customer Service Centre at 1 800 616-4622 a minimum of two 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 lease and that a fee may apply for this service.
  • If you earn your income on an irregular basis, our Custom Payment Plan* may be for you. GMAC can schedule your payments in varying amounts throughout the term of your contract. Contact GMAC or consult FAQ for more information.

*Unavailable in Quebec


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Deferring a payment

Sometimes, life circumstances make it necessary to defer a payment to the end of the lease. Whatever the reason* - family emergency, job loss, health problems - we will do what we can to help you. Customers who have made at least six payments on their lease agreement 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 lease. In other words, we will extend the term of your lease.
  • Please note that certain conditions apply and a fee may be charged for this arrangement. Contact GMAC for more information.

*Subject to GMAC approval


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Paying off my loan early

With GMAC, there is no penalty when you want to pay off your loan before maturity. In other words, you can terminate your loan whenever you want - at no cost. Here's what you can you expect.

  • GMAC has a "No Penalty Early Payout Policy," meaning there's no pre-payment penalty if you choose to pay out your GMAC loan early.
  • You can pay out your loan (using certified funds ) at any GMAC affiliated dealer or through telephone or Internet banking. Contact your financial institution for details.
  • Remember, you can always make a lump sum payment on your GMAC account to pay off your loan sooner.

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Appraising the value of my vehicle

What's your vehicle worth? Knowing the value of your vehicle can be very useful if you plan to sell it privately or trade it in for a newer model.


If you underestimate your vehicle's value, it will sell too quickly - at too low a price. If you overestimate the amount, your car won't sell immediately and you could be forced to sell it at a price way below its value.


Assessing the value of your vehicle is not a guessing game. Here are a few ways to do it properly.

  • Get several quotes on your car's estimated value, then add them up and divide this amount by the number of quotes you received. Use this figure as the basis of your vehicle's appraisal.
  • Be sure to factor in all the features that may positively affect the price of your vehicle, such as air conditioning, sunroof, CD player/changer and power windows.
  • You'll also need to consider all the conditions that may adversely affect your vehicle's value, such as high mileage, dull or chipped paint, rust, chipped or pitted glass, worn or stained upholstery and carpeting, worn suspension or poor alignment.
  • If your vehicle needs to be repaired and you don't want to fix it before you sell or trade it in, deduct an estimated amount for the repairs from your asking price.
  • If you have customized your vehicle, add the cost to adjust your asking price accordingly.
  • Consult rough guides that are specifically written and updated regularly to help you determine the value of your used car.
  • To quickly determine the estimated trade-in value of your vehicle in Canadian dollars, visit the Black Book® Site

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Making my final payment

Congratulations! You're about to make the final payment on your loan. Thank you for choosing GMAC for your financing needs.


Now that you're almost at the end of your loan, you may be thinking about buying or leasing a new vehicle. A wide range of exciting new vehicles and tailored GMAC financing solutions await you - whether you're thinking of buying a car, SUV, van or truck.


First things first: here's some timely advice on making your final payment.

  • The final payment on your loan can be made through any of these convenient payment options (pre-authorized payment plan, telephone/PC banking, post-dated cheques or mail).
  • If your contract included a charge for credit life and/or disability insurance, you may be able to get a partial premium refund if you cancel the coverage upon paying off your loan (contact your dealer or insurance company for more details).
  • Under certain circumstances, GMAC would extend the opportunity to work out a satisfactory arrangement for unpaid balances.
  • Expect GMAC to send you a paid-in-full statement, indicating that you've met all loan contract obligations (all your payments are up to date and you do not owe any late charges or other fees).

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Trading up to a new vehicle

Is the amount you owe on your vehicle less than what its worth? If so, you may want to think about trading in your car. Of course, only you will know when it's the best time to trade-up to a newer model. Today, there are more exciting, new vehicles than ever - and a wide range of GMAC financing choices are available to you. Here are a few helpful hints that can help you maximize your vehicle trade value and aid in your decision.

  • If you've purchased a new vehicle and financed more than 80% of the total price, trading too early in your loan contract may result in a deficit. You may still owe more than the trade value of the car (in other words, you'll be in a negative equity position).
  • When you have enough equity in the vehicle (when you're in a balanced equity or positive equity position), you should discuss trading in your vehicle for a newer vehicle with your dealer.

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