Midway

At GMAC, we understand that the only constant in life is change. Major events, like becoming a parent or changing jobs, can certainly alter your situation and give you reasons to set new priorities. Whatever your priorities, we're here to help you - with answers to any questions you may have at this point in your loan.

• Transferring my GMAC loan
• Changing my payment date
• Deferring a payment
• Paying off my loan early
• Appraising the value of my vehicle
• Staying on top of my vehicle's maintenance needs
• Protecting my vehicle with an extended warranty

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.

BACK TO TOP

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.

BACK TO TOP

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

BACK TO TOP

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.

BACK TO TOP

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, 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

BACK TO TOP

Staying on top of my vehicle's maintenance needs

Some drivers put off looking under the hood until something goes wrong. Others believe that all they must do is drive their cars, fill them with gas and change the oil to make them last five or 10 years. Neither is the right approach.

Whatever your vehicle cost, it is a significant investment that requires great care. Like any other machine, it needs regular maintenance. A well-maintained car lets you get the most out of it.

Regular maintenance leads to:

• Longer life
• Peak performance
• Greater safety
• Optimal resale value

Here are a few points on general maintenance that you should consider:

• Keep your vehicle clean (wash it regularly inside and out).
• Get your vehicle serviced at regular intervals. Always maintain your vehicle in accordance with the manufacturer's recommended maintenance schedule (refer to your owner's manual for details).
• Complete all required recalls issued by the manufacturer.
• Maintain fluid levels, change the oil and oil filter, rotate tires and maintain tire pressure, inspect and replace belts and hoses - in addition to other maintenance (see your owner's manual for more details).
• Maintain a log book with details on repairs, maintenance, routine checkups and recalls.
• For maintenance and/or repairs, visit your dealer and take advantage of factory-trained technicians, quality manufacturer parts and competitive prices.

BACK TO TOP

Protecting my vehicle with an extended warranty

Is your manufacturer warranty about to expire? Knowing the answer to this question can save you a lot of money.

One major repair can often add up to more than an extended warranty. How much would it cost if your vehicle broke down tomorrow?

• An engine or transmission repair: $3,000 - $5,000.
• Labour: $60 to $90 per hour (plus the price of parts)

Without any warranty coverage, you take the chance of paying a huge repair bill sometime down the road. The alternative is to opt for affordable protection. Protect your vehicle with an extended warranty and take the worry out of auto repairs.

• Treat extended warranties as insurance policies. Their coverage begins after the expiration of your vehicle's manufacturer warranty.
• If your vehicle is still protected under its standard warranty, you may still be eligible to purchase an extended warranty for when your current warranty expires. Consult your dealer for details.

BACK TO TOP