Last Month
Wondering how to return your leased vehicle? Thinking of leasing or buying a new one? We've got the answers you need to make informed decisions at the end of your lease.
- Knowing my lease-end options
- Returning my vehicle at lease-end
- Inspecting for excess wear
- Getting back my security deposit
- Extending my lease
- Changing my payment date
- Deferring a payment
Knowing my lease-end options
The end of your lease is just around the corner. You're probably looking forward to getting behind the wheel of your next new vehicle. A wide range of GMAC financing choices awaits you.
- Return your vehicle and lease a new vehicle at an attractive GMAC lease rate . One of the best aspects of leasing is the opportunity to drive a new vehicle every few years. (Check out Returning my vehicle for more details.)
- Return your vehicle and buy a new vehicle. Should you prefer to own your next vehicle, there are many great purchase finance rates available from GMAC.
- Return your vehicle and don't replace it. You may simply choose to return your vehicle to your dealer, hand over the keys and "walk away" with no further obligations.*
- Buy your leased vehicle. You can purchase your vehicle for the "Option to Purchase" price (plus applicable taxes and fees, if any) detailed in your lease agreement.
- Release your leased vehicle. GMAC has a variety of attractive used vehicle plans to suit your needs.
Returning my vehicle
You're very close to the end of your lease. And, unless you plan to purchase or release the vehicle, you need to know how to return it. With GMAC, returning your leased vehicle is not as complicated as you may think. What's the procedure?
- Make an appointment with your dealer to return your vehicle on (or before) your scheduled lease-end date.
- When you return the vehicle, you and your dealer will complete a GMAC Lease Termination Report . Your dealer can provide you with a copy of the completed report for your records.
- Your returned vehicle will be inspected by an independent company.
- If we find any excess wear or excess kilometre usage , we'll inform you in writing of any extra charges, usually within 7-10 days.
Avoiding excess wear
During the course of your lease, you may be concerned about the condition of your vehicle and any damage you'll have to pay for when you return the vehicle. Don't be too concerned. Instead, be prepared. GMAC understands that normal vehicle wear is a fact of life. But how can you avoid excess wear? It's easier than you think.
- Always maintain your vehicle in accordance with the manufacturer's recommended maintenance schedule.
- 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 ideas).
- For maintenance and/or repairs, visit your dealer and take advantage of factory-trained technicians, quality manufacturer parts and competitive prices.
Getting back my security deposit
If you provided GMAC with a security deposit a few years ago when you first took delivery of your vehicle, you may be wondering when you will get it back.
Once you've returned your vehicle, it will be inspected for any excess kilometre usage or excess wear . If none exist, and there are no other charges outstanding on your account, you can expect to receive a full refund of your security deposit in the mail from GMAC.
Extending my lease
Your new vehicle is on order and time is running out on your current lease. In a matter of days or weeks, you'll be without a car. What should you do? Simply ask us to extend your current lease. If extending your lease is what you need, we're here to help.
If you have a vehicle on order and need an extension, e-mail us or contact our Customer Service Centre at 1 800 616-4622. Simply give us your factory invoice number and we'll be happy to extend your lease. Don't worry, your guaranteed "Option to Purchase" price will remain the same for up to 3 months.
You also don't need to worry about excess kilometre charges . The allowable kilometres under your current GMAC lease agreement will be adjusted accordingly for the extension period.
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.
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.
