Help/FAQs: Personal

Automotive Vehicle Financing - General Questions

What is traditional retail financing?
Traditional retail financing is an installment sale transaction between you and your dealer whereby you agree to pay the amount financed, plus an agreed upon finance charge, over a period of time.

How do you know if traditional retail financing is right for you?

Generally, if you plan to drive your vehicle for more than just a few years, you consistently drive well over 15,000 miles a year, you plan to alter the vehicle's appearance or you feel more comfortable with the idea of "owning" a vehicle, traditional financing is probably right for you.

How does traditional retail financing compare to leasing?

The major difference between buying and leasing is ownership of the vehicle.

• When you buy you are the owner of the vehicle.
• When you lease, the leasing company is the owner and its name is listed on the title.

Click here to view other important differences between Buying and Leasing

Where do you go for traditional retail financing?
Most banks, credit unions and automotive financing companies offer traditional retail financing. Traditional retail financing from GMAC is always conveniently available right at your GM Dealer. Click here to locate a GM dealer near you.

If you still have questions regarding traditional retail financing, click here for more information.

What is SmartBuy?
SmartBuy is like a lease because monthly payments can be lower than with traditional financing. However, with SmartBuy you own the vehicle. A balloon payment is due at the end of a SmartBuy contract, but you have several options, including paying the final balloon payment or simply returning your vehicle and paying a disposal fee (plus any applicable excess wear/mileage charges). Click here to learn more about SmartBuy.

How do you select the SmartBuy end-of-term option that's right for you?
At the end of your contract, you can:

• Keep the vehicle and make a final balloon payment for the outstanding SmartBuy balance.
• Keep the vehicle and refinance the outstanding balance, subject to credit approval in some states.
• Sell the vehicle yourself, pay the outstanding balance and keep any profit.
• Simply return the vehicle to the dealer and pay a disposal fee. Your vehicle will be inspected either by the dealer at the time of return or by a third party inspection company usually within 48 hours of return. If there is excess mileage or excess wear, you may be responsible for additional charges.

You choose the option that best suits your needs. Click here to review more information regarding SmartBuy end of term options:

SmartBuy is available in a limited number of states. Other restrictions may apply. See your participating GM dealer about availability and qualification details.

Who is responsible for maintaining and insuring your SmartBuy vehicle?
You are responsible for maintenance, (you can refer to your vehicle owner's manual for the recommended maintenance schedule). You are also responsible for insuring your vehicle as stated in your SmartBuy contract.

How can you avoid excess wear charges on your SmartBuy vehicle?
Keep your vehicle in good working condition and follow the recommended maintenance schedule in your owner's manual. You will only be charged for excess wear if you return the vehicle at the end of the SmartBuy period instead of retaining ownership. Your GM dealer has the details or you can call GMAC at 1-800-200-4622. Click here to view GMAC's SmartBuy Excess Wear Table

How many miles can you drive a year with SmartBuy?
The standard SmartBuy agreement allows you 15,000 miles per year. You can also arrange for additional mileage at the beginning of your contract. If you exceed the base mileage allowance, you'll only be charged for additional mileage if you return the vehicle to GMAC at the end of the SmartBuy contract, (instead of retaining ownership).

Can you trade your vehicle before the SmartBuy contract is up?
Yes. You can terminate your SmartBuy contract by notifying your GM dealer. Your dealer can inform you of your early termination obligations.

If you still have questions regarding GMAC's SmartBuy Program, click here for more information.

Automotive Vehicle Financing - Payment Options

Does GMAC offer an automatic payment option?
Yes. GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your checking or savings account. GMAC does not charge for this service.

What other billing options does GMAC offer?

GMAC offers monthly billing statements and annual coupon books. If you would like to change your account billing method, create a profile at the GMAC Account Center, add your automotive account and change your billing method or contact us at 1-800-200-4622.

How do I sign up for GMAC Direct Pay?
There are three easy ways to sign up for GMAC Direct Pay:

1. Create a profile at the GMAC Account Center, add your automotive account and change your billing method to GMAC Direct Pay.
2. Complete the authorization form included in the GMAC Welcome Package, mailed shortly after financing or leasing a vehicle through your dealer and GMAC.
3. Obtain an authorization form by calling 1-800-200-4622.

When can I expect to receive my billing statement?
Billing statements are mailed approximately 20 days before your due date.

Can I make my payment without my statement or coupon?
Yes. Be sure to include your name and GMAC account number on your payment.

Can my billing address differ from my home address?
Yes. Contact us at 1-800-200-4622 to provide new information or a change of address.

Automotive Vehicle Financing - GMAC Direct Pay

What is GMAC Direct Pay?
GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your checking or savings account. GMAC does not charge for this service. This process eliminates the hassle and expense of writing and mailing a check every month.

How do I qualify for GMAC Direct Pay?
All you need is a GMAC Account and an active checking or savings account.

How do I sign up for GMAC Direct Pay?
There are three easy ways to sign up for GMAC Direct Pay:

1. Create a profile at the GMAC Account Center, add your automotive account and change your billing method to GMAC Direct Pay.
2. Complete the authorization form included in the GMAC Welcome Package, mailed shortly after financing or leasing a vehicle through your dealer and GMAC.
3. Obtain an authorization form by calling 1-800-200-4622.

What do I need to sign up for GMAC Direct Pay online?
An internet browser with 128 bit encryption (Internet Explorer 5.0 or higher, Netscape Navigator 4.7 or higher), your GMAC and bank account information, and a printer in a secure location to print out a copy of the authorization form for your records.

Can I select a due date that will be compatible with the date funds are available in my account?
Yes. A one-time due-date change of up to seven days is available for the purpose of signing up for GMAC Direct Pay. There will be a charge for any additional days. Contact GMAC at 1-800-200-4622 for additional information. If you are a potential GMAC customer, advise your dealer of your due date preference before you sign your contract.

Should I include a payment with my GMAC Direct Pay authorization form?
No. If payments are due when GMAC Direct Pay is activated, GMAC Direct Pay will automatically deduct the amount due within 2-3 business days after activation. Subsequent payments will deduct on the due date.

Can I withdraw payments from my savings account?
Yes. GMAC recommends that you verify the correct transit routing number and account number with your financial institution before submitting your GMAC Direct Pay authorization form.

Will I receive monthly billing statements?
No. However, you have the option of receiving a transaction summary once or twice per year. Additionally, you have access to your account status online at the GMAC Account Center or through our automated voice response system 24 hours a day by calling 1-800-200-4622.

How can I stop GMAC Direct Pay?
Stopping GMAC Direct Pay is hassle free. Simply call GMAC at 1-800-200-4622 at least 4 business days before your due date to stop or suspend the automatic payment withdrawal.  You may also stop GMAC Direct Pay online by changing your billing method in GMAC Account Center.

What day will GMAC withdraw the payment from my account?
Payments will be deducted from your checking/savings account each month on the due date. If your due date falls on a weekend or holiday, the funds will be withdrawn on the following business day.

What should I do if I change banks?

You have two convenient options:

1) Log on to GMAC Account Center and select the "Change Banking Information" option and complete a new authorization.

2) Contact 1-800-200-4622 to request a new GMAC Direct Pay Authorization Form. You can fax it to 800-509-4622. Attention: GMAC Direct Pay Authorization.

Allow 4 business days for the changes to become effective.

How do I know GMAC Direct Pay has been activated?
You will receive a confirmation once GMAC Direct Pay is activated. The confirmation will include the due date of the first payment that will be withdrawn.

Can I pay ahead or make extra payments while on GMAC Direct Pay?
Yes. All you need to do is call 1-800-200-4622 one time to let us know you will be mailing in additional funds.

Can GMAC Direct Pay be entered on more than one GMAC account?
Yes. When enrolling through the mail, you may include all of your GMAC account numbers on the authorization form. When enrolling on-line, you must complete the entire authorization agreement process for each of your accounts.

Automotive Vehicle Leasing - General Questions

What is a Lease?
An agreement between the owner of the property (lessor) and the user of the property (lessee) for the use, (rental), of property, (leased vehicle), subject to the stated terms and conditions in the lease agreement which detail both the length of time and the agreed upon payment.

How do you know if Leasing is right for you?

Leasing is a "SMART" idea if you want...

• A low monthly payment - Because you are paying for the value of the vehicle you expect to use during your lease, plus a rent charge, taxes and fees, rather than the total value of the vehicle, leasing payments are typically lower than traditional financing payments.
• More vehicle for your money - Leasing makes driving a more expensive vehicle more affordable.
• To drive a new vehicle more often - Leasing typically has a shorter term than if you purchase for a similar monthly payment, allowing you to drive a new vehicle more often. Of course, at the end of a lease you must return the vehicle if you do not exercise the purchase option.
• To drive a vehicle during its most trouble-free years - Most lease terms fall within the manufacturer's warranty. However, you are responsible for maintenance.
• To avoid trade-in obligations - With GMAC SmartLease, you can take the Smart Road and lease another vehicle (provided you qualify), buy the vehicle, or return it at the end of the lease term and walk away (provided you have met all the obligations of your lease).
• Assurance - With a GMAC SmartLease, Gap Protection provides assurance in the event of a total loss of the vehicle.
• Possible tax advantages - If you use your vehicle primarily for business, leasing can provide tax deductions. See your tax advisor for details or call 1-800-32-SMART for a free brochure on how to drive down business expenses.
• Convenience - SmartLease by GMAC can be arranged right at your GM dealer/retailer. In fact, qualified customers can be approved in under an hour. That's because GMAC believes you should be out enjoying your new vehicle instead of waiting for it to be leased or financed.

Is there more than one kind of Lease? Do I have Options?
When leasing a vehicle through GMAC, there are many different options for qualified customers to choose from...

• SmartLease: SmartLease is the standard leasing option available through GMAC. You have monthly payments to pay for the portion of the vehicle's value - depreciation - you expect to use over a period of time, plus a rent charge, taxes and fees. With GMAC SmartLease you don?t own the vehicle; you drive it for the lease term (determined by you and your dealer) and return it at lease end.
• SmartLease Plus: SmartLease Plus is the most convenient lease yet. You get all the benefits of a SmartLease, plus you avoid monthly payments. Ask your GM dealer/retailer for details about SmartLease Plus.
• Low Mileage Lease: If you typically drive 12,000 miles per year or less, GMAC also offers a Low Mileage lease. A Low Mileage SmartLease offers an allowance of 12,000 miles per year. As a result of the expected lower usage, your lease payments are lower. It is important to select the mileage allowance that meets your driving needs. If the mileage on the odometer at lease end exceeds the total allowed mileage in your lease agreement, you are charged the excess mileage charge stated in your lease agreement.

I like the idea of SmartLease, but I drive more than 15,000 miles per year...
Most standard leases are based on a specified number of miles, (typically 15,000 or fewer per year). You can negotiate a higher mileage limit, but you will normally have an increased monthly payment. Why? Because high mileage causes a vehicle to depreciate more and depreciation is a key part of your monthly lease payment.

Mileage Matters When You Lease ? If you exceed the mileage limit set in your lease agreement, you will probably have to pay additional charges when you return the vehicle. Buying miles up front usually costs less than paying for excess miles at the end of your lease.

I like the affordability of a SmartLease, but I really want to own my car... What should I do?
SmartBuy is a program that enables you to own your vehicle and lower your monthly payments at the same time. Like a lease, the low payment is possible because each month you pay only for that portion of the vehicle you expect to use, plus a finance charge. At the end of your contract you have several options, including keeping the vehicle by making a final balloon payment or simply returning your vehicle and paying a disposal fee. (SmartBuy is only available in a limited number of states. Ask your GM dealer about whether SmartBuy is available where you live).

What's the difference between SmartBuy and SmartLease?
With SmartBuy, you own your GM vehicle, subject to your payment terms. With SmartLease, you lease the vehicle for the term of your agreement. See your GM dealership/retailer for complete details.

Can I use my trade-in to lower my SmartLease payments even further?
Yes. As long as your current vehicle is worth more than you owe on it and your GM dealership/retailer will accept it in trade.

Can I get extra mechanical and maintenance protection on a SmartLease?
Yes. A variety of GM Protection Plans are available in a range of time and mileage coverages to safeguard your vehicle beyond the manufacturer's warranty. And, since you are responsible for your vehicle's maintenance, GM Protection Plan SmartCare, a comprehensive scheduled maintenance plan, is available for your convenience too. See your GM dealership / retailer for all the details.

What if my SmartLease vehicle is stolen or totaled?
Don't worry, you're covered. SmartLease includes "gap protection" at no additional cost. If your vehicle is a total loss through accident or theft and there is an insurance settlement, you would not be responsible for any excess beyond your insurance deductible and any other accrued charges on your account.

Can I end my SmartLease early?
Yes, however, you will be responsible for any early termination charges. The key to successful (and economical) leasing is knowing what you want, how far you drive each year, and then committing to the agreement that makes sense for you.

What about mileage?
Your SmartLease, SmartLease Plus and SmartBuy contract will set the number of miles you may accumulate on a vehicle. There is a charge for excess miles if you return your vehicle and exceed the mileage limit. There are no excess mileage charges if you choose to keep your vehicle.

What about excess wear?
Keep your vehicle in good operating condition and properly maintained and you won't have any problems. Since you have the option of returning your vehicle at scheduled end, keeping it in good operating condition and properly maintained to avoid excess wear charges. Click here to view GMAC's SmartLease Excess Wear Table.

How do you select the SmartLease end-of-term option that's right for you?
At the end of your SmartLease agreement you can:

• Take the Smart Road- Return the leased vehicle and lease another GM vehicle.
• Purchase the leased vehicle.
• Return the leased vehicle and walk away.

You choose the option that best suits your needs. Click here to review more information regarding SmartLease end of term options.

Ask your GM dealer/retailer for all the details about GMAC SmartLease, SmartLease Plus including the availability in your state.

If you still have questions regarding GMAC's SmartLease Program, click here for more information.

Automotive Vehicle Leasing - Payment Options

Does GMAC offer an electronic payment option?
Yes. GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your checking or savings account. GMAC does not charge for this service.

What other billing options does GMAC offer?
GMAC offers monthly billing statements and annual coupon books. If you would like to change your account billing method, create a profile at the GMAC Account Center, add your automotive account and change your billing method or contact us at 1-800-200-4622.

How do I request a replacement billing statement or coupon book?
You can request a replacement billing statement or coupon by contacting us at 1-800-200-4622.

When can I expect to receive my billing statement?
Billing statements are mailed approximately 20 days before your due date.

Can I make my payment without my statement or coupon?
Yes. Be sure to include your name and GMAC account number on your payment.

Can my billing address differ from my home address?
Yes. Contact us at 1-800-200-4622 to provide new information or a change of address.

Automotive Vehicle Leasing - GMAC Direct Pay

What is GMAC Direct Pay?
GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your checking or savings account. GMAC does not charge for this service. This process eliminates the hassle and expense of writing and mailing a check every month.

How do I qualify for GMAC Direct Pay?
All you need is a GMAC Account and an active checking or savings account.

How do I sign up for GMAC Direct Pay?
There are three easy ways to sign up for GMAC Direct Pay:

1. Create a profile at the GMAC Account Center, add your automotive account and change your billing method to GMAC Direct Pay.
2. Complete the authorization form included in the GMAC Welcome Package, mailed shortly after financing or leasing a vehicle through your dealer and GMAC.
3. Obtain an authorization form by calling 1-800-200-4622.

What do I need to sign up for GMAC Direct Pay online?
An internet browser with 128 bit encryption (Internet Explorer 5.0 or higher, Netscape Navigator 4.7 or higher), your GMAC and bank account information, and a printer in a secure location to print out a copy of the authorization form for your records.

Can I select a due date that will be compatible with the date funds are available in my account?
Yes. A one-time due-date change of up to seven days is available for the purpose of signing up for GMAC Direct Pay. There will be a charge for any additional days. Contact GMAC at 1-800-200-4622 for additional information. If you are a potential GMAC customer, advise your dealer of your due date preference before you sign your contract.

Should I include a payment with my GMAC Direct Pay authorization form?
No. If payments are due when GMAC Direct Pay is activated, GMAC Direct Pay will automatically deduct the amount due within 2-3 business days after activation. Subsequent payments will deduct on the due date.

Can I withdraw payments from my savings account?
Yes. GMAC recommends that you verify the correct transit routing number and account number with your financial institution before submitting your GMAC Direct Pay authorization form.

Will I receive monthly billing statements?
No. However, you have the option of receiving a transaction summary once or twice per year. Additionally, you have access to your account status online at the GMAC Account Center or through our automated voice response system 24 hours a day by calling 1-800-200-4622.

How can I stop GMAC Direct Pay?
Stopping GMAC Direct Pay is hassle free. Simply call GMAC at 1-800-200-4622 at least 4 business days before your due date to stop or suspend the automatic payment withdrawal.  You may also stop GMAC Direct Pay online by changing your billing method in GMAC Account Center.

What day will GMAC withdraw the payment from my account?
Payments will be deducted from your checking/savings account each month on the due date. If your due date falls on a weekend or holiday, the funds will be withdrawn on the following business day.

What should I do if I change banks?

You have two convenient options:

1) Log on to GMAC Account Center and select the "Change Banking Information" option and complete a new authorization.

2) Contact 1-800-200-4622 to request a new GMAC Direct Pay Authorization Form. You can fax it to 800-509-4622. Attention: GMAC Direct Pay Authorization.

Allow 4 business days for the changes to become effective.

How do I know GMAC Direct Pay has been activated?
You will receive a confirmation once GMAC Direct Pay is activated. The confirmation will include the due date of the first payment that will be withdrawn.

Can I pay ahead or make extra payments while on GMAC Direct Pay?
Yes. All you need to do is call 1-800-200-4622 one time to let us know you will be mailing in additional funds.

Can GMAC Direct Pay be entered on more than one GMAC account?
Yes. When enrolling through the mail, you may include all of your GMAC account numbers on the authorization form. When enrolling on-line, you must complete the entire authorization agreement process for each of your accounts.