How General Motors Payment Plans Work and What Happens If You Fall Behind
General Motors Payment Basics
General Motors Financial Company (GM Financial) is the captive finance arm of General Motors — meaning it's owned by GM and finances most new GM vehicle purchases. When you buy or lease a new Chevrolet, GMC, Cadillac, or Buick, you're usually financing through GM Financial unless you chose a different lender or paid cash.
Your payment goes to GM Financial, not to the dealership. GM Financial handles the loan terms, collects payments, manages your account, and holds the lien on your vehicle title until the loan is paid off. Understanding this separation matters because it changes who you contact when you have questions, need to make changes, or run into trouble paying.
GM Financial offers both traditional auto loans (where you own the car after paying it off) and lease agreements (where GM retains ownership). The payment amount, interest rate, and loan term were set when you signed your contract. Your monthly payment typically includes principal, interest, and sometimes insurance or warranty costs bundled into one amount.
Key Takeaways
- GM Financial is a separate company from the dealership, so you send payments to GM Financial and contact them directly about your account.
- A missed or late payment stays on your credit report and can trigger repossession if you fall 60 to 90 days behind, depending on your contract terms.
- If you cannot make a payment, contact GM Financial before the due date to discuss deferment, forbearance, or loan modification options.
- Your vehicle has a GPS-enabled starter interrupt device in many GM Financial loans, which allows the company to disable the car remotely if payments are severely delinquent.
- Refinancing through a bank or credit union can lower your interest rate and monthly payment if your credit has improved since you bought the car.
How to Make a Payment and Find Your Account Information
You can pay GM Financial through their website (gmfinancial.com), by phone at 1-888-GM-FINANCE (1-888-464-3426), or through automatic bank transfers (ACH). Most people set up autopay so the payment leaves their bank account on the same day each month — usually the due date shown on your contract.
To log into your account online, you'll need your loan number (found on your payment coupon or contract) and either your Social Security number or the phone number associated with your account. Once logged in, you can see your balance, payment history, due date, and payoff amount. You can also download payment receipts and view your loan documents.
If you pay by mail, send your check to the address on your payment coupon — never to the dealership. Mailed payments take 5 to 7 business days to post, so mail early if your due date is approaching. If you pay online or by phone, the payment posts the same day or next business day.
What Happens If You Miss or Are Late on a Payment
A payment is considered late if it arrives after your due date. GM Financial reports late payments to credit bureaus once you're 30 days past due. A single 30-day late payment can lower your credit score by 50 to 100 points and stays on your credit report for seven years.
If you're 60 days late, GM Financial may begin repossession proceedings. The exact timeline depends on your contract, but most agreements allow repossession once you're two full months behind. Repossession is not a warning — a repo agent can show up at your home, workplace, or anywhere your car is parked and take the vehicle without notice.
Once your car is repossessed, GM Financial sells it at auction. The sale price is usually far below what you owe, leaving you responsible for the difference (called a deficiency). You also owe the cost of repossession, storage, and auction fees — often $1,000 to $3,000 or more. These costs are added to your remaining debt, and GM Financial can pursue a deficiency judgment against you in court.
Many GM Financial loans include a starter interrupt device — a GPS-enabled system that allows GM Financial to disable your vehicle remotely if you fall severely behind. The company typically activates this only after you're 60+ days delinquent and have not responded to collection attempts. Once activated, your car will not start until you make a payment or contact GM Financial to arrange a plan.
Options If You Cannot Make a Payment
Contact GM Financial before your payment is due. The company has several options that can help you avoid late fees, credit damage, and repossession. Waiting until you're already late makes these options harder to access.
Deferment allows you to skip one or two payments and add them to the end of your loan. You won't owe the payment right now, but you will owe it later. Deferment is usually available once per loan and requires you to be current (not already late) when you request it.
Forbearance temporarily reduces or pauses your payment for a set period — typically 3 to 6 months. Interest continues to accrue during forbearance, so your total loan cost increases. Forbearance is often used when you've had a temporary income loss (job layoff, medical emergency) and expect to resume full payments later.
Loan modification changes the terms of your loan — extending the payoff date to lower your monthly payment, for example. This spreads your debt over more months, so you pay more interest overall, but it can make the payment manageable right now.
To explore these options, call GM Financial at 1-888-464-3426 and ask to speak with a loan specialist. Have your account number ready and be honest about your situation. The company is more likely to work with you if you reach out early.
Refinancing Your GM Financial Loan
If your credit score has improved since you bought your car, or if interest rates have dropped, refinancing through a bank or credit union may lower your monthly payment. Refinancing means taking out a new loan from a different lender to pay off your GM Financial loan in full.
The new lender pays GM Financial the remaining balance, and you then owe the new lender instead. Your new payment depends on the new interest rate, the remaining loan term, and how much you still owe. A lower interest rate can save you hundreds or thousands of dollars over the life of the loan.
To refinance, contact your bank or a credit union and ask about auto refinance loans. You'll need your loan documents, proof of income, and information about your vehicle (VIN, mileage, current value). The lender will pull your credit and make an offer. If you accept, they handle paying off GM Financial — you don't have to do anything except sign the new paperwork.
Refinancing takes 1 to 2 weeks from application to funding. During that time, you continue making payments to GM Financial as usual. Once the new lender funds the loan, GM Financial releases the lien on your title, and you're done with them.
Paying Off Your Loan Early
You can pay off your GM Financial loan at any time without penalty. There is no prepayment fee, so paying extra toward principal or paying the entire balance early will not cost you anything extra.
To find out your exact payoff amount, log into your account online or call 1-888-464-3426. The payoff amount includes your remaining principal plus any interest accrued through your payoff date. If you're paying by check, ask GM Financial for a payoff quote that's valid for a specific number of days (usually 10 days) so you know the exact amount to send.
Paying off early saves you money on interest. For example, if you have 36 months left on your loan and you pay it off in 24 months, you avoid 12 months of interest charges. The savings depend on your interest rate and remaining balance.
What to Do If Your Vehicle Is Repossessed
If your car is repossessed, you have limited time to recover it. Most states allow you a redemption period — usually 10 days after repossession — during which you can reclaim your vehicle by paying the full amount owed plus repossession and storage costs. After the redemption period ends, GM Financial can sell the car at auction.
Contact GM Financial immediately if your car is repossessed. Ask for the exact amount needed to redeem it and the deadline. If you can borrow money from family, friends, or a personal loan, redemption is usually cheaper than letting the car be sold and owing a deficiency.
If you cannot redeem the vehicle, the car will be sold at auction. You'll receive a notice showing the sale price and the deficiency (what you still owe after the sale). You remain responsible for this deficiency, and GM Financial can pursue collection or a court judgment against you.
Frequently Asked Questions
Can I change my payment due date?
Yes. Log into your GM Financial account online or call 1-888-464-3426 to request a due date change. You can usually move your due date to any day of the month. The change takes effect on your next payment cycle.
What if I want to return my leased GM vehicle early?
Early lease termination is possible but usually costs money. You'll owe an early termination fee (often $300 to $500), plus any excess mileage charges and wear-and-tear fees. Contact GM Financial to discuss your options and get an exact payoff amount before you decide.
Does GM Financial report my payments to credit bureaus?
Yes. GM Financial reports your payment history to all three major credit bureaus (Equifax, Experian, TransUnion). On-time payments build your credit; late payments damage it. You can check your credit report for free once per year at annualcreditreport.com.
What if I'm in the military and need payment relief?
The Servicemembers Civil Relief Act (SCRA) may reduce your interest rate to 6% if you're on active duty. Contact GM Financial with proof of active duty status (military ID or orders) to request SCRA relief. Interest rate reductions are retroactive to the date you entered active duty.
Can I transfer my loan to someone else?
No, you cannot transfer a GM Financial loan to another person. The loan is tied to you and your credit. If you want to sell the car, you pay off the loan with the sale proceeds. If you want someone else to own the car, they must get their own financing.