Beginning
Congratulations on leasing your new GM vehicle. We hope that your new GM vehicle is everything you expected - and much, much more. Now that a few months have passed, you may have some questions about your GMAC lease agreement. We're here to help.
- Understanding GMAC's lien on my vehicle
- Buying extra kilometres
- Avoiding excess wear and tear
- Transferring my lease
- Changing my payment date
- Deferring a payment
Understanding GMAC's lien on my vehicle
GMAC, like many financial service providers, registers lease interest "
liens
" on all its leased vehicles in accordance with the provisions of provincial personal property security law. The registration is done to protect GMAC's interest in the unlikely event of a default on the loan.
GMAC always registers its lease interest for one year longer than the term of your lease agreement. This covers any extensions you may request during your lease. Depending on the province you live in, you may receive a letter in the mail shortly after opening your lease account, confirming GMAC's registration under local province personal property security law. No action is required your part. You can simply file the letter for future reference.
If you would like more information about
personal property security law
, please visit
www.ppsa.net
(Ontario and Common Law provinces, and the
RDPRM
site in Quebec).
Buying extra kilometres
Kilometre usage is a top priority for many customers throughout their lease. If you have excess kilometres upon returning your vehicle at lease end, an excess kilometre charge will apply.
Excess kilometre charges
on a
regular kilometre GMAC lease
are
charged at a rate of 10 cents for each excess kilometre. Excess kilometre charges on a
low kilometre GMAC lease
are charged at a rate of 12 cents for each kilometre on lease contracts executed prior to February 1, 2006, otherwise, the charge is 15 cents for each kilometre.
If you are in the 1st third of a regular kilometre GMAC lease agreement, you can purchase extra kilometres - at a reduced rate. Any unused extra kilometres will be refunded to you by GMAC at lease end.
* You must be in the first third of a Regular Kilometre GMAC Lease to be eligible to purchase extra Kilometres.
Avoiding excess wear and tear
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 and tear
? 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 GM Dealer/Retailer and take advantage of GM factory-trained technicians, quality GM parts and competitive prices. After all, nobody knows your GM vehicle better than your GM Goodwrench Service dealer.
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Transferring my lease
During the course of your lease, your circumstances may change, requiring you to find somebody to take over your lease. What should you do?
- Your first step is to find someone who would like to take over your lease. They will then need to visit a GM Dealer to complete a GMAC credit application.
- Upon GMAC approval, the lease will be transferred from your name to the name of the new lessee .
- Once you've transferred your lease and GMAC has completed all the paperwork, you're no longer responsible for the vehicle.
- You should discuss the refund of any security deposit with the new lessee, as the security deposit refund is issued at the end of the lease.*
- 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.
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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 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.
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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.
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