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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.
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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Terminating my lease early
It is possible to return your vehicle before the scheduled maturity date of your GMAC lease agreement. In other words, you can terminate your lease early.
You have several early termination optio
- You can return your vehicle to your GM Dealer/Retailer and pay the total of the remaining payments and all early termination costs , such as administration fees, excess kilometre charges and excess wear and tear charges and taxes.
- You can try to sell your vehicle to a GM Dealer/Retailer.
- If your vehicle's market value exceeds the current GMAC buyout, you may be entitled to the difference.
- If the market value is below the current GMAC buyout, you pay the difference.
- You can let somebody else take over your lease. (Check out Transferring my lease for more details.)
- You can buy your leased vehicle for the current GMAC buyout detailed in your lease agreement.
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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. Customers who have made at least six payments on their lease agreement are eligible to change a payment due date.
- 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.
* Unavailable in Quebec.
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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 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.
- Please note that certain conditions apply and a fee may be charged for this arrangement. Contact GMAC for more information.
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