How to Defer Car Payment with GM Financial

Introduction

If you’ve been struggling financially due to recent events, you may be wondering if there is any way to pause or defer your car payments. Fortunately, GM Financial may be able to help. In this article, we will explore how to defer car payment with GM Financial, including what options are available, the consequences to consider, and the various resources that can help.

Contact GM Financial as Soon as Possible

The first step in deferring your car payments is to contact GM Financial as soon as possible. The sooner you reach out, the more options you will have available. If you wait too long, you may not be able to get the assistance you need. It’s also important to note that GM Financial may require proof of financial hardship in order to move forward with a deferment. This could include documentation such as pay stubs, bank statements, or other forms of income verification.

You can contact GM Financial by phone, mail, or email. The customer service hotline is open Monday through Friday from 8am-8pm EST. You can also visit the website for more information about deferment options and application instructions.

Know Your Options for Deferment

GM Financial offers two types of payment deferrals: short-term and long-term. Short-term deferrals are typically 3-6 months in length, while long-term deferrals can last up to 12 months. Keep in mind that each type of deferment comes with its own set of terms and conditions. For example, you may be required to make interest payments during the deferral period or you may be charged an additional fee. It’s important to read the fine print so you know exactly what you’re agreeing to.

Understand the Consequences of Deferring Payments

It’s important to understand that deferring your car payments can have a negative impact on your credit score. This is because late payments are reported to the credit bureaus, which can lower your score. Additionally, any interest that accrues during the deferment period must still be paid in full when the deferment ends. It’s important to factor these costs into your budget before deciding to defer payments.

Make Sure You Have a Plan for Repayment

Before entering into a payment deferral agreement, it’s important to make sure you have a plan for repayment. Start by creating a budget that accounts for all of your expenses, including your car payment. Then, look for ways to reduce your expenses or increase your income. Consider taking on a side gig or selling items you no longer need. You may also want to consider refinancing your loan to get a lower interest rate or extend the term of the loan.

Take Advantage of Resources and Assistance Programs

In addition to GM Financial’s deferment programs, there are other resources and assistance programs available. Many local governments and organizations offer assistance to those in need. You may also be eligible for government assistance programs such as unemployment benefits or food stamps. Finally, GM Financial also offers assistance programs such as the Customer Hardship Program and the Military Installment Loan Program.

Conclusion

Deferring car payments can be a great way to get temporary relief from financial stress. However, it’s important to understand the consequences and make sure you have a plan for repayment. Contact GM Financial as soon as possible to explore your options, and take advantage of the resources and assistance programs available. With the right plan in place, you can get back on track and keep your car payments manageable.