The GM Financial Repossession Policy

This post may contain affiliate links. If you use these links to buy something we may earn a small commission. Thanks.

Many people do not understand the workings of this system and I totally understand that as the first time I heard of it, I thought of it as something overly complex – you know all those legal big things. Well GM financial repossession policy is not at all complex as it is something that you may find yourself in need of at a certain point in time so it is important to understand how it works. The GM financial repossession policy is a policy that is dependent on the case.

It varies based on the term and the case that is being dealt with at that point in time. For instance, let us use your car as a sample case; if it is said that GM financial has repossessed your car or if it is that they are about to it is wise to go back and take a look at the purchase agreement so you become aware of what the conditions are for your car to be repossessed.

Similar Article: The 9 Ways How To Hide Your Car From Repossession

Another point you need to be aware of is that your payment history and record matters a lot in determining whether or not your car is going to be repossessed because GM financial will most definitely look through your payment history and offer whatever they see considerate.

GM Financial Repossession Policy



On that note let us define GM financial repossession policy the way we best can, I will define it based on the factors surrounding it and the main factors that affect it include.

The terms of your contract. The terms of your contract define the whole embodiment of that association and it says a lot about what kind of contract it is and what the rules governing it entails.

Your transaction history also defines the future and the current state of your contract and by it defining the future of your contract I mean that if your payment history says that you have missed a couple of days of payment it might not look so great in documentation and although having that kind of injured payment history might not have any immediate effect on the repossession process, it might not kick start it but instead of waiting for that t happen.

Recommended: How to Transfer Money From One Bank Account to Another

It is advisable to discuss how you are financial with the GM financial repossession policy – stable or unstable – the chances of whatever property being repossessed after such communication becomes slim. The reason why it is not advisable to wait for long periods and allow accumulation of bad payment record before discussing your condition is that if you fall way back on payments, it does not matter what your current state is financial, your property might still get repossessed.

An issue of Car Repossession

Sometimes regarding the issue of car repossession, you might be given a notice in advance and other times you might not receive it. Some people even say that repossession of these properties is usually done at night but whatever the case may be, whether your car is taken at night or during the day you are allowed some options after repossession.

These options include reinstatement or the redemption of the property. Reinstatement, however, has to do with some payments that you will be requested to make to cover up for your past-due costs as well as your late fees and so on, all of which are determined by who your lender is and how considerate he or she can be. Redemption, on the other hand, occurs after you have completed the payment of your remaining balance and this is inclusive of any additional fees.

Either one or both of the options stated above can help in the recovery of your repossessed property, you are probably wondering where these options have come from considering the fact they are not explicitly stated in your contract. You can proceed to read up on them if your property has been repossessed and you want to try getting it back or you can contact the GM financial repossession customer care line (800)284-227 for further understanding of all the terms regarding your contract.

Repossession generally occurs when you have fallen back on your payments too many times, doing that only shows traits of financial incompetence and it is not exactly a trait that many people look forward to seeing and the thing is that before you are given a car from GM, your financial records are checked to ensure you meet the requirements to avoid repossession.

GM Financial Also Gains Additional Money

Some people go as far as getting a lawyer or a legal practitioner to deal and transact directly with GM Financial and I can tell you it is not much needed if only the agreement is thoroughly read, reviewed and understood.

GM Financial also gains additional money each month by collecting ancillary product refunds on cars that have been repossessed. After repossession, GM Financial asks dealers and insurance companies to refund the unused portions of products and services included in the earlier signed contracts, such as Guaranteed Auto Protection (GAP) insurance or credit life insurance and even warranties.

With its efficient communication and investor relations department, GM Financial is able to keep timely information flowing freely between the company, its stakeholders and its clients or customers. GM financial has really put in work to ensure that the GM financial repossession policy is clearly understood by all and that before your car is forcefully yanked out of your garage in the night or daytime, a lot must have transpired to help you keep your car.

GM financial repossession policy is indeed a fair one of you ask me because it allows for enough time to do the right thing, according to your contract.

You can expect your age and monthly or annual earnings to be checked before you are allowed to enter into one of these contracts. Before your car is repossessed, you will be given any time between six months and a year to pay for your purchase in full without interests, this is the best time to complete your payment because then you are sure that you are paying for exactly what you purchased. After this interest-free period of time, you will then be required to either pay an extra fee in addition to your current monthly instalments or you will be charged an interest rate which you can expect to be high.

Avoid Signing The Contract

It is advisable to avoid signing the contract if you know you won’t be able to hold your end of the deal. GM financial can also check to see that you are employed and that you have a steady income. Checks can also be made to confirm that you own either a credit card or a debit card.

Your GM account is said to be delinquent when your financial obligation has not been fulfilled after five days past its due date. Once your account is delinquent, your information is sent to GM Financial’s collection department, the department in charge of helping you to make suitable and reasonable payment arrangements to avoid repossession.

The people in this department are the ones who place calls across accounts to find out what went wrong with the payment.

Delinquency is grouped into two stages, the first one holds those who do not pay up between five and fourty five days of due date and the second holds those who do not pay after forty-six days of the due date. The collection teams are also grouped into two, to tackle the two different stages of delinquency.

Repo Man Demand

Repossession generally revolves around a repo man coming to your home and taking the car if it is in plain sight if it is not accessible, the repo man is required to demand access to the car he or she has come to repossess. When it gets to a stage where you purposely avoid repossession, the repo man could ask your neighbors for information regarding the car and you really do not want that to happen, imagine the shame that could come to you. This is why it is a great idea to always reach out to GM as soon as you can when you have financial issues and cannot fulfill your financial obligation to the company when the time comes.

This is not expected but it is very important to note that even when your car is repossessed, you are still indebted to the lender. Your car will most likely get sold at an auction after it is repossessed and the amount it is sold for gets deducted from the total amount you owe. The amount left is called the deficiency balance and you will be saddled with the responsibility of paying this balance.

It is very vital to read and understand your agreement with GM Financial before signing any documents because then and only then will you be able to tell if your car can be repossessed and if so, when can it be repossessed and under what conditions does repossession by GM occur because as earlier stated, the repossession policy could carry. By reading and understanding your agreement with GM financial, you will also be informed on how you can get back your repossessed car and how to go about it.


In all, GM financial repossession policy may repossess your car when you have missed too many payments on it and it is no longer easy to trust and depend on your financial capability. Repossession should be avoided because even after your car has been taken, you are still indebted to GM financial. If you have an account with GM Financial, it will do you a lot of good to learn more about the repossession policy by carrying out necessary researches and reviews and contacting the customer service via the number provided earlier.