GM Financial's deferral policy and how to request one

GM Financial will defer a payment if you contact them before the payment is due and explain a temporary hardship. They do not automatically defer—you have to ask. The company typically allows one deferral per loan, and the deferred amount gets added to the end of your loan term rather than forgiven. You must be current on your account (no missed payments yet) to be considered, and the deferral usually covers one or two months depending on your situation and loan agreement.

The key is timing. Call GM Financial's customer service as soon as you know you cannot make a payment. Waiting until after the due date passes makes deferral much harder to obtain and may trigger late fees or credit reporting. GM Financial's phone number is on your loan documents and your monthly statement.

Key Takeaways

  • GM Financial requires you to request a deferral before your payment is due; calling after the due date passes makes approval unlikely.
  • You must be current on your loan to be considered for a deferral, meaning no missed payments on your account yet.
  • A deferred payment is added to the end of your loan term, so you pay it later rather than having it erased.
  • GM Financial typically allows one deferral per loan, though the exact terms depend on your individual loan agreement and circumstances.

What happens to the money when you defer

When GM Financial defers a payment, that month's payment amount does not disappear—it gets tacked onto your final payment or spread across the remaining months of your loan. Your loan term extends by however many months you deferred. If you have 48 months left and defer two months, you now have 50 months left to pay.

This means you will pay interest on the deferred amount for longer. If you defer $500 and your loan has an interest rate of 6%, you are paying interest on that $500 for an extra month or two. The total cost of the loan goes up slightly. Ask GM Financial to specify in writing how they will handle the deferred amount—whether it rolls into your final payment or spreads across remaining payments—so you know exactly what to expect.

How to request a deferral from GM Financial

Call GM Financial's customer service number on your statement or loan documents. Have your account number and loan information ready. Explain the hardship clearly: job loss, medical emergency, temporary income reduction, or another concrete reason. Vague requests are less likely to succeed.

Ask specifically how many months they can defer and whether it is one deferral per loan or whether you can request more than one over the life of the loan. Request written confirmation of the deferral terms via email or mail. Do not rely on a verbal agreement alone. If the representative denies your request, ask to speak with a supervisor or ask whether other options exist—such as a loan modification or temporary payment reduction.

What disqualifies you from a deferral

If you have already missed a payment, GM Financial is far less likely to grant a deferral. A deferral is a courtesy for borrowers who see trouble coming and act before missing a deadline. Once you are late, the company shifts into collections mode, and deferral becomes a negotiation rather than a standard option.

If your loan is already in default or you are in a repossession process, deferral is off the table. Similarly, if you have already used your one allowed deferral, you cannot use another unless your loan agreement explicitly allows multiple deferrals. Check your loan documents or ask GM Financial directly whether your specific loan permits more than one deferral.

Deferral versus forbearance and other alternatives

A deferral adds the skipped payment to the end of your loan. A forbearance temporarily reduces or pauses your payment but still requires you to pay the full amount eventually—usually in a lump sum or over a few months after the forbearance period ends. GM Financial may offer forbearance if deferral is not available, though you should clarify the terms before accepting.

A loan modification is a permanent change to your loan terms—lower interest rate, longer term, or lower monthly payment. This is harder to obtain than a deferral but solves the problem longer-term if your hardship is not temporary. If GM Financial denies deferral, ask whether loan modification is possible.

If you cannot reach an agreement with GM Financial, you can also explore refinancing through another lender, though this requires good credit and may not be an option if you are already behind. Contact a credit counselor through the National Foundation for Credit Counseling (NFCC) for free guidance on your specific situation.

What to do if GM Financial denies your deferral request

If your request is denied, ask the representative why. Common reasons include: you are not current on your account, you have already used your deferral, or your loan agreement does not permit deferrals. Understanding the reason tells you whether to appeal or pursue a different option.

If the denial seems unfair, request a supervisor review. Put your request in writing and send it via certified mail to the address on your loan documents. Include your account number, the date you called, the representative's name if you have it, and a clear explanation of your hardship. Written requests create a paper trail and are taken more seriously than phone calls alone.

If you still cannot reach an agreement and a payment is about to be missed, contact a HUD-approved housing counselor or credit counselor. They can sometimes negotiate on your behalf or help you understand whether bankruptcy or other legal options make sense. The NFCC offers free counseling by phone or video.

How deferral affects your credit report

A deferral that you arrange before missing a payment does not appear on your credit report as a negative mark. It is an internal arrangement between you and GM Financial. Your payment history remains clean as long as you do not miss the actual due date.

However, if you miss a payment and then negotiate a deferral after the fact, that missed payment may already be reported to the credit bureaus. Once reported, it stays on your credit report for seven years from the date of the missed payment, even if you later catch up. This is why calling before the due date is critical—it prevents the miss from being reported in the first place.

Frequently Asked Questions

Can I defer my GM Financial payment if I already missed one?

Deferral becomes much harder after a missed payment, though not impossible. Call GM Financial immediately and explain your situation. A supervisor may negotiate a deferral or forbearance, but you have less leverage than if you had called before the due date. The missed payment may already be on your credit report.

How long does it take GM Financial to approve a deferral?

Approval typically happens within one to three business days if you call before the due date and meet the requirements. If you call close to the due date or after it, approval may take longer or be denied. Ask for a decision timeline when you call so you know when to expect an answer.

Can I defer more than one payment with GM Financial?

Most GM Financial loans allow one deferral per loan, but some agreements may permit more. Check your loan documents or ask GM Financial directly. If you need to defer multiple payments, ask about forbearance or loan modification instead, which may better suit a longer-term hardship.

What if I cannot afford the payment after the deferral ends?

Contact GM Financial again before the deferred payment comes due. Explain that your hardship is ongoing. They may offer forbearance, a second deferral if permitted, or a loan modification. Do not wait until you miss the payment—call as soon as you know you will struggle again.

Does deferring a payment mean I owe less on my loan?

No. Deferring a payment delays it, not erases it. You still owe the full amount plus interest. The deferred payment gets added to the end of your loan term, so you pay it later and pay interest on it for longer. Your total loan cost increases slightly.