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GM Financial

GM Financial

 3.6/5 (295 ratings)
  • 5 stars
    77
  • 4 stars
    102
  • 3 stars
    60
  • 2 stars
    16
  • 1 stars
    40
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About GM Financial

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

GM Financial provides car loans and leases for General Motors’ automotive brands, including Chevrolet, Buick, Cadillac and GMC. It offers financing through dealerships in all 50 states and Washington, D.C. At the time of publishing, you can pre-qualify online and receive a no-interest loan if you have a high credit score.

Overall Satisfaction Rating

  • 5 stars
    77
  • 4 stars
    102
  • 3 stars
    60
  • 2 stars
    16
  • 1 stars
    40

Pros

  • Apply online to pre-qualify
  • Mobile app
  • 0% financing for top credit scores

Cons

  • Penalty for early payment
  • No grace period for payments

Bottom Line

GM Financial is a subsidiary of General Motors. It can help you buy or lease vehicles from authorized dealerships under the GM umbrella. While it’s good to shop around for low rates, consider in-house financing too.

Top GM Financial Reviews

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Rated with 5 stars
Verified

I am literally crying. ... They have been so good to me and working out whatever money issues with my payments, and for that I love and will miss them. I've been with GM financial...

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Rated with 5 stars
Verified

I recently purchased a 2018 Camaro new 6 months ago and … was let go and had no income for a few months... and this company has been so understanding. It's nice to see this type o...

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What is GM Financial?

GM Financial is an auto financing company wholly owned by General Motors. It was formerly known as AmeriCredit until GM acquired it in 2010. GM Financial offers loans and lease agreements for vehicles from:

  • Chevrolet
  • Buick
  • Cadillac
  • GMC

GM Financial allows you to apply online for pre-qualification. Whether you’re shopping for a new or used vehicle, GM Financial can help. Its products are available in all 50 states (and Washington D.C.), as well as in global locations like Canada and Asia.

GM Financial loan options

GM Financial offers financing for vehicles at certified dealerships. Options are available for both personal and business customers.

Loan options vary depending on the make and model of the vehicle you’re financing. The company offers terms between 36 and 72 months.

Customers with excellent credit scores can possibly qualify for 0% financing. Other perks, such as cash allowances and bonus earnings, are available to qualified customers.

If you don’t have stellar credit, there are still financing options available, including special financing options for those with lower credit scores.

GM Financial rates

GM Financial’s interest rates can be as high as 19%, but they vary based on a number of factors, including your:

  • Vehicle choice
  • Credit score
  • Current income
  • Loan amount
  • Loan/lease terms

According to GM Financial’s monthly payment calculator, you can borrow between $7,500 and $125,000. This calculator also gives an idea of what to expect for a monthly payment. For example, a loan of $10,000 with a term of 36 months and a 5% APR results in a monthly payment of $510.

GM Financial does not offer a grace period for payments, so late payments are immediately subject to fees and interest. There is also a penalty for paying off your loan early.

GM Financial FAQ

Does GM finance bad credit?
Potentially. The GM Financial website doesn’t specify a minimum credit score. It does state that it looks beyond credit scores when making approval decisions, though.
Does GM Financial have an app?
Yes, GM Financial does have an app where you can access your account, make payments and find answers to your questions. The app is available for both Apple and Android devices.
Does GM Financial offer special financing?
GM Financial does offer special financing, but it doesn’t specify what’s available. To find out what you can qualify for, fill out an application to pre-qualify on the company’s website.
What credit score do you need for GM 0% financing?
GM 0% financing requires you to have an excellent credit score, likely over 800. Availability and term length for this offer vary by location and vehicle.
What bank does GM Financial use?
GM Financial offers its loans and leases in-house. Previously, the company worked with Ally and U.S. Bank, but it cut ties with those institutions in 2015.

Is GM Financial good?

GM Financial is a good option if you’re looking to finance a vehicle from the General Motors family of brands. It offers loans and leases throughout the United States, and you can pre-qualify for financing online, saving you time at the dealership. That said, there are some downsides to GM Financial, like its prepayment penalties and lack of a grace period. It’s always a good idea to shop around before committing to a financing plan, but GM Financial should at least be on your list of options.

GM Financial Reviews

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How do I know I can trust these reviews about GM Financial?
How do I know I can trust these reviews about GM Financial?
  • 3,219,432 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer Verified Buyer
Original review: June 2, 2021

I have two vehicles leased through GM Financial. All was well until an object fell out of vehicle in front of me, I was unable to avoid it. Total Loss. Luckily I had Gap insurance that was required by the company. It was my third year into the lease, 6 months before termination. Just prior to my total loss, a woman picking up items from a neighbor backed into my car, so there was prior damage that had not been repaired. I ended up owing GM financial $861 dollars. My insurance company paid them out, and also gave them my unused licensing fee returned by the state of CA, this was $260. GM agreed that they didn't pay the license fee the years after the first year, so they weren't entitled to the money, however, if my insurance company was going to give them the money they would keep it. They advised me to tell my insurance company to issue them a check that didn't include it and we would be settled.

My insurance company did give them the amount (the money for the car, the license fee, and returned taxes). I asked GM total loss to put that money from the licensing return toward my 892 owed. They refused. They also refused to return the unused licensing fee to me. April 5th of this year they made first contact with me by phone about this and the money I owed them. I told them to send me a bill, and I would have it all paid off by June or mid June of 2021, and then I would seek legal counsel regarding the licensing fees that they took as a windfall. They did not send me a bill until (per their records, May 4th, 2021). They put my account into delinquent status and by May 5th it had already hit my credit report.

I called them to try and square it away and repair my credit as it was the first negative mark I've ever had. They now tell me I owe them 961, not 892. I go home and literally have a bill in the mail from them that says I owe the 892.58. I call the total loss department again the next day and tell them that I have a bill dated 5/24 and it has a different amount. They tell me that there was an adjustment, and the new bill is 961.75. If I want my credit repaired I have to pay this. And they stole my licensing fee. WHAT AN UNETHICAL COMPANY. Worst experience of my life (I'm 42 years old).

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Rated with 1 star
Verified Reviewer
Original review: June 2, 2021

It is impossible to reach customer service. After 2 wks a person answered. As I was speaking she hung up.. after I waited 55 min. I have been in management and in all my years I have never experienced such incompetence of a financial co. My 3 degrees are not in finance but I'm astute enough to know when a company is horrendous. It should not be allowed to operate. I hope Consumer Affairs can straighten out the company so customers' questions can be answered. I usually have a lexus and after 2 rings their finance co answers your call. To have GM Finance operate in the USA should be forbidden. Americans dont deserve this treatment when paying for any goods.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 28, 2021

    I have leased multiple vehicles with Chevrolet, my most recent was financed through GM Financial. I drove the vehicle 12,000 miles under the mileage limit, took good care of the vehicle, regular inspections/services, etc. The vehicle had some minor damage upon return (scratched door, small crack in the rear bumper, etc) - nothing that would be deemed as MAJOR excessive damage. I even purchased a XS Wear warranty when leasing the vehicle to cover any accidental damage. GM Financial charged me a HUGE excessive charge amount, are in-flexible, and claimed the vehicle had a ton of damage. I have used other financial companies for my lease in the past and never had these issues, and returned a vehicle in similar conditions. Really dissatisfied with my experience with them and will NEVER lease a vehicle through GM Financial or Chevrolet again.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 25, 2021

    End of Feb my boyfriend of 20 years TRUCK got repo. I handed him $2000 to get it back. Said he'd pay me back. AprIL 2ND he unexpectedly passes away. I tried to keep payments up with his bankcard. Payments declined. May 17th I get a call from Debra ** a supervisor at GM Financial. I figured she was gonna chew my butt for the returned payment. So May 21 I return her call. She proceeds to tell me if make the loan current she can transfer the title to me and I can finance the truck in my name.. So being out $2000 I took my whole check and 1/2 last weeks check $954 made the loan current. After the payment clears she proceeds to tell me there's less than a year of payments left on the loan that I don't qualify for transfer. She knew all along she could not transfer a deceased person's property. I want to know since when is it ok to lie to someone from a business standpoint.

    I have ask her nicely to refund my money. I have also chat with customer service and since he is deceased they can not talk to me about the loan But they took my payment. Miss ** contacted me!!! She Talk to me about the loan. Got my money. Now can not talk to me without paperwork saying I'm executor of estate. I now have $3000. I demand this be made right!!! I have ask them for Debra **'s Supervisors name and # with no response! I want my money back. I will not stop until I get it!! DIRTY WAY TO DO BUSINESS MISS DEBRA **. I WANT MY MONEY BACK!!! I have screen shots and recorded calls as proof.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 11, 2021

    I turned in a car at end of the lease. I then saw almost $5,000 payment due on account. I called and requested an itemized bill. Customer Service Rep. said I had to pay it and I said I would love to pay it but I cannot download bill online, paid Auto Guard for wear and tear, and want an itemized bill. She said because “lease is over” I cannot get itemized bill on line. I asked if she could see if one was ever sent and she looked and said no. She said she would send me a bill regular mail and I said that was getting close to due date. I asked if she could email a copy and she said they do not have that capability. So no invoice available online or via email. I asked her to go ahead and send snail mail.

    A few days I saw a call coming in from GM Financial and answered it but no one was on line. This morning it happened again so I called back the number and spoke to Amanda who said I should get the bill in about a week which is beyond due date. She said I would have to call and make a payment schedule. I told her I want to pay in full and then she literally began screaming at me, not allowing one word. She would not stop screaming so I hung up.

    In summary, I see online a final amount owed but don’t know what is for excess wear and tear. I have been paying Auto Guard so want to call Auto Guard with itemization to find out if they pay directly or not. Do not have a copy of bill and may not receive it until after due date. As a professional counselor I can truthfully say that Amanda was literally screaming at me for wanting the bill. I will never, ever use GM Financial again. Good companies treat all people with courtesy and respect; this is not a good company.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 7, 2021

    I returned my 3 year leased SUV with 6000 miles to the good on it. Salesman inspected the vehicle at the time I turned it in. He saw no problems. Then I get a letter in the mail saying I owed them for "excessive wear and tear" for a flat tire. I didn't drive the car on the lot with a flat, the warning light did not show any problems with the tire/s. I called GM Financial and disputed this charge. They contacted me 43 days later and said they would waive half the cost. I was told I could contact the dealership and have them send the inspection form they filled out and get back with GM Financial. In the meantime GM Financial reported me as 30 days late on a payment and dropped my credit score by 50 points. I don't normally write reviews but I want other consumers to be aware of these fraudulent unfair practices by GM Financial.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 21, 2021

    I lost my job, asked for an extension. I was told yes. I go to make my payment and it shows I owe 2 payments. I contact them and they said they don’t do deferment. I’ve got text messages to show. Here is their response.. "Good morning, At this time we are not able to offer a deferment. We are flexible with payment arrangements as we work together through this difficult time. As of today you are due for March and April." I’ve owned 3 trucks with them and have NEVER been late or asked for an extension till now. So if you don’t plan on ever having money issues then great if not they won’t work with you.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 6, 2021

    I presented my problem to the company about the way that they are reporting information on me and that my children and wife. Due to Covid-19 lost my job. Had to move from my house. Live in my mom's basement with my wife and four children and cannot get a house because of the negative reporting charge off. After not being late one time and 9 months losing my vehicle, losing my job and paying for it from my credit report. The trifecta of people not caring about other people even though there is a pandemic that we are going through. Not only that they are punishing me for one payment.

    I have never been late on a payment before so now that they say that I was late on this payment is going to be reporting negative on my credit report for 7 years GM Financial. The US government has given companies clearance for them not to report negative information on people who have lost their jobs due to the Covid-19 pandemic but instead this one payment that I missed after all the payments but I made it on time when I was employed. I'm getting punished for 1 payment for 7 years. Be very careful people because one mistake 7 years of punishment.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 19, 2021

    I was out of work for a total of 30 days without pay, this company lies and does everything its power not help. Yet they can take a bail out from my tax money. I absolutely hate this company. The worst customer service department. Advertise that they will help you if you have been impacted by covid but in reality they don’t give a crap about no one.

    7 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 18, 2021

    We helped our 87 yr old mother lease a Cadillac XT5 and we asked specifically if our mother would happen to lose her driving privileges could we terminate the lease. We were told that could be done with a Dr's note stating the reason. Spin ahead to this month we had to take her driving privileges away due to early onset Dementia which was confirmed and documented by her Dr. so we called GM to get help with terminating the lease. Their answer, "You can turn in the car and within 90 days we will bill you for the full remaining value of the lease." Nice empathy from GM. Warning to others if in the same circumstance get the commitment in writing.

    8 people found this review helpful
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    GM Financial Company Information

    Company Name:
    GM Financial
    Formerly Named:
    AmeriCredit
    Website:
    www.gmfinancial.com