Before considering a payment extension (deferment), a late payment may be another option for you. (See FAQ about late payments.)
On a retail contract (APR or loan), a payment deferment is a tool that is available to assist customers who are having difficulties making their scheduled payment. However, it is not the only way GM Financial can help customers experiencing financial hardship and for many, other steps that can be taken are better. While very effective at addressing immediate payment concerns, deferments often result in greater increased overall interest costs as the daily accrual of interest continues to occur during the deferred period. This will likely result in a higher final payment due at the end of your contract. If you feel that you will not be able to make your payment before the next month’s payment is due, please allow us to explore all possible alternatives with you. If a deferment is the best solution, we can explore that option if available. Learn more about simple interest and the financial impact of late or deferred payments.