What GM Financial's Skip-a-Payment Program Actually Does

GM Financial does offer a skip-a-payment option, but it is not a forgiveness program—it defers your payment to the end of your loan. When you skip a payment, that month's payment amount is added to your loan balance, and you pay it back later as part of your extended loan term. This means you are not avoiding the payment; you are moving it.

The program is called GM Financial Payment Deferment, and it is available to borrowers who are current on their loan or only slightly behind. If you are already in default or significantly delinquent, you will not be able to use this option. The deferment is typically a one-time use per loan, though some circumstances may allow for more than one deferral over the life of the loan.

GM Financial does not charge an extra fee to skip a payment, but you will pay interest on the deferred amount for the additional months it remains on your loan. This means the total cost of your vehicle increases slightly, even though your when ready cash flow improves.

Key Takeaways

  • GM Financial's skip-a-payment option moves your payment to the end of your loan rather than erasing it, so you pay it back with interest over time.
  • You must be current or only slightly behind on your loan to use this option; borrowers in default cannot defer payments.
  • There is no fee to skip a payment, but interest accrues on the deferred amount for the additional months it stays on your loan.
  • You can request a deferment by calling GM Financial directly or through your online account, and the process typically takes a few business days to process.
  • Skipping a payment does not hurt your credit score as long as you remain current after the deferment takes effect.

How to Request a Payment Deferment with GM Financial

Contact GM Financial directly to request a skip-a-payment deferment. You can call their customer service line at 1-888-GM-LOANS (1-888-465-5267) and speak with a representative about your situation. Have your loan account number and vehicle identification number (VIN) ready when you call.

You can also log into your GM Financial online account and look for a "Payment Options" or "Deferment" section, though the phone route is usually faster for getting an when ready answer about whether you are currently may be able to access. When you call, be clear about which month you want to skip and ask the representative to confirm the new payment schedule in writing before the deferment takes effect.

The request typically processes within two to five business days. During that time, continue making your regular payment unless the representative explicitly tells you to hold off. Once approved, your next statement will show the deferred payment added to your loan balance and your new payoff date extended by one month.

When You Cannot Skip a Payment with GM Financial

If you are 30 or more days behind on your loan, GM Financial will not allow you to use the skip-a-payment option. The program is designed for borrowers who are keeping up with their payments and need temporary relief, not for those already in arrears. If you are behind, you will need to bring your account current first or explore other options like loan modification.

Borrowers with loans that are very close to the end of their term may also be ineligible, since there is not enough loan life remaining to defer a payment. If your loan has fewer than 12 months left, ask the representative whether deferment is still possible in your case.

If you have already used a deferment on this loan, you may not be able to use another one, depending on GM Financial's current policy and your loan agreement. Some loans allow only one deferment per loan; others may allow more under specific circumstances. Ask directly when you call.

The Real Cost of Deferring a Payment

Skipping a payment with GM Financial costs you money in the form of additional interest, even though there is no upfront fee. If your loan has an interest rate of 6 percent and you defer a $400 payment, you will pay roughly $2 in extra interest over the remaining life of the loan (the exact amount depends on your specific rate and remaining term).

The longer your loan runs, the more interest you pay on that deferred amount. If you have 24 months left on your loan when you defer, you pay interest for those 24 months plus one additional month. If you have 60 months left, you pay interest for 61 months. This is why deferment makes the most sense when you need when ready cash flow relief but expect your situation to improve soon.

Deferment also extends your loan payoff date by one month, which means you will be making car payments for slightly longer. This is a minor trade-off for most borrowers, but it is worth understanding before you request it.

How Skipping a Payment Affects Your Credit

A GM Financial payment deferment does not damage your credit score as long as you remain current after the deferment takes effect. The deferment itself is not reported to credit bureaus as a missed payment or delinquency. Your credit report will show that you are current on your loan, even though one payment has been moved to the end of your term.

However, if you skip a payment and then fail to make your next regular payment after the deferment period ends, that missed payment will be reported and will hurt your credit. The deferment only protects you if you stay on track with the new payment schedule that follows.

If you are considering deferment because you are worried about your ability to pay, think carefully about whether you can afford the payment that comes due after the deferment ends. If you cannot, deferment will only delay the problem and may leave you in a worse position.

Alternatives to GM Financial's Skip-a-Payment Program

If you do not may have access to for deferment or if deferment does not solve your problem, GM Financial may offer other options. Loan modification can lower your monthly payment by extending your loan term or, in rare cases, reducing your interest rate. This is different from deferment because it permanently changes your payment, not just moves one payment.

If you are facing a temporary hardship—job loss, medical emergency, or unexpected expense—ask GM Financial about a hardship program. Some lenders have formal programs for borrowers in temporary difficulty that may include forbearance (pausing payments for a set period) or a temporary payment reduction. These are not automatic, but they exist for situations where deferment alone is not enough.

If you are significantly behind on your loan or facing repossession, contact a credit counselor through the National Foundation for Credit Counseling (NFCC) at 1-800-388-2227. They can review your full situation and help you understand whether refinancing, modification, or another path makes sense for your circumstances.

Frequently Asked Questions

Can I skip a payment if I am behind on my loan?

No. GM Financial requires you to be current or only slightly behind to use the skip-a-payment option. If you are 30 or more days late, you will need to bring your account current first or explore other options like loan modification or forbearance.

Does skipping a payment with GM Financial hurt my credit?

No, as long as you remain current after the deferment. The deferment itself is not reported as a missed payment. Your credit score is only affected if you fail to make the payment that comes due after the deferment period ends.

How much extra will I pay if I skip a payment?

You will pay interest on the deferred amount for the additional months it remains on your loan. The exact cost depends on your interest rate and how much loan term remains. For a $400 payment at 6 percent interest with 24 months left, you might pay roughly $2 to $4 in extra interest, though this varies by loan.

Can I skip more than one payment with GM Financial?

Most GM Financial loans allow only one deferment per loan, though some circumstances may permit more. Call 1-888-465-5267 and ask whether your specific loan allows multiple deferrals. Do not assume you can defer again until you have confirmation.

What happens to my loan payoff date when I skip a payment?

Your loan payoff date extends by one month. If you were scheduled to pay off your loan in 36 months, it will now take 37 months. You will make one additional payment at the end of your loan term.