GM Financial's Payment Deferment Program

GM Financial does offer payment deferment, which means you can postpone your monthly car payment to the end of your loan. The program is called GM Financial Payment Deferment, and it's designed for customers facing a temporary financial hardship — job loss, medical emergency, or unexpected expense.

When you defer a payment, GM Financial doesn't forgive it. Instead, the payment you skip gets added to the end of your loan term, and you'll owe it later along with interest. This is different from forgiveness, where a payment disappears entirely. Deferment buys you breathing room now in exchange for a longer payoff period later.

The program is not automatic. You have to contact GM Financial and request it — they won't offer it on their own. The sooner you call, the better your chances of getting approval before you miss a payment, which protects your credit score.

Key Takeaways

  • GM Financial allows you to defer one or more monthly payments by moving them to the end of your loan term, but the deferred amount still accrues interest.
  • You must contact GM Financial directly to request deferment; the company will not offer it automatically, and waiting until you miss a payment makes approval less likely.
  • Deferment is intended for temporary hardship and typically covers a limited number of months, though the exact limit depends on your loan agreement and current circumstances.
  • Requesting deferment before you miss a payment is less damaging to your credit than missing payments and asking for help afterward.

How to Request Deferment from GM Financial

Call GM Financial's customer service line at the number on your loan statement or bill. Have your account number ready. Explain your situation — job loss, reduced income, medical bills, or whatever is making the payment difficult right now. Be specific about how long you expect the hardship to last.

GM Financial will ask about your income, other debts, and whether you've had trouble with payments before. They may ask for documentation: a layoff notice, a medical bill, a letter from your employer explaining a temporary pay cut. The more detail you provide, the stronger your case.

The company will tell you on the call or within a few business days whether deferment is possible and how many payments you can defer. If approved, you'll receive written confirmation by mail or email showing the new payment schedule.

What Happens to Interest During Deferment

Interest continues to accrue on your loan while payments are deferred. This means the deferred payment amount grows slightly by the time you reach the end of your loan. If you defer a $400 payment for six months, you might owe $410 or $415 by the time it comes due, depending on your interest rate.

This is why deferment works best for short-term hardship. If you defer payments for many months, the interest adds up and you end up paying more overall. But if you're facing a three-month gap in income and expect to recover, deferment is usually cheaper than missing payments and damaging your credit.

Credit Score Impact of Deferment Versus Missing Payments

Requesting deferment before you miss a payment has minimal impact on your credit score. GM Financial reports the deferment to credit bureaus, but it typically shows as a neutral or temporary arrangement rather than a negative mark.

Missing a payment without requesting deferment first is much worse for your credit. A single missed payment can lower your score by 50 to 100 points or more, and the damage lasts for years. Late payments are one of the biggest factors credit bureaus use to calculate your score.

This is why calling GM Financial as soon as you know you'll struggle with a payment is the smarter move. Even if deferment is denied, asking first shows the lender you're trying to manage the situation responsibly.

Limits on How Many Payments You Can Defer

GM Financial typically allows deferment of one to three payments, though the exact number depends on your loan agreement, how much you still owe, and the lender's assessment of your situation. Some customers have deferred more than three payments, but this is less common and requires stronger documentation of hardship.

The company also looks at whether you've used deferment before on this loan. If you've already deferred payments once, they may be less willing to defer again, or they may limit you to fewer months the second time.

Ask the customer service representative specifically how many payments you're approved to defer and whether you can request additional deferments later if your hardship continues. Get the answer in writing.

What to Do If GM Financial Denies Deferment

If GM Financial says no to deferment, ask why. The reason matters. If it's because you've already used deferment recently, you may have other options. If it's because your loan is too new or your account has too many late payments already, your options are narrower.

Some lenders offer loan modification as an alternative — restructuring your loan to lower the monthly payment permanently rather than deferring it. This is different from deferment and may be available even if deferment is not. Ask specifically whether loan modification is possible.

If you're facing a longer-term hardship and deferment won't solve the problem, you might also explore refinancing with a different lender, though this requires good enough credit to may have access to. A credit counselor can help you think through whether refinancing makes sense for your situation.

Deferment Versus Other Payment Options

Deferment moves your payment to the end of the loan. Forbearance is similar but typically used for federal student loans, not car loans — GM Financial doesn't use that term. Skipping a payment without permission is a missed payment and damages your credit. Loan modification changes the terms of your loan permanently, usually lowering the monthly payment but extending the loan term.

For a temporary crisis — a month or two without income — deferment is usually the right choice. For a longer-term problem, loan modification might make more sense. For a permanent change in your financial situation, refinancing might be worth exploring, though it requires a new process and approval.

The key difference: deferment assumes you'll recover and resume normal payments. If you won't recover, deferment just delays the problem and adds interest.

Frequently Asked Questions

Can I defer a payment if I'm already late?

Yes, but it's harder. Calling before you miss a payment gives you the best chance of approval. If you're already 30 days late, GM Financial may be less willing to work with you, though some customers have still received deferment. Call when ready if you're late and ask.

Will deferring a payment show up on my credit report?

Deferment typically shows as a neutral arrangement and does not damage your credit the way a missed payment does. However, it may appear on your credit report, so lenders can see it. A missed payment is far worse for your score than a deferment.

What if I can't afford my payment even after deferment?

If deferment doesn't solve your problem, ask GM Financial about loan modification or refinancing. If you're facing repossession, contact a credit counselor or legal aid organization in your area — some can negotiate with lenders on your behalf or help you understand your options.

Do I have to pay the deferred amount all at once at the end?

No. The deferred payment gets added to your regular monthly payment schedule at the end of your loan. You'll pay it as part of your normal monthly bill, not as a lump sum. Your final payment may be slightly higher than your regular payment, but it's spread across the remaining loan term.

Can I request deferment more than once?

Yes, but GM Financial is less likely to approve a second deferment if you've already used it. Each request is evaluated separately based on your current situation. If your hardship is ongoing, ask about loan modification instead, which may be a better long-term solution.