General Motors (GM) financial is a subsidiary financial service company of General Motors, which provides global auto finance options and solutions and operates in the United States, Asia, and South America. With its headquarters in Texas. General Motors provides consumers with retail loans, leases, real estate loans, and car insurance to help them grow and finance their enterprises. The entity was created in 1992 and later General Motors Company acquired it in 2010. So, What Credit Bureau Does GM Financial Use?
GM Financial uses the Transunion credit reporting bureau to collect information on their consumer individuals and report consumer credit activities, provide fraud protection services, and rate consumers’ credit card scores that they use to determine who is eligible to get the financial products. They may also use Experian and Equifax to check credit scores for potential borderline candidates.
General Motors Financial Services.
General Motors offers a variety of services to consumers.
- Lease or buy services. This service includes the following offers:
- Leasing where GM financial provides adequate information to potential clients to choose an option that fits them.
- Buying a GM vehicle, they offer financing options to fit their clients’ needs to buy a vehicle and get to enjoy full ownership.
- Business financing services.
This service offers the following:
- Business financing where GM financing offers discounts on vehicles that clients need to help their businesses succeed.
- Business purchases where they offer a finance program if clients want to own a pre-owned or new vehicle with benefits such as full ownership, no mileage limits, and longer financing terms.
- A business lease provides clients with lease programs and solutions to meet their business needs and benefits such as lower monthly payments, and lease-end options.
- Line of credit where GM financing allows businesses to lease multiple pre-owned or new vehicles using the commercial finance options.
- A municipal lease where GM financial allows public entities to lease vehicles needed in their organization.
- Fleet services where GM help keeps businesses’ vehicles in good condition for example monitoring the maintenance and repair services.
Application For the GM Financing
One can apply for the pre-qualify Gm financing. When applying for the GM financing the following requirements are needed:
- Be of legal age in your state.
- Be employed.
- Have a credit score of about 550 plus.
- Be a permanent resident of the United States and/or green card holder
Clients applying need to provide documentation of the following:
- Residential permit or proof of citizenship.
- Valid driving license.
- Your social security number
- Income details.
- Housing information.
One can apply by visiting the GM financial website, going to the Apply to prequalify page, filling in the required details, and submitting.
Does The GM Financing Have Benefits?
Yes, there are benefits of financing with General Motors Financing, they are:
- Customers can make online payments at any given time by setting a recurring payment through the online account and customizing the monthly payment.
- Clients have easy access to monthly payments as soon as they are made available just by logging into your account.
- Clients get well-detailed information about their accounts, payments, interests, and many more.
- Get access to customer support services.
- GM has flexible car leases.
There are some demerits involved. They include:
- One can only be able to work with GM dealers, which in turn, means you get a limited choice of vehicles.
- Limited items are available.
- No approval for pre-owned vehicles.
How Do I Register A GM Financial Account?
General Motors Financial lease customers can open an online account by visiting the GM financial website, on my account page, and registering. One can also use the mobile application to register a GM financial account. You will require your account number, which is on the billing statement.
Lease clients can also link two accounts either online or on the mobile application by clicking on the link my account option and entering the account number. Only business accounts can be joined. Personal and business accounts cannot be joined together.
Frequently Asked Questions
- How long will it take for GM financial to grant my car loan?
The period taken for General Motors Financial to grant a car loan to a client is approximately 7 days.
- Can one get a car loan for a non-GM vehicle from GM financial?
No, the financial program is only available for GM vehicles and is not available for pre-owned or used cars.
- What payment options are available at GM Financial?
One can make payment online for either a personal or business account for any type of lease using the following payment methods: using an online bank account, online debit card, credit cards, mail, and cash.
- Can one get a grace period for repayments with GM Financial services?
There is no grace period offered by GM financial; they require payments to be paid on time. They also charge late fees for late payments.
