GM Financial does offer payment deferment, but only in specific situations and for a limited time
GM Financial, the captive finance arm of General Motors, allows you to defer your car payment if you experience a temporary financial hardship. Deferment means pushing your payment to the end of your loan — you don't pay now, but the amount gets added to what you owe later. This is different from skipping a payment, which simply delays it by one month.
The catch: GM Financial doesn't advertise deferment as a standard option you can request anytime. You have to contact them first, explain your situation, and they decide whether to grant it. The process is not automatic, and approval depends on your account history and the reason for the hardship.
Key Takeaways
- GM Financial offers deferment only if you contact them and demonstrate a temporary hardship, not as a standing option available to all borrowers.
- Deferment adds your skipped payment to the end of your loan balance, so you pay interest on that amount for the remaining loan term.
- You must call GM Financial's customer service line or log into your online account to request deferment; there is no online form to submit.
- Approval typically takes a few business days, and GM Financial may ask for documentation of your hardship before deciding.
- If deferment is denied, you can ask about a one-month payment postponement instead, which delays your payment without adding it to the balance.
How to request deferment from GM Financial
Call GM Financial's customer service line at 1-888-GM-LOANS (1-888-465-5267). Have your account number and loan details ready. Explain that you are experiencing a temporary hardship and ask whether deferment is an option for your situation.
GM Financial may ask you to provide documentation — a layoff notice, medical bill, or letter explaining the hardship. They use this to assess whether your situation is genuinely temporary and whether you are likely to resume payments afterward. The call usually takes 10 to 15 minutes, and you will know within a few business days whether they approve the request.
If you prefer not to call, you can also log into your GM Financial account online and look for a "Payment Options" or "Hardship" section. Not all accounts have this feature visible, so calling is the more reliable route.
What happens to your loan when you defer a payment
When GM Financial defers a payment, that amount does not disappear — it gets added to the end of your loan. If your monthly payment is $400 and you defer one month, you now owe $400 more than you originally did. You will pay interest on that $400 for however many months remain on your loan.
For example: if you have 36 months left on a 60-month loan and you defer one $400 payment, you will pay interest on that $400 for all 36 remaining months. Over the life of the loan, that deferment could cost you $50 to $150 in extra interest, depending on your interest rate.
Your loan term does not extend — the final payment date stays the same. This means your monthly payment amount may increase slightly in the final months to account for the deferred balance.
The difference between deferment and a one-month postponement
GM Financial distinguishes between deferment and a payment postponement. A postponement delays your payment by one month without adding it to your loan balance. You simply pay it the following month along with your regular payment.
Postponement is easier to get approved for because it does not change your loan structure. Deferment is a bigger change and requires more scrutiny. If GM Financial denies your deferment request, ask specifically whether they can postpone your payment instead — this is often approved more readily.
The trade-off: postponement gives you only one month of breathing room, while deferment can cover multiple months depending on GM Financial's policy and your situation.
What counts as a hardship that GM Financial will consider
GM Financial looks for temporary, documented hardships — situations where you cannot pay this month but expect to resume payments soon. Common reasons they approve include job loss (with a layoff letter), medical emergency (with hospital or doctor bills), or a major unexpected expense (with receipts or invoices).
They are less likely to approve deferment if you are chronically behind on payments, if you have already deferred multiple times, or if your hardship appears permanent rather than temporary. If you have missed payments before, be honest about it when you call — they can see your account history anyway.
Avoid overstating your hardship or providing false documentation. GM Financial can verify information, and fraud can result in acceleration of your loan (meaning the entire remaining balance becomes due immediately) or legal action.
What to do if GM Financial denies your deferment request
If deferment is denied, you have several options. First, ask whether a one-month postponement is available instead. Second, ask whether GM Financial offers a loan modification program — some lenders will restructure your loan to lower your monthly payment for a set period.
Third, contact GM Financial's loss mitigation department directly. This is a separate team from regular customer service and handles financial hardship cases. They may have options that the first representative did not mention. Ask for the department's direct number or mailing address.
If you are still unable to pay, contact a HUD-approved housing counselor (even though this is a car loan, not a mortgage, they can advise on debt management). Call 1-800-569-4287 or visit HUD.gov to find a counselor near you. They can help you understand your options and may be able to negotiate with GM Financial on your behalf.
How deferment affects your credit and your loan
Deferment itself does not hurt your credit score — it is not a missed payment or a late payment. However, it does change your loan balance and extends your obligation. Your credit report will show the deferment if GM Financial reports it to the credit bureaus, but the impact is minimal compared to a missed payment.
The real cost of deferment is financial, not credit-related. You pay more interest over the life of the loan, and your monthly payment may increase in the final months. If you defer multiple times, the extra interest compounds.
If you miss a payment without requesting deferment first, that is reported to the credit bureaus and damages your score. Deferment is always better than missing a payment, so call GM Financial before your payment is due if you know you cannot pay.
Frequently Asked Questions
Can I defer more than one payment at a time?
GM Financial's policy on multiple deferrals varies. Some borrowers have deferred two or three payments in a single request, while others have been limited to one. Call and ask what is possible for your situation. Multiple deferrals add significantly to your total interest cost.
Will deferment show up on my credit report?
Deferment itself does not appear on your credit report as a negative mark. However, if you miss a payment before requesting deferment, that missed payment is reported. Deferment prevents the miss from being reported in the first place.
What if I defer a payment and then lose my job permanently?
Contact GM Financial immediately and explain the change in your situation. They may offer additional options, such as a loan modification or a longer deferment period. Do not wait — the sooner you communicate, the more options you have.
Does deferment extend my loan term?
No. Your final payment date stays the same. The deferred amount is added to your balance, which means your monthly payment may increase slightly in the final months to keep the payoff date on schedule.
Can I defer a payment if I am already behind?
It depends on how far behind you are. If you are one or two months behind, GM Financial may still work with you, but deferment is less likely. If you are three or more months behind, they may push for a loan modification or payment plan instead. Call and explain your full situation.