Q:

How do you pay off a GMAC auto loan?

A:

Quick Answer

In 2009, GMAC banking changed its name to Ally Financial. The company's Global Automotive Services continues to offer financing for vehicle purchases and leases. Any automotive loans opened with GMAC are payable to Ally Financial.

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Full Answer

  1. Create your Ally Financial Account

    If you are unsure of your account number, contact Ally Financial to access your account. A Social Security number that corresponds to the vehicle's owner as well as the Vehicle Identification Number. The account information is available by phone and online.

  2. Establish a plan to pay off the loan

    Most people choose to pay off their automotive loan in regular monthly installments over the course of 4 to 6 years. These payments can be setup to be automatically deducted every month from the owner's bank account. Alternatively, payments can be made on a one-time basis. Although minimum payments are required, there is generally no penalty for pre-payment. Once the loan has reached a level that the owner can afford to pay off in one lump sum, some owners opt to pay off the loan in full before the loan has matured.

  3. Determine the payoff amount

    If it is desired to pay off the loan in one lump sum, Ally Financial must be contacted to provide an accurate payoff quote. The payoff quote is not the same as the current balance on the most recent statement. The current balance does not reflect daily interest that continues to accrue after the statement is issued. Once the payoff quote is in hand, the funds transfer can be arranged either electronically or with a paper check.

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