Refinancing an auto loan is an effective way to lower the monthly payments, and in some cases decrease the term length of the loan. This is a favorable option if your current loan has a high interest rate and you would like to reduce it. Refinancing your auto loan through General Motors Acceptance Corporation (GMAC) might save you a significant amount of money.
Call your current lender and ask for the payoff amount on your auto loan. You will need this number to give to the GMAC associate who will be handling your account. Usually the quoted amount is valid for 5 to 10 days.
Check your current credit scores. Go to experian.com, transunion.com and equifax.com (which are the three major credit reporting agencies) and download your credit report. Make sure your credit report accurately describes your credit history. If you find any errors, you must fix them before you refinance because GMAC will base your new interest rate largely on your credit report.
Get your car appraised. Like most lenders GMAC will not refinance your car for more than the current value. Take your your car to a certified appraiser to ensure the value is within the eligible threshold for refinancing.
Apply for refinancing through GMAC. Visit a local General Motors (GM) dealer to complete and submit a credit application. Fill out your contact information, annual salary and your vehicle's statistics on the application form. They will pull your credit report and add it to your application to determine your new rate. Alternatively you can call GMAC vehicle financing directly at 800-327-6278 for application information.
Once your GMAC loan is approved, verify that the original lien was paid off by GMAC. Call your original lender and inquire about the status of your old loan. They should issue you a notice in the mail stating that your responsibility for the loan has been satisfied.
