Help/FAQs: Business Customers

Applying with GMAC

How does my business or company apply for credit with GMAC?
Visit your local Dealer and advise them of your interest in financing with GMAC. To locate a GM Dealer, click here.

Your dealership can also help you apply for a GMAC Commercial Line of Credit.

How long does it take to evaluate a typical commercial transaction for financing?

Depending on the transaction, most credit decisions on individual transactions are relayed back to your dealer in a matter of minutes. The process of establishing a GMAC Commercial Line of Credit may take additional time. Consult your dealer for more information on timelines and what information may be required.

My dealer has asked me to send financial information to GMAC. I am not comfortable sharing this confidential information with the dealer. Can this be sent directly to GMAC?

Yes. Financial information can be sent directly to GMAC. Your dealer can instruct you how to send this data to GMAC and will provide an address or fax number.

Will GMAC approve transactions in a business name only?
GMAC may be willing to purchase contracts solely in a Business Name depending on the strength of a particular transaction. Contact your dealer for additional information and details.

Do I need to send in a borrowing resolution with every transaction, even if I have signed one with GMAC previously?
Yes. A borrowing resolution (corporate resolution, limited partnership resolution, or non-profit resolution, for example) is required with every transaction to verify which individual at the organization is legally allowed to sign contracts on the company's behalf.

Third Party Guaranty

Does GMAC offer a program to keep my business obligations off my personal credit bureau?
Yes. Designed exclusively with the business owner in mind, our third party guaranty allows business owners to keep their business transactions at arm's length - and their personal name off of the vehicle contract and title. The business owner would still provide the additional financial backing that GMAC may require, while keeping their personal credit free and clear of business obligations. For more information on this program, please click here.

How does this third party guaranty work? What responsibility do I have as a guarantor?

As a guarantor, you are responsible for payment only in the event of default. A guarantor does not appear on the vehicle title or contract and maintains no ownership interest in the vehicle itself.

In the event the primary customer on the contract defaults, the guarantor will be contacted for payment arrangements. If the guarantor refuses to settle the debt, that default will be reported to both the customer and guarantor's credit bureau.

If my company is late on a payment, will this be reported to my Credit Bureau as a third party guarantor?
No. Only in the event of default will anything adversely be reported against a third party guarantor.

What is the difference between a cobuyer and a third party guarantor?
Both parties add strength to an individual transaction, but this is where the similarities end. While a cobuyer's name will always appear on the contract and subsequent vehicle title, a guarantor's name will not appear on either the contract or the title as they maintain no ownership interest in the vehicle. Additionally, the obligation is not reported to a guarantor's credit bureau - except in the event of non-payment default.

GMAC Commercial Line of Credit

My Business needs twenty vehicles immediately at various dealerships throughout the United States. Is there a simpler way to handle multiple transactions with GMAC?
GMAC established our Commercial Line of Credit to speed up processing time on multiple transactions so your company can get quick decisions when you need them. By using a GMAC Commercial Line of Credit, your company can provide financial data one time up front for consideration, rather than provide the same financials with each transaction twenty different times at multiple dealerships.

For more information on a GMAC Commercial Line of Credit please click here.

What is a GMAC Commercial Line of Credit and how does this help?
A GMAC Commercial Line of Credit provides qualified business customers with an additional source of funding specifically for use in the purchase or lease of commercial vehicles. Since you are already pre-approved, whenever you need another vehicle for your business, simply go back to your dealer and "sign and drive." As long as you maintain eligibility, there is no need to present financial statements with every transaction or wait long periods for credit approvals. For more information on a GMAC Commercial Line of Credit please click here.

How can a GMAC Commercial Line of Credit help my business?
A GMAC Commercial Credit Line provides an additional source of funding designed for the purchase or lease of commercial vehicles. While this product is exclusively for your businesses' vehicle needs, it is designed to augment your existing bank lines of credit and keep those free for your day-to-day working capital needs.

Additionally, your GMAC Commercial Credit Line provides your company a worry-free "safety net" when it comes to replacing those aging vehicles. When business is booming, you cannot afford to be without a vehicle. GMAC's Commercial Line of Credit provides you with the ability to obtain a new replacement vehicle immediately, without having to wait through the transaction approval process.

What information is needed to establish a Commercial Line of Credit with GMAC and how do I apply?
The information required varies depending on customer and dollar amount requested.

To inquire about what information will be required specifically or to apply for a GMAC Commercial Line of Credit, please visit your local dealer.

To locate a GM Dealer, click here.

How much does it cost to establish a GMAC Commercial Line of Credit?
While many banks charge a maintenance fee to establish a line of credit, there is no charge to establish or maintain a Commercial Line of Credit with GMAC.

For additional information on a GMAC Commercial Line of Credit, please consult your dealer.

Is my GMAC Commercial Line of Credit limited to certain products or lines of business only?
No. Once established, your GMAC Commercial Line of Credit may be utilized on any light or medium duty vehicle sold by your dealer. Additionally, this may also be used on most body packages and commercial vehicle upfits as well as other GM and GMAC products such as extended service contracts.

In exchange for my bank line of credit, my bank requires an interest in all the assets of my business. Will GMAC require an interest in all my business assets to establish a GMAC Commercial Line of Credit?
No. GMAC will only hold a lien on the specific vehicles you finance with us.

Commercial Plans and Programs: Automotive Vehicle Financing

Traditional Retail Financing

What is traditional retail financing?
Traditional retail financing is an installment sale transaction between your business and your dealer whereby you agree to pay the amount financed, plus an agreed upon finance charge, over a period of time.

How do you know if traditional retail financing is right for your business?
If any of the following statements define your company's buying habits, traditional financing may be a better choice for your business:

• My business plans to drive these vehicles for more than just a few years.
• My company consistently drives well over 15,000 miles a year.
• My business plans to materially alter the vehicle's appearance by changing the paint scheme or adding an upfit which cannot be easily removed without damage to the vehicle.
• I feel more comfortable with the idea of "owning" a vehicle, rather than leasing.

How does traditional retail financing compare to leasing?
The major difference between buying and leasing is ownership of the vehicle.

• When you buy a vehicle (installment sales contract), you or your company is the owner of the vehicle and the vehicle is titled in your company's name.
• When you lease a vehicle, a leasing company is the owner of the vehicle and this company is listed on the title. You pay for only the anticipated usage and depreciation of the vehicle.

Where do you go for traditional retail financing?
Traditional retail financing for business vehicles from GMAC is always conveniently available right at your dealer. Click here to locate a GM dealer near you.

Will GMAC finance a commercial body that is added to a vehicle chassis?
Yes. GMAC will finance eligible conversion packages including refrigerated bodies, utility bodies, dump bodies and storage boxes, just to name a few . Please consult your dealer for additional details.

Commercial Plans and Programs: Automotive Vehicle Leasing

General Lease Questions

What is a Lease?
An agreement between the owner of the property (lessor) and the user of the property (lessee) for the use, (rental), of property, (leased vehicle), subject to the stated terms and conditions in the lease agreement which detail both the length of time and the agreed upon payment.

How do you know if Leasing is right for you?
Leasing is a "SMART" idea if you want...

• A lower monthly payment - Because you are paying for the value of the vehicle you expect to use during your lease, plus a rent charge, taxes and fees, rather than the total value of the vehicle, leasing payments are typically lower than traditional financing payments.
• To drive a new vehicle more often - Leasing typically has a shorter term than if you purchase for a similar monthly payment, allowing you to drive a new vehicle more often. Of course, at the end of a lease you must return the vehicle if you do not exercise the purchase option.
• To drive a vehicle during its most trouble-free years - Most lease terms fall within the manufacturer's warranty, however, you are responsible for maintenance.
• To avoid trade-in obligations - With a lease, you can take the smart road and lease another vehicle (provided you qualify), buy the vehicle outright, or return it at the end of the lease term and walk away (provided you have met all the obligations of your lease).
• Possible tax advantages - If you use your vehicle primarily for business, leasing can provide possible tax deductions. See your tax advisor for details or call 1-800-32-SMART for a free brochure on how to drive down business expenses.
• Convenience - GMAC's leasing plans can be conveniently arranged at your dealer right after your vehicle is selected and most qualified customers can be approved in minutes.

Is there more than one kind of Lease? Do I have Options?
When leasing a vehicle through GMAC, there are many different options for qualified business customers to choose from...

• Commercial SmartLease: Commercial SmartLease is the standard leasing option available through GMAC. You have monthly payments to pay for the portion of the vehicle's value - depreciation - you expect to use over a period of time, plus a rent charge, taxes and fees. With GMAC's Commercial SmartLease you don't own the vehicle; you drive it for the lease term (determined by you and your dealer) and return it at lease end. This is commonly referred to as a "closed-end" lease.
• SmartLease Plus: SmartLease Plus is the most convenient lease yet. You get all the benefits of a Commercial SmartLease, plus you avoid monthly payments. Ask your dealer for details about SmartLease Plus.
• ComTRAC Lease: GMAC's ComTRAC Lease is an open-ended lease only available to Commercial Customers. It allows business customers more flexibility in leasing vehicles since the residual value may be custom tailored to suit a business' needs. Customer remains responsible for the residual balance, but enjoys unlimited mileage and no excess wear or tear charges.

Can a commercial body that has been added to a vehicle chassis also be leased?
Yes. GMAC will finance or lease eligible conversion packages including refrigerated bodies, utility bodies, dump bodies and storage boxes, just to name a few . Please consult your dealer for additional details.

I already own a Commercial upfit. Will GMAC allow me to add this to my lease vehicle's chassis?
Yes. GMAC will still allow you to add an upfit to your vehicle's cab and chassis package provided that the installation or removal of this upfit does not damage or materially alter the vehicle.

Commercial SmartLease

What is a Commercial SmartLease? I have never heard that term used before.
Commercial SmartLease is the standard leasing option available through GMAC. You have monthly payments to pay for the portion of the vehicle's value - depreciation - your company expects to use over a period of time, plus a rent charge, taxes and fees.

With GMAC's Commercial SmartLease you don't own the vehicle; you drive it for the lease term (determined by you and your dealer) and return it at lease end. This is commonly referred to as a "closed-end" lease.

What are the end-of-term options available on a Commercial SmartLease?
At the end of your Commercial SmartLease contract, you can:

• Keep the vehicle and pay the fixed-purchase-price listed in your agreement, as well as any additional fees.
• Keep the vehicle and refinance the outstanding balance, subject to credit approval in some states.
• Pay the fixed-purchase-price listed in your contract and sell the vehicle yourself, keeping any profit.
• Return the vehicle to the dealer. Your vehicle will be inspected either by the dealer at the time of return or by a third party inspection company usually within 48 hours of return. You will be responsible for excess mileage or excess wear charges.

You choose the option that best suits your needs.

See your dealer about program availability and details.

Who is responsible for maintaining and insuring your Commercial SmartLease vehicle?
You are responsible for maintenance, (you can refer to your vehicle owner's manual for the recommended maintenance schedule). You are also responsible for insuring your vehicle as stated in your Commercial SmartLease agreement.

For additional details on Commercial SmartLease, please visit your dealer or call GMAC at 1-800-200-4622.

How many miles can you drive a year with Commercial SmartLease?
The standard Commercial SmartLease agreement allows you up to 15,000 miles per year for light-duty vehicles, 25,000 a year for Medium duty gas vehicles and 35,000 miles a year for medium duty diesel vehicles. You can also purchase additional mileage at the beginning of your contract. If you exceed the base mileage allowance, you'll only be charged for additional mileage if you return the vehicle to GMAC.

Mileage Matters When You Lease: If you exceed the mileage limit set in your GMAC SmartLease agreement, you will have to pay additional charges when you return the vehicle. For this reason, Commercial SmartLease may not be right for all business customers.

Can you return your vehicle before the Commercial SmartLease contract is up?
Yes. You can terminate your Commercial SmartLease contract at any time by returning the vehicle to your dealer. Your dealer can inform you of your company's early termination obligations.

If you still have questions regarding GMAC's Commercial SmartLease Program, click here for more information.

I like the idea of Commercial SmartLease for my business, but we drive our vehicles more than 15,000 miles per year:
GMAC's Commercial SmartLease and most other closed-end leases allow for a specified number of miles to be driven annually - typically 15,000 miles per year for light-duty vehicles, 25,000 a year for Medium duty gas vehicles and 35,000 miles a year for medium duty diesel vehicles. You can buy additional pre-paid miles up front, but you will normally have an increased monthly payment since high mileage causes a vehicle to depreciate more.

As an alternative, consider GMAC's ComTRAC lease or Traditional Retail Financing program instead.

What is the difference between GMAC's Commercial SmartLease and GMAC's ComTRAC Lease?
There are a few key differences between these two programs:

Commerical SmartLease	ComTRAC Lease
Lease / Vehicle titled in GMAC's Name	Lease / Vehicle titled in GMAC's Name
No usage stipulation.	Customer must use for business purposes more than 50% of the time.
Specialized upfits and abnormal depreciation may not be available.	Product allows for specialized upfits or abnormal depreciation
Customer does not set residual value.	Customer can set their own residual value. Residual can be as low as 0%.
Customer must pay over-mileage penalties, if any.	No mileage concerns.
Customer must pay excess wear and tear penalties, if any.	No excess wear penalties.
Closed-ended Lease / Customer not responsible for residual value at end of Lease.	Open-ended Lease / Customer responsible for residual value at end of Lease.
Security Deposit may be required.	No Security Deposit required.
Maximum term available is 48 months.	Maximum term available is 60 months.
No Disposal Fee.	$250 Disposal fee / ($500 Medium Duty)

I like the affordability of a SmartLease, but my business really wants to own the vehicle... What should I do?
SmartBuy is a program that enables you to own your vehicle and lower your monthly payments at the same time. Like a lease, the low payment is possible because each month you pay only for that portion of the vehicle you expect to use, plus a finance charge.

At the end of your contract you have several options, including keeping the vehicle by making a final balloon payment or simply returning your vehicle and paying a disposal fee. (SmartBuy is only available in a limited number of states. Ask your dealer about whether SmartBuy is available in your state).

What's the difference between Commercial SmartLease and SmartBuy?
The main difference is the two plans is ownership of the vehicle.

With Commercial SmartLease, the vehicle is titled in GMAC's name and your company leases the vehicle for the term of your agreement. At the end of the lease, you may either buy or return the vehicle to GMAC.

With SmartBuy, your company owns the vehicle and it is titled in your company's name. At the end of the SmartBuy period, you have the option to keep the vehicle and remit the final balloon installment, or return the vehicle to GMAC.

See your dealership for complete details.

Can I use my trade-in to lower my Commercial SmartLease payments even further?
Yes. As long as your current vehicle is worth more than you owe on it and your dealership will accept it in trade.

Can I get extra mechanical and maintenance protection on a Commercial SmartLease?
Yes. A variety of GM Protection Plans are available in a range of time and mileage coverages to safeguard your vehicle beyond the manufacturer's warranty.

Since you are responsible for your vehicle's maintenance, GM Protection Plan SmartCare, a comprehensive scheduled maintenance plan, is available for your convenience too. See your dealership for details.

What if my Commercial SmartLease vehicle is stolen or totaled?
Many Commercial SmartLease agreements include "gap protection" at no additional cost. This means that if your vehicle is declared a total loss through accident or theft and there is gap built into your contract, once the insurance settlement is received, you would not be responsible for any excess beyond your insurance deductible and any other accrued charges on your account.

Note: Gap protection not available on Commercial SmartLease transactions in all states. Please check with your dealership for more specific information on your state.

Can I end my Commercial SmartLease agreement early?
Yes, however, you will be responsible for any early termination charges. The key to successful (and economical) leasing is knowing what you want, how far you drive each year, and then committing to the agreement that makes sense for your company.

What about mileage on my Commercial SmartLease vehicle?
Your Commercial SmartLease or SmartLease Plus contract will set the number of miles you may accumulate on a vehicle. There is a charge for excess miles if you return your vehicle and have exceeded the contracted mileage limit. There are no excess mileage charges if you choose to purchase your vehicle.

What about excess wear on my Commercial SmartLease vehicle?
Once your Commercial SmartLease or SmartLease Plus vehicle is returned, it will be inspected for damage, including scratches in the paint, dents and dings and other wear and tear. GMAC recommends that your company keep your vehicle in good operating condition and properly maintained so you won't have any problems.

You will not be billed for any wear and tear should you choose to purchase your vehicle.

Click here to view GMAC's SmartLease Excess Wear Table.

How do you select the Commercial SmartLease end-of-term option that's right for you?
At the end of your Commercial SmartLease agreement you can:

• Return the leased vehicle and lease another vehicle through your dealer.
• Purchase the leased vehicle.
• Return the leased vehicle and walk away.

Ask your dealer for all the details about GMAC Commercial SmartLease and SmartLease Plus, including the availability in your state.

ComTRAC (Commercial TRAC) Lease

What is a ComTRAC Lease?
GMAC's ComTRAC Lease is an open-ended lease only available to Commercial Customers who will use the vehicle in the course of business at least 50% of the time. It allows business customers more flexibility in leasing vehicles since the residual value may be custom tailored to suit business needs. The customer remains responsible for the residual balance, but enjoys unlimited mileage and no excess wear or tear charges.

What is the difference between GMAC's ComTRAC Lease and Commercial SmartLease?
There are a few key differences between these two programs:

ComTRAC Lease	Commercial SmartLease
Lease / Vehicle titled in GMAC's Name	Lease / Vehicle titled in GMAC's Name
Customer must use for business purposes more than 50% of the time.	No usage stipulation.
Product allows for specialized upfits or abnormal depreciation.	Specialized upfits and abnormal depreciation may not be available.
Customer can set their own residual value. Residual can be as low as 0%.	Customer does not set residual value.
No mileage concerns.	Customer must pay over-mileage penalties, if any.
No excess wear penalties.	Customer must pay excess wear and tear penalties, if any.
Open-ended Lease / Customer responsible for residual value at end of Lease.	Closed-ended Lease / Customer not responsible for residual value at end of Lease.
No Security Deposit required.	Security Deposit may be required.
Maximum term available is 60 months.	Maximum term available is 48 months.
$250 Disposal fee / ($500 Medium Duty)	No Disposal Fee.

What does GMAC mean by "residual value may be custom tailored to suit your business needs"?
Under GMAC's ComTRAC plan, a business customer may select a residual value it will be responsible for at the end of the lease. Generally speaking, the higher the residual value, the lower the monthly payments on your ComTRAC Lease will be.

Since the customer is responsible for the residual value on this particular product, companies should forecast what they reasonably believe a vehicle may be worth at the conclusion of their lease and set a residual value no higher than this amount.

For additional information about ComTRAC and ComTRAC residuals, please visit your local dealership.

What are the end-of-term options available on a ComTRAC Lease?
At the end of your ComTRAC Lease contract, you can:

• Keep the vehicle and pay the residual amount listed in your agreement, plus any remaining payments and additional fees.
• Keep the vehicle and refinance the outstanding balance, subject to credit approval in some states.
• Sell the vehicle yourself, pay the residual value, plus any remaining payments and fees and keep any profit.
• Trade the vehicle to your dealer and use any equity you may have in the vehicle to offset the price of a new vehicle.
• Return the vehicle to the dealer. Your vehicle will be inspected and resold at auction. In addition to the disposal fee, ($250 or $500 Medium Duty) your company will be responsible for any shortfall due once the sales proceeds have been applied.

You choose the option that best suits your needs.

See your dealer about program availability and details.

Who is responsible for maintaining and insuring your ComTRAC Lease vehicle?
You are responsible for maintenance, (you can refer to your vehicle owner's manual for the recommended maintenance schedule). You are also responsible for insuring your vehicle as stated in your ComTRAC Lease agreement.

Can you trade or return your vehicle before the ComTRAC Lease contract is up?
Yes. You can terminate your ComTRAC Lease contract at any time by returning the vehicle to your dealer. Your dealer can inform you of your company's early termination obligations.

If you still have questions regarding GMAC's ComTRAC Lease Program, please visit your local dealership.

I like the affordability of a Commercial SmartLease, but my business drives the vehicle more than 15,000 miles a year... What should I do?
With GMAC's ComTRAC Lease program, you can set a residual value and term which is virtually identical to a GMAC Commercial SmartLease. By using ComTRAC Lease, your company can drive unlimited miles with no wear and tear worries, and at the end of the lease, you can choose to buy the lease, trade it in to your dealer, or return to GMAC to help you resale the vehicle at auction.

Since the customer is responsible for the full residual balance at the end of the lease, GMAC does not bill for any mileage or wear and tear on a ComTRAC Lease, but these items do affect the price the vehicle will bring upon resale. If a vehicle is in poor condition and has high mileage, it may not resell for the full residual value owed on the ComTRAC Lease, leaving the customer with a final balance due.

Can I use my trade-in to lower my ComTRAC Lease payments even further?
Yes. As long as your current vehicle is worth more than you owe on it and your dealership/retailer will accept it in trade.

Can I get extra mechanical and maintenance protection on a ComTRAC Lease?
Yes. A variety of GM Protection Plans are available in a range of time and mileage coverages to safeguard your vehicle beyond the manufacturer's warranty.

Since you are responsible for your vehicle's maintenance, GM Protection Plan, a comprehensive scheduled maintenance plan, is available for your convenience too. See your dealership for details.

Can I end my ComTRAC Lease agreement early?
Yes, however, you will be responsible for any early termination charges. The key to successful (and economical) leasing is knowing what you want, how far you drive each year, and then committing to the agreement that makes sense for your company.

What about mileage or wear and tear on my ComTRAC Lease vehicle?
Since the customer is responsible for the full residual balance at the end of the lease, GMAC does not bill for any mileage or wear and tear on a ComTRAC Lease, but these items do affect the price the vehicle will bring upon resale. If a vehicle is in poor condition and has high mileage, it may not resale for the full residual value owed on the ComTRAC Lease, leaving the customer with a final balance due GMAC to repay.

How do you select the ComTRAC Lease end-of-term option that's right for you?
At the end of your ComTRAC Lease contract, you can:

• Return the leased vehicle, walk away and pay the disposal fee and any termination charges.
• Trade the vehicle to your dealer (equity permitting).
• Purchase the leased vehicle for the residual value, remaining payments and fees.

You choose the option that best suits your needs.

Ask your dealer/retailer for all the details about GMAC ComTRAC Lease.

Governmental Vehicle Leasing

Municipal Lease-Purchase Plan

What is GMAC's Municipal Lease-Purchase Plan?
A type of lease offered exclusively to municipalities. It is basically a retail financing program available to eligible municipalities or political subdivisions interested in stretching their available budget and financing vehicles at favorable tax-exempt rates.

Note: Municipality must qualify under Section 103 of the Internal Revenue Service Code. Municipalities should consult with their legal or tax advisors regarding tax-exempt status and qualification for a Municipal Lease-Purchase.

What are the benefits under GMAC's Municipal Lease-Purchase Plan?

• Ability to stretch municipality dollars by maximizing limited budgets
• Flexibility of obtaining vehicles when they're needed, not just at certain times of the fiscal year
• Documentation designed with municipalities' needs in mind
• Flexible payment schedules
• No mileage restrictions
• Optional extended service agreement
• Optional maintenance packages

Are all governmental entities eligible for GMAC's Municipal Lease-Purchase Plan?
No. Only tax-exempt municipalities or political subdivisions of state government, including:

• Cities
• Police departments
• Fire departments
• Sheriff departments
• Counties
• Villages
• State universities
• School districts

Note: Municipal Lease-Purchase applicant must qualify under Section 103 of the Internal Revenue Service Code. Tax-exempt status alone does not automatically qualify an entity as eligible.

Examples of tax-exempt, non-municipal entities which do not qualify are churches, charities, and private hospitals. Federal government agencies also do not qualify.

Municipalities should consult with their legal or tax advisors regarding tax-exempt status and qualification for a Municipal Lease-Purchase.

For additional questions, please contact your local dealer for details.

What types of vehicles are available under the Municipal Lease-Purchase Plan?
Provided the vehicle will be used for essential government work, the following types of vehicles are available under this leasing plan:

• Any new or used passenger car of any make or model.
• Light or medium duty trucks.
• Certain upfitted vehicles.

For additional questions, please contact your local dealer for details.

What qualifies as an essential-use vehicle?
Essential-use includes all vehicles that the municipality must employ to maintain day-to-day governmental operations, such as:

• Police and fire department activities
• School bus service
• State university travel
• General service
• Ambulance service
• Snow removal work
• Department of Transportation travel
• Department of Public Work activities

How will the vehicles be titled?
Vehicles are titled in the name of the municipality, with GMAC listed as lienholder.

Are emergency vehicles permitted for financing under the Municipal Lease-Purchase Plan?
Yes. GMAC will finance emergency vehicles under this plan.

What lease terms are available under the Municipal Lease-Purchase Plan?
For new vehicles, the following terms apply:

Type	Maximum Terms
Medium-duty trucks	Five years
Passenger cars	Four years
Light-duty trucks	Four years
Police, public safety and emergency vehicles	Three years, or four annual payments

For used vehicles, the following terms apply:

Age of Used Vehicle	Maximum Terms
Current Series Used through one year old	Three years

How will the residual value be determined on my organization's Municipal Lease-Purchase Plan?
Lease end residuals are set at $1.

What payment plans are available to Municipalities under this lease?
Municipalities may choose from the following payment plans, subject to GMAC's approval:

Monthly	Semi-Annual
Quarterly	Annual

For monthly transactions, the municipality may choose to make the first payment upon delivery, or within 30 days thereafter.

For quarterly, semi-annual, and annual payment transactions, the first payment will be due upon delivery.

Municipalities generally cannot execute retail financing agreements to obtain vehicles without meeting certain legal requirements first. How is the documentation on this plan any different?
Since GMAC specifically created this plan for municipalities, GMAC's standard documentation already includes certain clauses (non-appropriation/fiscal funding clause) that municipal customers often require to enter into this type of transaction.

What are the mileage limitations on a Municipal Lease-Purchase?
There are no mileage limitations. Because of the "non-appropriation" risk (i.e., the risk that a municipality will not earmark funds to meet its Municipal Lease-Purchase payment obligations), GMAC limits the term to coincide with anticipated mileage.

How are maintenance and taxes handled on a Municipal Lease-Purchase?
Municipality maintains the vehicles at its own cost and pays all applicable sales and property taxes.

Is the municipality responsible for its own insurance?
Municipality maintains vehicle's insurance, in accordance with insurance requirements for retail financing transactions at its own cost.

What if the municipality is self-insured?
Since many municipalities are self-insured, GMAC may consider a waiver of the physical damage and liability insurance requirements.

Can manufacturers' incentives be used on a Municipal Lease-Purchase?
Eligibility for incentives is set by the manufacturer. Your dealership can explain any incentives currently available.

Are aftermarket products available for financing on a Municipal Lease-Purchase?
Any aftermarket products are between your dealer and the municipality.

What is the difference between Municipal Lease-Purchase and SmartLease?
Municipal Lease-Purchase is a specialized program and it is not similar to SmartLease. Procedures that normally apply to SmartLease are not utilized for this program. However, the availability of Municipal Lease-Purchase does not mean that municipalities are not eligible for SmartLease transactions. The dealer should confirm the municipalities intended usage, mileage, and vehicle ownership requirements to ensure the appropriate plan is used.

What options does the Municipality have at the end of the lease?
Municipalities may purchase the vehicle at maturity for the $1 residual or return it to GMAC.

Payment and Billing Options

Payment and Billing General Questions

Does GMAC offer an electronic payment option?
Yes. GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your designated checking or savings account. GMAC does not charge for this service. This process eliminates the hassle and expense of writing and mailing a check every month.

For multiple accounts, Direct Pay can be established on each account.

For additional information on GMAC Direct Pay, click here.

What other billing options does GMAC offer?
GMAC offers monthly billing statements (mail and electronically formats), as well as annual coupon books. If you would like to change your account billing method, create a profile at the GMAC Account Center, add your automotive account and change your billing method or simply contact us at 1-800-200-4622.

Is there a convenient way to combine all my vehicle invoices into one billing statement?
For your convenience, GMAC offers Consolidated Billing Invoices for commercial customers with multiple accounts. To view more information on this statement, or to sign up for Consolidated Billing, please click here or call 1-800-200-4622.

How do I request a replacement billing statement or coupon book?
You can request a replacement billing statement or coupon by contacting us at 1-800-200-4622.

When can I expect to receive my billing statement?
Billing statements are mailed approximately 20 days before your due date.

Can I make a payment without my statement or coupon?
Yes. Be sure to include your name and GMAC account number on each of your payments.

Note: In order to avoid billing confusion, it is recommended that you do not make payments on multiple accounts using a single check without attaching a statement or coupon book. For more information about remitting payments on multiple accounts, please contact GMAC at 1-800-200-4622.

Can payments be made online through your webpage?
Many customers will be able to schedule a payment online via our webpage. Login to the GMAC Account Center and click on the "Schedule a Payment" link, If your accounts are currently past due, or your company is set up for Consolidated Billing, this option is not currently available.

GMAC Direct Pay

What is GMAC Direct Pay?
GMAC Direct Pay is a payment option that automatically withdraws your monthly payment from your checking or savings account. GMAC does not charge for this service. This process eliminates the hassle and expense of writing and mailing a check every month.

For multiple accounts, Direct Pay can be established on each account.

Do commercial accounts qualify for GMAC Direct Pay?
Yes. All you need is a GMAC Account and an active checking or savings account.

How do I sign up for GMAC Direct Pay?
There are four easy ways to sign up for GMAC Direct Pay:

1. Register on GMAC Account Center by creating a profile, adding your automotive account, and selecting "Enroll in Direct Pay" from the Action drop down menu on the Account Summary page.
2. Use the PIN and authorization form included in the GMAC Welcome Package, you received shortly after financing or leasing a vehicle through your dealer and GMAC. Call 800-200-4622 and follow the prompts to complete the GMAC Direct Pay enrollment process.
3. Complete and mail the authorization form included in the GMAC Welcome Package, mailed shortly after financing or leasing a vehicle through your dealer and GMAC.
4. Obtain an authorization form by calling 1-800-200-4622.

Should I include a payment with my GMAC Direct Pay authorization form?
No. If payments are due when GMAC Direct Pay is activated, GMAC Direct Pay will automatically deduct the amount due within 2-3 business days after activation. Subsequent payments will deduct on the due date.

Will I receive monthly billing statements if I am signed up for GMAC Direct Pay?
No. However, you have the option of receiving a transaction summary once or twice per year. Additionally, many customers have access to your account status online at the GMAC Account Center or through our automated voice response system 24 hours a day by calling 1-800-200-4622.

How can I stop GMAC Direct Pay?
Stopping GMAC Direct Pay is hassle free. Simply go online to the GMAC Account Center at least 4 business days before your due date and select the "Change Direct Pay" option from the Action drop down menu on the Account Summary page. You may also stop or suspend GMAC Direct Pay by calling GMAC at 1-800-200-4622.

What day will GMAC withdraw the payment from my account?
Payments will be deducted from your checking/savings account each month on the due date. If your due date falls on a weekend or holiday, the funds will be withdrawn on the following business day.

What should I do if I change banks?
You have two convenient options:

1. Log on to GMAC Account Center and select the "Change Direct Pay" option and follow the steps to enter your new bank account information and complete a new authorization.
2. Contact 1-800-200-4622 to request a new GMAC Direct Pay Authorization Form. You can fax it to 800-509-4622. Attention: GMAC Direct Pay Authorization.

Upon successful submission, pending and/or future authorized payments to your account will be made from the updated Bank Account. If you are mailing your new authorization form, allow 4 business days plus mailing time for the changes to become effective.

How do I know GMAC Direct Pay has been activated?
You will receive a confirmation once GMAC Direct Pay is activated. The confirmation will include the due date of the first payment that will be withdrawn.

Can I pay ahead or make extra payments while on GMAC Direct Pay?
Yes. All you need to do is call 1-800-200-4622 one time to let us know you will be mailing in additional funds.

Can GMAC Direct Pay be entered on more than one GMAC account?
Yes. When enrolling through the mail, you may include all of your GMAC account numbers on the authorization form. When enrolling on-line, you must complete the entire authorization agreement process for each of your accounts.

Can my company sign up for a monthly Consolidated Billing Statement if our accounts are currently on GMAC Direct Pay?
No. Both billing choices are independent of each other. So, you may either set up your accounts on Direct Pay or establish a Consolidated Billing Statement, but you cannot currently get both at the same time.

Consolidated Billing Statement

What is a Consolidated Billing Statement?
This is a single billing statement which generally combines monthly invoices for your businesses' open Retail, Smartbuy, SmartLease and ComTRAC commercial accounts with GMAC, allowing you to write one check for payment on all accounts.

For additional information, or to find out if your company qualifies for a Consolidated Billing invoice, please click here.

Do all accounts need to maintain the same due date to be eligible for a Consolidated Billing Statement?
Yes. All accounts on the Consolidated Billing Invoice must have the same payment due date in order to be contained on a single invoice. Additional limitations may apply. Please contact GMAC for additional details.

When establishing a Consolidated Billing Statement, can I select a due date that will be compatible with the date funds are available in my account?
Yes. A one-time due-date change is available for the purpose of establishing a Consolidated Billing Statement. There may be a charge to add future accounts to your Consolidated Statement after this one time due-date modification is processed. Contact GMAC at 1-800-200-4622 for additional information.

Note: If you have already established a Consolidated Billing Statement, advise your dealer of your due date preference before you sign your contract.

Can my company sign up for a monthly Consolidated Billing Statement if our accounts are currently on GMAC Direct Pay?
No. Both billing choices are independent of each other. So, you may either set up your accounts on Direct Pay or establish a Consolidated Billing Statement, but you cannot currently get both at the same time.

How do I sign my company up for a Consolidated Billing Statement?
Consolidated Billing Request Forms may be obtained from our website by clicking here or by contacting GMAC at 1-800-200-4622.