Tagged lease approval

How to Extend Your GM Financial Vehicle Lease

You can extend your GM lease up to 6 months, but you have to qualify.

I learned something new today about GM Financial end-of-lease options.

Curious about the latest turn-in date for one of my leased vehicles, I called the GM Financial Lease Customer Support Department. (Scroll to bottom for number.)

During the call, I was told that there was a 15-day grace period from the lease maturity date. For example, my son’s 2014 Chevy Cruze lease is up on Feb. 7. According to the representative on the phone, I would not be penalized or charged additional money until the 15th calendar day after the maturity date, Feb. 21.

Although the representative put me on hold to verify this information with her manager, she said she couldn’t provide anything to me in writing. I wasn’t satisfied with simply taking her word for it. So, I asked for the number to contact the department that handles end-of lease options directly. (Scroll to bottom for number.)

Sure enough, the End of Lease “specialist,” refuted the idea of a 15-day grace period as false and told me that the only way to extend your lease beyond the maturity date is to make proper arrangements and qualify for a predisposed extension of up to 6 months.

Sylvia Dana, sales consultant at Todd Wenzel Buick GMC in Grand Rapids, Mich. Contact Sylvia at 616-975-3629 or sdana@toddwenzel.com

A cautionary tale regarding qualifying for a lease extension:

I recently had a customer on a two year lease that will mature in one month. She wanted to see about leasing her next vehicle, but — unfortunately — her credit score has plummeted, making it impossible for her to get another GM Financial lease approval at this time.

I took the deal to my used car sales manager to see about her chances of purchasing a pre-owned vehicle. But, due to the current state of her credit, he suggested she extend the lease 6 months and use the time to improve her credit so she can have more options.

According to the end-of-lease department at GM Financial, this customer can’t qualify for any extension on her lease because of her payment history. Apparently, she was off of work for a couple of months due to an injury. As a result of a lower pay on short-term disability, she made a total of four 30-day late payments on her GM Financial lease.

GM Financial shows little mercy when it comes to late payments. And, therefore, cannot qualify for either another lease or a lease extension. Good news is, it’s tax season…so I’m suggesting this customer purchase a $2000-$3000 car for the time being and work on her credit over the next 6 months.

There’s always a solution to problems, but it’s good to know how to prevent problems ahead of time.

Here are five more things to know about getting approved for a GM Financial lease.


GM Financial Lease Customer Support — 800-284-2271, open 7 a.m. to 8 p.m. Central Time Monday through Friday and 7 a.m. to 6 p.m. on Saturday.

For more information on lease extensions, GM Financial lease customers can call the End-of-Lease Department directly, at 800-436-1463.

GM Financial End-of-Lease Guide

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5 Things to Know about Getting Approved for a GM Lease

If you’re concerned about your credit score and want to lease a GM vehicle — Chevrolet, GMC, Buick or Cadillac — there are a few things you should know.

Sylvia Dana, sales consultant at Todd Wenzel Buick GMC in Grand Rapids, Mich.
Sylvia Dana, sales consultant at Todd Wenzel Buick GMC in Grand Rapids, Mich.

1. GM Financial is the leasing company: All General Motors vehicle lease programs are captive to GM Financial. If you lease a GM vehicle, GM Financial will be your leasing company. GM dropped Ally Financial and U.S. Bank lease programs in early 2015.

2. GM Financial uses FICO Auto Score 9: GM Financial uses Transunion’s Auto Score 9 to determine credit score — effective Jan. 3, 2018. Features specific to this score include: third-party collections that have been paid off no longer have a negative impact; medical collections are treated differently than other types of debt. Unpaid medical collections will have less of a negative impact on FICO Score 9; rental history, when it’s reported, factors into the score—this may be especially beneficial for people with a limited credit history.

Learn more about rent reporting…

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Auto Score 9 is specifically catered to the auto finance industry. A traditional credit report offers a glimpse of a consumer at a snapshot in time, Auto Score 9 offers an expanded view of credit data with up to 30 months of historical information. This includes available information on each loan account, including payment history, such as dollars paid, amount paid vs. minimum due and the total amount borrowed over time.

Learn more about FICO score versions…

3. Don’t rely on Credit Karma: Many people seem to use their Credit Karma app to monitor their credit score. While this tool can be useful, be sure that auto financing institutions are definitely NOT using Credit Karma. Credit Karma what’s called a Vantage Score system, not your FICO score. Your Vantage Score and FICO score are calculated differently. Your Credit Karma score is usually, but not always, significantly better than the reality.

4. GM lease approvals (and interest rates) are based on a tier system: To get the lowest lease payment based on credit, you need a 700+ credit score to get Tier A1 approval. If your score is 660-699, you get a Tier A2 approval. Each notch down the tier system can increase your payment a minimum of $50, depending on the vehicle, money down, etc.

It’s important to remember, this tiering system is based, specifically, on Transunion’s Auto Score 9. Consumers can get access to this score by signing up at MyFICO.com. Consumers will also be able to access their FICO® Score 9 for free through lenders who adopt the score and participate in the FICO® Score Open Access program.

Here’s the GM Financial Lease tiering system:


Tier              FICO 09 Score

A1                700+

A2                660-699

A3                620-659

B1                580-619

B2                540-579

B3                539 and below


5. GM Financial doesn’t like late payments: The changes in GM Financial’s tier approval system are fairly new. But one thing is for sure, if you’ve been 30 or more days late on your current or previous GM Financial lease or loan — even once — it could be held against you when you apply for your next GM Financial approval.

For more information about GM Financial’s credit requirements, click here.

How to Boost Your Credit By Paying Rent

If you’re looking for a way to boost your Transunion credit score, one great way to do it is to report your positive rental history on your credit report.

For car financing and leasing, most lenders now use Transunion’s Auto Score 9 to determine credit score. Features specific to this score include: third-party collections that have been paid off no longer have a negative impact; medical collections are treated differently than other types of debt. Unpaid medical collections will have less of a negative impact on FICO Score 9; rental history, when it’s reported, factors into the score—this may be especially beneficial for people with a limited credit history.

Your score can go up 30 points or more in the next 10 days by reporting the last two years of your rental history! There’s a one time fee of $85 to get the last two years of your positive rental history put on your Transunion credit report.

The cost for this service is normally $95, but use this code to get $10 off — BA969. 

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