I PAID OFF MY GMC, NOW WHAT?
Over the years, you and your GMC have become a team. You’ve blazed trails, hauled cargo and traveled the country together. Now that you’re nearing the finish line on your financing, you might be asking yourself: Should I keep my truck or SUV, or trade it in for a new one?
Before getting into the nuts and bolts of that decision, you should know what to expect as your finance contract comes to an end.
THE FINAL PAYMENT:
First, you’ll need to pay your final bill. If you’re a GM Financial customer, all you need to do is log in to MyAccount for details. No matter your lender, you’ll need to cover any remaining fees before the vehicle is officially yours.
RECEIVE YOUR TITLE:
Once you’ve paid off that balance, expect your title in the mail. While requirements vary state to state, titles generally arrive within three weeks of the lender receiving your final payment.
THE NEXT STEPS:
Then it’s up to you to decide where your vehicle goes next. Now that you own it, you can either enjoy your ride payment-free, trade it in for a different model or add to your GMC collection. There can be benefits and drawbacks to each, depending on your lifestyle:
- KEEP IT: This is a great way to save money and enjoy the vehicle you love for as long as you want. You can stash away the amount of money you would have paid on your auto loan to save for a trip or complete a home improvement you’ve been meaning to take on. Just make sure you take your vehicle in for regular tuneups, oil changes and repairs.
- TRADE IT: If you’re looking to upgrade, ask your GMC dealer about your vehicle’s trade-in value. Applying earnings to a new vehicle from the trade-in will allow you to enjoy a lower payment while still driving a brand-new ride. It’s a win-win.
- BUY NEW: You can buy or lease a new GMC while holding on to the one you paid off. Do you already own a GMC truck (Canyon, Sierra 1500 or Sierra Heavy Duty) for hauling equipment but need an SUV (Terrain, Acadia or Yukon) for family trips? Because you’ve already budgeted for a monthly payment, you’re on the right trail to finance a new vehicle.
No matter your choice, walk into your local dealership prepared. GM Financial provides online resources, including this car-buying checklist and questions to ask during a test drive, for drivers searching for a new vehicle. You may also want to consider whether it’s best to lease or buy.
Congratulations on reaching the end of your contract. Your GMC has always been yours, but now the vehicle’s title makes your ownership official. It’s up to you where your GMC takes you next.