Contact GMAC Customer Service:
1. Reach Out Promptly: Contact GMAC customer service as soon as possible. Explain your situation and express your willingness to find a solution.
2. Explore Refinancing: Inquire if GMAC offers any refinancing options that may lower your monthly payments. Refinancing can sometimes result in a lower interest rate or an extended loan term, making the payments more manageable.
3. Request Payment Deferral: Ask if GMAC allows for a temporary deferral of payments. This may provide some relief while you get back on your feet financially.
Consider Selling the Car:
1. Evaluate Your Options: Assess whether selling the car is a viable option for you. If the car's value has decreased significantly, you might end up owing more than it's worth, which is referred to as being "underwater."
2. Research Resale Value: Determine the car's resale value to understand how much you can expect to get from selling it. You can check sites like Kelley Blue Book, Edmunds, or Carfax to get an estimate.
3. Explore Private Sale or Trade-In: Consider selling the car privately or trading it in for a less expensive vehicle. Make sure you factor in any outstanding loan balance when negotiating.
Return the Car:
1. Check for a Return Policy: GMAC or the dealership you purchased the car through may have a specific return policy. Review the contract carefully and inquire if a return or cancellation option exists.
2. Understand Early Termination: Returning the car may involve early termination fees or penalties. Make sure you're aware of any potential costs associated with this option.
3. Consider Financial Implications: Evaluate the financial impact of returning the car. You may still be responsible for a portion of the loan amount, potentially impacting your credit score.
Seek Legal or Financial Advice:
1. Consult an Attorney or Advisor: If you're unsure about your rights or options, consult with an attorney or a financial advisor who specializes in such situations.
2. Review Your Contract: Thoroughly read and understand the terms and conditions of your loan agreement with GMAC. This can help you make informed decisions about your next steps.
Remember to act promptly and communicate proactively with GMAC to find a solution that works for both parties involved. Prioritizing open and honest communication can increase your chances of reaching a mutually beneficial outcome.
