What to do when a GM Financial account holder dies
Report the death to GM Financial Customer Experience at 1-800-284-2271
After an account holder at GM Financial dies, accounts with beneficiary designations or trust ownership transfer to the designated recipients without probate. Solely-owned accounts require the estate's representative to contact GM Financial Customer Experience at 1-800-284-2271 with the proper legal authority documents.
The first step is contacting GM Financial at 1-800-284-2271 with the account holder's full name, account numbers, and the death certificate in hand.
Death claim process
To file a claim after an account holder's death, here is what GM Financial requires:
Filing a claim
- This is the deceased-documents address. It is not the payment address or the Fort Worth corporate office
- Retail installment contract: GM Financial, P.O. Box 650595, Dallas, TX 75265-0595
- Lease: GM Financial, ATTN: GM Financial Lease, P.O. Box 650595, Dallas, TX 75265-0595
- All account approvals and signatures must occur within a 30-day window, or GM Financial rechecks the assuming lessee's credit
- If the assumption is not finalized in that window because documents are missing, GM Financial must obtain new authorizations within 15 days or the process starts over
- Guaranteed Asset Protection (GAP) may help pay off the financing if the vehicle is declared a total loss and the insurance pays less than what is owed. It may not cover late fees or property tax
- File a GAP claim directly with the GAP provider, not with GM Financial. It may ask for an insurance evaluation report, settlement breakdown or police report; review typically takes four to six weeks
- If a balance remains after the insurance and GAP proceeds are applied, call 1-877-203-5539. An overage left after the insurance check is applied is released within 15 business days
- If the estate surrenders or sells the vehicle, ask the originating dealership or the product's program administrator about cancelling any voluntary protection product for a refund
Required Documents
- Death certificateGM Financial asks for a copy.
- Documentation of the executor of the estate, if applicableFor example, Letters Testamentary or Letters of Administration from the probate court.
- The GM Financial account numberGM Financial also accepts the Social Security number or VIN to locate an account.
Forms GM Financial issues1
- Lease Purchase Documents: the odometer statement and, depending on state law, the damage disclosure acknowledgment
Completed online.1
What happens to each kind of account2
- Loan
A GM Financial loan carries no payable-on-death or beneficiary designation and keeps accruing simple interest; missed payments can lead to repossession. An heir who wants to keep the vehicle can refinance the balance in their own name under GM Financial's normal credit and underwriting guidelines.1
The title or lien release is sent within 30 days of the final payment clearing; in electronic-lien states the lien goes to the state agency about 10 business days after payoff. It is not sent if ownership was transferred or a second lienholder is on the title. Update the address before the final payment.1
- Vehicle lease
GM Financial owns the leased vehicle; a lease has no beneficiary designation. The estate can return it through a GM dealership after the end-of-lease inspection; lease-end charges (excess wear, excess mileage, disposition fee) are owed by the estate. A security deposit is returned, less amounts owed, within 60 days.1
The estate can buy the vehicle under the contract purchase option, with a quote from the originating GM dealer or GM Financial. Title release on a lease purchase requires the Lease Purchase Documents from the GM Financial Document Center.1
The lease can be transferred through the lease assumption program for a $625 transfer fee plus applicable taxes, paid by the assuming lessee. The lease must not be within its last six months, and the account must be current and stay current.2
The assuming lessee must meet GM Financial's credit guidelines and hold a driver's license from the state where the vehicle is registered (permits and state IDs are not accepted). Commercial and personal leases cannot be transferred across, and every party to a multi-party lease must sign.2
State requirements GM Financial statesArizona, Arkansas, Colorado, Florida, Hawaii, Kansas, North Carolina, Pennsylvania, South Dakota, Vermont
- Arizona
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Arkansas
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Colorado
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Florida
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Hawaii
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Kansas
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- North Carolina
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Pennsylvania
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- South Dakota
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
- Vermont
A leased vehicle cannot be bought directly from GM Financial here; the buyout goes through a GM dealership.1
Accounts handled elsewhere5
- Right Notes Investor Services
GM Financial Right Notes, including ownership changes due to a death3
Phone: 1-844-556-1485
- Buick/Cadillac/Chevrolet/GMC Protection program administrator
Cancelling Buick/Cadillac/Chevrolet/GMC, CarBravo and Nomad Protection, and XS Wear bought on or after 10/1/221
Phone: 1-833-959-0105
- Mode Plus program administrator
Cancelling Mode Plus1
Phone: 1-888-919-3629
- XS Wear program administrator
Cancelling XS Wear bought before 10/1/221
Phone: 1-888-442-2886
- AmeriPlus program administrator
Cancelling AmeriPlus1
Phone: 1-800-822-8587
What GM Financial provides to the estate1
- Payoff statement
Request the payoff from MyAccount, the GM Financial Mobile app or the Customer Experience team. The account balance and the payoff balance differ because of interest, fees, and pending credits or debits.1
What GM Financial's agreement and guidance say1
- How proceeds are paid
Any overage or extra payments on the account are refunded within 30 days.1
Not in GM Financial's published guidance4
- A department for deceased-customer accounts
- A claim form
- How long a claim takes
- Lease-specific death policy
Sources3
Investment Accounts
2 products- The Change Form says ownership changes "to make changes due to a death" cannot be submitted on the form and must be handled on this line
Claims Contact
Phone: 1-844-556-1485
Hours: Monday-Friday 8:00 AM-7:00 PM ET
Mailing address: GM Financial Right Notes, P.O. Box 534016, Pittsburgh, PA 15253-4016
What happens to each kind of account2
- Joint account with survivorship
Surviving joint owners take a joint investment by right of survivorship. GM Financial keeps its suspension and document rights "even if a surviving joint owner or a beneficiary of a custodial investment or trust investment has rights to the invested funds."1
- Account in one name
An individually registered investment passes through the estate: the Terms say it "will likely be considered a part of your estate and transfer in accordance with the probate laws of your state."1
Accounts handled elsewhere1
What GM Financial's agreement and guidance say3
- Telling the institution
The "Death of Investor" section opens: "Until we receive notice of an investor's death, we may act as if the investor is alive and competent."1
- What it does when notified
After notice of the death of an individual investor or the sole signer of a corporate investment, GM Financial "may suspend the investment, refuse to accept transactions, and reverse or return transferred funds."1
GM Financial is "not required to release invested funds until we receive any documents that we request to verify the investor's death and to determine who [is] entitled to receive the funds."1
- Payments after the death
A transaction the investor authorized before death that had not yet settled may still be processed: GM Financial "is authorized to process the transaction."1
Not in GM Financial's published guidance2
- How long a claim takes
- A list of required documents
Applies To
- The notes are book-entry Global Securities, so DTC or its nominee is the holder of record and the only entity that can exercise the Survivor's Option
Required Documents
- Written instruction to the broker to notify DTC of the Survivor's Option exercise
- Evidence of the death and the date of deathSatisfactory to the Trustee, with evidence that the deceased person was the beneficial owner at death.
- Evidence the deceased person acquired the interest at least six months before the request
- Evidence of the representative's authority to actLetters Testamentary or Letters of Administration.
- Written request for repayment, signed by the authorized representativeThe signature is guaranteed by a member firm of a registered national securities exchange or FINRA, or by a commercial bank or trust company with a U.S. office or correspondent.
- Certificate from the nominee attesting to the deceased person's beneficial ownership, if the interest is held through a nominee
- Assignment or endorsement, if applicable
- Tax waivers and other instruments the Trustee reasonably requiresTo establish beneficial ownership and the claimant's entitlement to payment.
Forms GM Financial issues1
- Survivor's Option exercise forms, attached to the Indenture on file with the SEC
Completed by the authorized representative, through the broker. Sent by the institution on request.1
Accounts handled elsewhere1
- U.S. Bank Trust Company, National Association
Trustee under the Term Notes indenture; receives Survivor's Option exercises from the broker1
What GM Financial's agreement and guidance say1
- How proceeds are paid
Accepted notes are repaid at 100% of principal plus accrued and unpaid interest, normally on the first interest payment date 20 or more calendar days after acceptance. The broker, not GM Financial, pays the authorized representative what it receives from the Trustee.2
If a tender is not accepted because an annual cap was reached, the Trustee mails notice of the reason to the registered holder, and the note is deemed tendered the following calendar year in its original order.2
Applies To
GM Financial Customer Experience can be reached by phone at 1-800-284-2271 and fax at 1-877-999-7088 for questions throughout the claims process.
Sources
Data sourced from GM Financial primary sources (15 pages reviewed). How we research.
GM Financial death claims support
GM Financial Customer Experience (Deceased Account Holder)
Phone
Text ASSIST for help
Right Notes Investor Services
Lease Assumption (transferring the lease out of the estate)
Fax
Hours
Mailing address
Website
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