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Can You Transfer a GMAC Loan Balance to other Providers?
A GMAC loan balance can be transferred to another financial institution for a transfer fee, or the amount that GMAC charges to enable the transfer. Once the transfer of equity (the official name of this type of transaction) occurs, the new owner will take possession of your vehicle’s note. In the car loan business, this is also called “selling paper” and occurs regularly, especially on non-performing or underperforming loans. Non-performing loans are those in which the borrower has just about given up on making payments. With underperforming loans, the borrower makes payments sporadically in an attempt to keep up.
For more info, see GMAC Loans: How to Get the Lowest Rate
