# GMAC question...grace period?



## iflooru (Jun 8, 2005)

I'm about to make my first payment to GMAC for a SmartLease. My statement reads that the payment is due 6/30/05. I'm leaving for vacation and was wondering if GMAC gives a grace period for the payment due date. All of my other leases/loans offer a 10 or 15 day grace period before a late fee is tacked on and I see nothing in the fine print of either the lease agreement or the monthly statement I got. Wondering if GMAC offers a little flexibility on the payment or if it's like a credit card that issues a late fee if payment is made one day late. Would also be nice if they had online payments for crying out loud! This new payment will virtually be the only payment I need to write a check for each month  and I'm not a fan of the auto deduct as I'm 100% commission and... well... just some months I need a little flexibility


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## fergyflyer (Apr 18, 2005)

I think they have a grace period of like 7 days. But I have noticed that if my check date is 6/1 it is not applied til about a week later 6/8 in this case. I think their grace period is to make up for them being slow processing. You know what happens then you send the check hoping for them to be slow and get a bounced check or you send it late hoping for it to make it on time and get a late fee. 
I always send with my first payment a double payment. Then count on that being in there and if I am ever in a situation I can skip a payment. Then the next chance I get I double up again. Cheap insurance.


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## [email protected] (Apr 14, 2005)

It is stated in the lease agreement. It is 10 days and then after that it is 2% or 3% of the payment for a late fee.

Gene


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## iflooru (Jun 8, 2005)

Found it in section 15 mine reads 10 days and 5%. Thanks for the info.


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## b_a_betterperson (Feb 16, 2005)

Call them and let them know what's up. You could also put it on a credit card to avoid any chance of a fee on the same call.


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