If you file a petition for bankruptcy, federal law prohibits Cadillac Financial from attempting to collect on an account that existed at the time of filing, absent permission from bankruptcy court. Cadillac Financial will place your account in bankruptcy status. We are not permitted to send billing statements to customers involved in an active bankruptcy case. Automatic or recurring payments on the account will also stop.
If you have filed for bankruptcy and want to surrender your vehicle, please call for retail accounts 877-203-5538 and for lease accounts 855-719-9692. Please have your account number and bankruptcy case number available.
A Reaffirmation Agreement is an agreement between a creditor and debtor(s) who have filed bankruptcy stating that the debtor(s) will honor the terms of the initial contract established with the creditor.
You are not required to sign a Reaffirmation Agreement. If you do sign a Reaffirmation Agreement with GM Financial, you’ll resume receiving monthly statements on your account once your case has been discharged. You’ll also be able to access your account via Cadillac Financial, make payments and be eligible for deferments on your account once your case has been discharged.
Not all services are available to customers who have been discharged in a bankruptcy case but have not reaffirmed their debt with GM Financial. If you wish to reaffirm your debt with GM Financial, a Reaffirmation Agreement must be signed – by you, your attorney and GM Financial – and filed in a timely manner with the bankruptcy court. If you are not represented by bankruptcy counsel, the bankruptcy court must approve the Reaffirmation Agreement before it is a valid, binding agreement. It is your responsibility to obtain this approval.
Cadillac Financial urges you to discuss your obligations as a debtor in bankruptcy with your bankruptcy attorney. Account terms are not modified in a Reaffirmation Agreement with Cadillac Financial.
If a discharge order is entered in a Chapter 12 or 13 bankruptcy case, Cadillac Financial is prohibited from making collection efforts on any debt that was discharged. Depending on the GM Financial arrangements made under the plan of reorganization approved by the bankruptcy court, GM Financial may be required to release its security interest upon the entry of the discharge. Or, security interest in the collateral on the account remains and GM Financial will retain its state law and contractual rights to protect such interest. Please discuss these alternatives with your bankruptcy attorney.
Customers in bankruptcy will not receive monthly statements. You do have the option to pay online by logging in to MyAccount or the Cadillac Financial mobile app for Android and iOS. You also have the option to pay by phone, pay with cash, or mail in a check or money order. If your account is in repossession status, you will not be able to make payments online.
Cadillac Financial is not attempting to collect a debt by allowing access to these options.