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In response to recent risks posed to organizations by the COVID-19, Coronavirus outbreak, GBC has activated its Pandemic Plan. Of primary importance to GBC is the safety of our employees, our customers, and their families. All of our staff are working from home, and we have reallocated many of them to deal with increased call volumes. Please be patient as we work through this together.
We understand the emotional and financial stress our customers are feeling at this challenging time. We are here to help, and we want to help you make an informed decision about payment deferrals.
It is important to understand two things:
- A payment deferral is not payment forgiveness. You will be required to make up the deferred payments by extending the life of your contract beyond its original expiry date.
- Interest continues to accrue during the deferral period. The accrued interest is added to your loan balance, and while the interest rate does not change, your overall cost of borrowing will increase.
So, while you may be looking for peace of mind, it is recommended that you only request a deferral where you are reasonably certain that your current budget cannot accommodate your car or truck payment over the short term. Rest assured that we WILL be there to accommodate you when the need arises.
We encourage you to visit the Government of Canada website (www.canada.ca) for information on COVID-19 related eligibility criteria for government assistance.
Applying for a Payment Deferral
If you are a loan customer in good standing who has been affected by COVID-19 either directly, or through interruption of income and would like to request a deferral of your loan payments, visit deferral.generalbank.ca or click on the large button at the top of this page. Please allow up to 2 full business days for a confirmation that your request has been processed. We strongly encourage this simple self-serve option, as our phone line and email inbox are experiencing longer response times.
If you need to speak to someone you can contact our customer Service Department via email at firstname.lastname@example.org or toll free at 1-877-443-5620 extension 2. Our customer service team is working diligently to answer your inquiries. You may experience longer than normal response times of up to 2 business days. We are working through all inquiries to ensure your concerns are addressed as expeditiously as possible.
If you do phone or email us, please provide pertinent information such as your full name, phone number, account number if available, type of vehicle, and a brief description of your circumstances and request.
We understand this is a stressful time for our customers. We know you have concerns over your current circumstances and we are here to work with you. Like you, our team has been impacted by this on a personal level. They have continued to work hard while trying to balance their personal lives and family responsibilities. We could not be prouder of their professionalism in these trying times. We want to thank you for showing these individuals the compassion and respect they deserve while they assist you with your inquiries.
We thank you for your business and your trust. Together we will get through this difficult time.
Frequently Asked Questions
1. How does a payment deferral work?
The payments that are being deferred are moved to the end of your loan. The interest on the deferred payments is added to the current balance of your loan. At the end of your normal loan term, you will still owe the deferred payments plus the interest on the increased loan amount that occurred during the deferral period. If you deferred three payments, you can expect to be required to make more than three full payments. The exact number depends on a number of factors, including the number of payments deferred, your loan interest rate and the length of time remaining on your original loan term.
2. Is there a fee to defer payments?
No, there are no fees, and your interest rate does not change. The only thing you are responsible for is the additional interest that accrues during the deferral period and on the subsequent increased loan balance for the remainder of your loan.
3. Will my interest charge increase?
Although your interest rate does not change, you overall cost of borrowing will increase, because interest on your loan continues to accrue even though the payments are deferred to the end of the contract. We will provide you with a new Cost of Borrowing Disclosure statement indicating the increase.
4. After a deferral is granted, am I responsible for the full payment amount?
Yes. At the end of the deferral period, your regular payments will automatically start up again, and will continue past the original expiry date of your loan until the loan is paid in full. You won’t be required to make any lump sum payments, although your loan is always fully open for prepayment at any time without penalty.
5. Will a payment deferral impact my credit scores?
No. there should be no impact on your credit score. We will report your loan as being “up to date” throughout the deferral period.
6. I have a Guaranteed Investment Certificate issued by General Bank of Canada. Is my investment safe?
Yes, you can rest assured that your investment is secure. We are a member of the Canada Deposit Insurance Corporation, meaning deposits are insured up to $100,000.