Skip a Pay Disclaimer
About Skip a Pay
On qualified loans, you can skip two payments per year and give back to our community. Get a little extra cash in your pocket while giving back. Your $30 per loan supports local non-profit organizations in our community.
*Here’s the legal stuff. You may elect to skip up to 2 months’ payment during a calendar year. A $30.00 fee is charged for each month skipped, and will be assessed on each loan that You elect to skip payment. To be eligible to Skip Payment, Your Loan must have been funded at least three (3) months prior to Your request, and You must have made a minimum of three (3) consecutive monthly payments, and You must have made a minimum of five (5) consecutive monthly payments between each request. Skip Payment requests must be received at least three (3) business days prior to Your scheduled payment due date in order to apply the Skip Payment to the current month’s scheduled payment. If Your request is not received in time, the Skip Payment request will be applied to the following month’s payment, if the offer is still valid. Skip Payments will not be authorized for: (i) mortgage loans; (ii) home equity loans; (iii) closed-end loans having a scheduled maturity date exceeding 84 months; (iv) loans having a scheduled balloon payment; (v) credit line accounts; (vi) home equity lines of credit; (vii) credit card accounts; (viii) share or certificate secured loans; (viiii) loans that were obtained for non-consumer (i.e. business) purposes; (x) members not in good standing, such as those with loans in default or an overdrawn share deposit; (xi) the first 3 month’s Your loan is open; (xii) periods in which any payment(s) were skipped during the current calendar year; and (xiii) loans being repaid through credit disability insurance benefits. If You have set up Your loan to be paid through recurring preauthorized debits (whether from Your Credit Union deposit account or from an account You hold at an outside financial institution), You are responsible to both disable and restart such preauthorized debits. Skip Payment requests are not transferable and may take up to seven (7) business days to process.
You understand that interest will continue accruing on the unpaid balance of Your loan at the Simple Interest Rate designated in Your Agreement until Your balance is paid in full, and that skipping a payment will have the result of increasing the total amount of interest paid, in which case You may be required to make additional payments after Your scheduled maturity date.
Guaranteed Asset Protection Insurance (‘GAP”). If You have GAP (purchased through an automobile dealership) on one or more of the loans in which payment is being skipped, You understand that the act of skipping or otherwise deferring such payment(s) will have no effect on the original terms and conditions of the GAP waiver and the term of such insurance will not be extended. Refer to Your GAP waiver agreement for coverage restrictions.