SKIP-A-PAY TERMS AND CONDITIONS

Members are limited to two (2) Skip-a-Pay extensions within a 12 month period, with a minimum of seventy (70) days and two (2) monthly payments between each skip-a-pay. Skip-a-pay extensions are limited to eight (8) for the full term of a loan.

Most CFFCU loans are eligible for a skip-a-payment. The following loans ARE NOT ELIGIBLE: Home Equity Loans, Credit Cards, Loans with Collateral Protection Insurance placed within the past 12 months, Unimproved Property Loans, New Loans with less than 6 consecutive months of pay history, and loans currently held by a 3rd Party. Additionally, members with past due (delinquent) loans or credit cards, or who have a negative account, are not eligible.

We must receive a skip-a-pay request at least 10 days before your payment due date. A fee will be charged for each skip-a-payment and funds must be available in your account prior to approval of your request.

If you have automatic or recurring payment set-up for the loan payment being skipped, you must update your scheduled payment as well. Payments that have already been made cannot be refunded.

Each month a payment is skipped will extend the term (the current maturity date) of the loan by one month. Interest continues to accrue during the skipped period. Payments will resume as scheduled following the skipped payment month. All other terms and conditions of the loan(s) will remain the same.

Members with auto loans, who have purchased GAP Insurance and elect to have more than two (2) skip-a-payment extensions over the term of the loan, will be liable for any unpaid loan balance in the event of a Constructive Total Loss. If you purchased GAP Insurance through a dealership, it is your responsibility to review how coverage may be affected by participating in Skip-A-Pay.

Other terms and conditions may apply and are subject to change. Skip payment requests are subject to approval.