How does it work?
If you choose to skip a payment, your current due date will be advanced one month forward, just as if you paid. Interest will continue to accrue on your loan during the skipped payment period and your loan maturity date will be advanced one month forward. All terms and conditions will remain the same and you'll resume your next regular payment.
- You must be in good standing (not delinquent or have a negative balance) on any accounts, including those you may be a co-signer on.
- Loan must be current or in grace period. This includes any you may be noted as a co-signer on, as well.
- Loan must be open for a minimum 10 months prior to the skipped payment (i.e. it cannot be the 10th month of the loan term).
Eligible Loan Types:
- New or Used Auto Loans
- Motorcycle/ATV/Personal Watercraft Loans
- Signature Loans
- Personal Loan with new or used auto as collateral
- Personal Loan with Motorcycle/ATV/Personal Watercraft as collateral
- Educational Loans
- Non-titled Loans
The following GECU loan types are not eligible for the Skip-A-Pay program: any real estate loan or line of credit, credit cards, Business Loans, HELP Loans, Overdraft Loans, RV Loans, Boat Loans, Final balloon payments, personal loans with boat or RV as collateral, and our Anytime Line of Credit.
Is there a fee?
Once we've approved and processed your request, a $40 processing fee will be added to your loan balance.
How will you know your application has been approved?
You'll receive confirmation via mail, which will include your next payment due!
You are responsible for stopping the payment for the month you are skipping if you've set it up through GECU Online Banking, another financial institution's bill payment service, or if your payment is initiated by another financial institution.
We are unable to reverse any payment you have set up that was not stopped for the chosen month. If you're unsure of how your payment is set up, contact us at: 513.243.4328/800.542.7093 or by email at: firstname.lastname@example.org.
This agreement must be signed by all signers and guarantors of the original Loan Agreement. Only one Skip-A-Pay may be granted per calendar year. I acknowledge that if the processing fee is added to the principle loan balance, my principle loan balance will increase and interest will accrue on the resulting new balance consistent with all other terms of this agreement. The following GECU loan types are not eligible for the Skip-A-Pay program: any real estate loan or line of credit, credit cards, Business Loans, HELP Loans, Overdraft Loans, RV Loans, Boat Loans, Final balloon payments, personal loans with boat or RV as collateral, any loan that was originated within the past 10 months, and any delinquent loan. By enrolling in Skip-a-Pay, you agree to the terms and conditions and you are requesting GECU to skip one monthly payment and advance the due date of your regular monthly payment by one month. There is a $40 processing fee for this service and skipping a payment will extend the term of your loan and interest will continue to accrue on your loan throughout the skipped payment period; in addition, enrollment in the program means you authorize GECU to extend your final loan payment as needed. Your payment will revert back to your original payment schedule following the skipped payment. Each payment will be applied first to unpaid fees and charges, then to accrued interest due on the loan, and then to the principle balance. In some cases, based on the size of your balance, the accrued interest may be greater than the amount of your next regular payment; it may take several months to begin to reduce your principle balance. Submitting the application does not guarantee approval. GECU has the right to refuse any Skip-A-Pay request. You agree to hold GECU harmless for any consequences resulting from rejection of Skip-A-Pay request. If your application is rejected, you will be notified by mail. All other payment terms of your Loan Agreement/Promissory Note will remain in full force and effect.
If your monthly payment is typically generated through a bill payment service or initiated at another financial institution, for example, you are responsible for stopping the payment for the month you are approved to skip. You authorize GECU to suspend any automatic transfers generated by GECU for the Skip-A-Pay month.
I understand that any GAP protection or other credit insurance policy may be affected by skipping a loan payment and accept responsibility of verifying with my insurance company/companies their policies how participating in GECU’s Skip-A-Pay program may affect my coverage. It is agreed that this Agreement will not disturb the existing priority of any Security for the Note and Credit Union and Borrower(s) intend that any Security Instrument or substitute Security Instrument retain the same priority as originally recorded as if this Agreement was executed, tendered, and delivered, and recorded as of the date the original Note and Security Instrument as stated herein.
I agree to allow the Credit Union to electronically store the Skip-A-Pay application. If I submit my application electronically, I understand that you do not guarantee the security of the data and will not be held responsible or liable for interception by third parties.
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