For those times in life when you need a little extra cash, skipping your loan payment might be a good solution. For a $45 fee, you can skip your next month’s payment.
Membership must be in good standing in order to skip a payment. All loans owned by the member must be current (not in “grace period” or past due date) and accounts must be positive.
Consumer loan types eligible for Skip-A-Payment: Auto, Boat, Motorhome, Motorcycle, and Recreational. Loans must have first payment made to be eligible to skip a payment.
Loans that don’t have a perfected lien, don’t have sufficient insurance in place, are receiving credit disability insurance payments, or are on a work-out plan are not eligible to skip a loan payment.
Limit two (2) skip pays per calendar year and skipped payments cannot take place in consecutive months.
There will be a $45 Skip-A-Payment application fee per loan. If you choose to have the application fee deducted from your credit union account, the funds must be available for withdrawal before the application can be processed.
Deferment of this payment will extend the life of your loan and interest will continue to accrue during the skip period.
Members with GAP coverage on their loan account are allowed a total of 2 (two) Skip-A-Payments or delinquent payments during the life of the lease or loan agreement (with the exception of loans on boats, travel trailers, motor homes, and campers, which are only allowed a total of 1 (one) Skip-A-Payment or delinquent payment over the life of the loan).
All other terms and conditions of the loan remain the same. Other restrictions may apply.
All automatic payments set up with employers and other financial institutions WILL PULL and will be deposited into your Share Savings account by the end of business day after the payment is received by Service First. If the loan is payroll deduction, payments already posted will not be reversed.
If you do not want the automatic payment to pull, you are responsible for suspending the payment for the appropriate month and scheduling it to restart accordingly; this includes automatic payments set up on Online Banking or Bill Pay.
Automatic payments set up with Service First will be stopped for approximately 30 days or for 1 payment cycle. This does NOT include transfers set up on Service First’s Online Banking- you are responsible for canceling and restarting the transfer. This application must be received BEFORE the date your automatic payment is deducted for the month you wish to skip. This application does NOT represent a request to permanently stop the recurring automatic payment. The automatic payment will begin again the month after the skipped payment and will continue until the loan is paid in full or Service First receives other instructions.