Important Changes to your Loan. A Skip Pay is a modification of your loan. If you skip a
payment, you agree to amend the term of your original agreement and repay the entire unpaid
balance and interest on your loan. Your loan term will be extended one month for each skip
payment request processed and because interest will continue to accrue on the unpaid balance
of your loan, skipping a payment will increase the amount of interest you pay over the life of the
loan.
Fees. There is a $25.00 non-refundable fee
for each monthly payment skipped. If your request
is approved, the fee will be deducted from the SAFE Federal Credit Union account specified on
the request form. You must be an owner of the account specified and funds must be available in
the account for withdrawal. You may also add the $25.00 non-refundable fee to your loan balance
if requested.
Eligible Loans. Loans that are eligible for a skipped payment include auto, motorcycle and boat
loans, consumer and personal loans (including RVs, ATVs, vacation and debt consolidation
loans), Fresh Start auto loans and shared-secured and share certificate secured loans (if
scheduled for monthly payments). Loans that are not eligible for the Skip Pay Program are
mortgages or any loans secured by real estate, mobile home loans, lines of credit or any other
open-end loan, including credit cards.
Limitations. You may only skip two (2) loan payments per loan each rolling 12-month period.
You may also only skip six (6) loan payments during the life of each loan.
Additional Requirements to Qualify. To participate in the Skip Pay Program, the following
requirements must be met: (a) The loan identified must have six (6) months of payment history;
(b) You must be in good standing at the time the request is received; (c) You cannot be delinquent
on the loan identified when the request is received; (d) Accounts in bankruptcy and restricted
accounts do not qualify; (e) There may not have been any deferrals on the loan within the last
ninety (90) days; and (h) A minimum of two (2) monthly payments must be made between each
requested skip payment.
Skipped Payments. No payment will be required on your loan for the month skipped, however,
you are required to resume your regularly scheduled payments the following month. Members
who make regularly scheduled bi-weekly or more frequent payments in a month must skip one
full month's worth of payments.
Automatic Payments. You are responsible for suspending automatic payments you have
initiated for the month from another financial institution in which you are skipping a payment.
SAFE Federal Credit Union will not reject on automatic payment received from another financial
institution for your loan payment. For an ACH origination where SAFE Federal Credit Union is the
originator, a request to stop a transfer must be received at least five (5) business days prior to the
scheduled transfer date. Loan payments scheduled to be automatically transferred from you,
payroll deduction or direct deposit will remain in your share account and will not be applied to the
loan.
GAP Benefits. Multiple skips may reduce a potential Guaranteed Asset Protection (GAP) claim.
Contact your provider for details about how multiple skipped payments will affect your coverage.
Approval. SAFE Federal Credit Union reserves the right to deny any request to skip payments.
If this request is received and you are eligible to skip a payment, your request will be processed
for the next regularly scheduled month or for the month you selected. If your request is not
approved, you will be contacted within five (5) business days of receipt of your request.
For more information, call 800.763.8600 ext. 2375 or visit us online at SAFEfed.org.
I have read, acknowledge and agree to the terms and conditions below on this Skip Pay
Request. I understand that a $25.00 non-refundable fee will be assessed for each skip pay
request processed. I further understand that all borrowers and co-signers on the loan must
agree to the terms and conditions one sign below in order for this request to be processed.