Important Changes Coming to Our Skip-a-Pay Program
Starting February 2020, Skip-a-Pay will only be available to use once in any period of twelve (12) consecutive months.
With Skip-a-Pay, you can choose the month you need to skip a payment for and pay only a one-time fee of $25. You may be eligible to skip a payment on your new or used personal auto loan, personal loan, deposit secured loan or RV or boat loans if:
- You have made a loan payment on this loan within the past 45 days.
- You have not already skipped a payment on this loan in the past twelve (12) consecutive months.
- You have not declared bankruptcy or have had a loan modification.
Expect the Unexpected
An emergency savings is the best way to cover unexpected expenses.
Start by saving $1,000 into a savings account to keep from using our Skip-a-Pay program and delay paying off your loan another month.Savings Account Options
PLEASE READ THE FOLLOWING INFORMATION AND TERMS AND CONDITIONS CAREFULLY: Business loans, including business auto loans, do not qualify and are not eligible for the Skip-a-Pay Program. Further, the Skip-a-Pay Program is not available on a personal line of credit, credit card, home equity or real estate loan. Loans that participate in our Skip-a-Pay Program will not be charged a late charge for the payment skipped, however, finance charges will continue to accrue on your loans at the rate set forth in the applicable Loan Agreement/Note with us. For all loans on which a skip payment is approved, immediately following the skip payment period, your minimum or monthly payments, as applicable, will return to their regularly scheduled amounts and due dates, as specified in and pursuant to such Loan Agreement/Note, except as the Loan Agreement/Note is specifically amended below. By requesting Skip-a-Pay and clicking the "Skip Now!" button above, (1) You agree to make payments in the regularly scheduled amount every month until you have paid all of the principal and interest and any other charges you may owe under the Loan Agreement/Note; (2) If your Loan Agreement/Note has a final maturity date, then (a) you authorize FAIRWINDS Credit Union to extend, by one month, said final maturity date, (b) you agree that on such final maturity date all amounts due and owing under the Loan Agreement/Note shall be immediately due and payable, and (c) you agree a larger balloon amount will be due on the final maturity date; (3) You agree that negative amortization may occur during the period of skipped payment; (4) You agree that negative amortization will increase the amount you owe under the Loan Agreement/Note and will reduce your equity in any property or collateral which secures the loan; (5) You agree that all other provisions of said Loan Agreement/Note shall remain the same and be in full force and effect; and (6) You agree that you and FAIRWINDS Credit Union do not intend to affect a novation of the indebtedness represented by the Loan Agreement/Note as a result of your participation in the Skip-a-Pay Program. You acknowledge and agree a Skip-a-Pay fee of $25.00 per loan is due and payable on each loan and at each time a skip payment is permitted. You authorize FAIRWINDS Credit Union to debit any account you have at FAIRWINDS Credit Union for such fees. For each eligible loan, you may skip a payment in one specified month and again in December during any period of twelve (12) consecutive months, however you may not skip consecutive or back-to-back payments. Skip-a-Pay will not be permitted on any loan more than twice in any period of twelve (12) consecutive months. In order to participate in the Skip-a-Pay Program, your membership and all loan accounts must be in good standing, and you must have, within the past 45 days, made a full regular monthly payment on the loan you are requesting to skip a payment on. If your vehicle loan is protected by Guaranteed Asset Protection (GAP) insurance, then the insurance carrier will cover two additional months added to the original term of your loan, however you may be liable for any term extensions that exceed those additional two months. You must meet FAIRWINDS Credit Union's underwriting criteria and qualifications. FAIRWINDS Credit Union reserves the right, in its sole discretion, to deny any Skip-a-Pay request on any loan for any reason. Your application to skip a payment must be received at least ten (10) days prior to the due date to be effective for that month. You will be notified if your Skip Payment Request is not approved. Contact FAIRWINDS Credit Union for more details.