How to skip your loan payment.
Watch our tutorial video or view our handout to learn how to easily skip one loan payment each year.
- One skip payment is allotted within a 12-month period. A process fee of $25 applies to each skipped loan unless prohibited by law. Skip payments are not available on Mortgages, Home Equity Loans or Lines of Credit, VELOCs (Visa Equity Line of Credit), Visa Credit Cards, Personal Lines of Credit, Business Loans, Business Lines of Credit, or any delinquent loan. Interest will continue to accrue and will be calculated on the outstanding balance. Skipped payments will extend the loan maturity date. All loans must be current to qualify (most recent monthly payment due paid in full). Skip payments are not permitted if the initial six (6) monthly payments have not been made. Skipped payments may reduce any Guaranteed Asset Protection (GAP) on protected vehicle loans. All other terms and provisions of original note remain unchanged and in full force and effect.