Assemblies of God Credit Union (AGCU) offers a Skip-A-Payment program to members in good standing which allows members to skip one (1) loan payment within a 6 month period when certain conditions are met.
- A member must be current on all credit obligations with AGCU at the time a loan payment is skipped.
- A member may skip up to four (4) payments over the life of the loan.
- A member must have no late payments on any credit obligations with AGCU within the previous six (6) months before a payment is skipped.
- Only loans that have six (6) or more monthly payments since origination are eligible for the Skip-A-Payment program.
- Real estate secured loan payments and Commercial loan payments are not eligible for the Skip-A-Payment program.
- If applicable, the terms of your GAP coverage on auto loans will be affected if you skip more than 2 payments during the term of your loan. See GAP waiver included in your closing package for coverage exclusions.
- A Skip-A-Payment Application form must be completed by a member wishing to skip a payment. Each signer on the original loan note must sign the Skip-A-Payment Application form.
- The Application form must be received by the Credit Union at least one week prior to the due date of the payment to be skipped. Approval will be determined within 2 business days of receipt.
- A processing fee of $25.00 will be collected for this service and may be paid by check or a deduction from a Credit Union share account. The processing fee will not be added to the loan balance and a late charge will not be assessed for any approved skipped payment.
- Interest will continue to accrue during the period when no payment is made, which may change the total amount and schedule of your repayment.
You may download a Skip-A-Payment Application by clicking here.
Contact us for more information.