Skip a Monthly Loan Payment

Loan Flexibility at ACU

Life's a series of ups and downs; it's a series of changes, events and, often times, simply the unexpected. Flexibility helps!

While it is certainly best not to overdo it, you can count on having a bit of flexibility when you need it! Feel free to skip a loan payment whenever you need it (an absolute maximum of 4 times per year). However, you can only skip one payment at a time. For example, if you skip May's payment, you have to make June's payment in full. Please also note that interest will continue to accrue during your skipped payment period.

Submit a skip pay form here or download a print version. Please note, all borrowers must sign. If you have co-borrowers, please use the "multiple borrower form" above. If you are the sole borrower, the "single signer form" is the way to go. Additionally, if you submit through DocuSign's power forms, please note a representative will be calling to verify and confirm your details. If you are printing a form, simply sign the PDF form below and return it to us (fax and email are ok!) Fax: 303-740-7164. Email: CommunicationsCenter@Arapahoecu.org

Details:

For those that have never skipped a payment with us, you are allowed to choose one (1) month to skip for each form. However, you cannot skip two consecutive months. So, for example, you could skip February's payment as long as you already paid January and plan to pay in March. You could then skip again in April if you need to. All personal loans and vehicle loans are eligible, and we MAY be able to skip real-estate loans or revolving loans like credit cards. Please note there is a $50 administrative skip-a-payment fee per each requested loan. The completed skip-a-payment form and fee must be submitted to the credit union at least five days prior to the loan due date, and your membership must be in good standing. Certain loans, most notably those designated as an "L8 or L10" are subject to additional processing and require management approval in all cases. This can slow processing or result in rejection in some cases. Please note: Multiple skips can result in voiding your current GAP warranty. Additionally, interest will still accrue during your chosen skip period. Please also note these limitations based on loan type:

• Consumer loans are eligible for a maximum of six skips over the life of the loan.
• Springboard (indirect, often labeled as an L8 or L10) loans are eligible for a maximum of two skips over a rolling, twelve-month period. Loans are not eligible for any skips within the first twelve months from the date of origination.
• Credit cards and overdraft lines of credit are eligible for a maximum of one skip for every rolling twelve-month period.
• Real estate loans are NOT eligible for skip payments.

On approval, we simply put your loan back a month and you don't have to worry about that payment. Click the above buttons for more information as well as any additional restrictions.

Please note, skipping any loan payment will extend the term of your loan, and while we may, in some cases, have some flexibility, it is very rarely a good idea to skip more than 4 payments in a year. Extending your loan term may not be the best course of action. We reserve the right to not approve a skip-a-payment request at our sole discretion. If you elected a first payment default of 90 days on your loan, you may not qualify for a skip-a-pay for the first twelve months.