Skip your payment

How it works

Select Which Payment You Want to Skip

NOTE: home equity loans/lines of credit and credit cards are NOT eligible for a Skip-A-Pay.

You may skip one loan payment for each eligible loan. Just fill out the secure online form. This special offer is available for a low $35 processing charge.

• If you normally make your payment(s) by check, you don’t need to send one for the month you select.
• If your loan payment is made by payroll deduction, it will be deposited into your account where it will be available for withdrawal. For automatic loan payment deductions, this Skip-A-Payment will affect one month of deductions.
• IMPORTANT: If you have an automatic payment set up through Online Banking or through another financial institution, please ensure you adjust your next payment date.
• NOTE: home equity loans/lines of credit and credit cards are NOT eligible for a Skip-A-Pay

IMPORTANT NOTICES AND DISCLAIMERS

For each eligible loan, you may skip one payment. First mortgage loans, home equity loans, home equity lines of credit, commercial real estate and/or equipment loans, savings secured, certificate secured, credit cards, and loans where fewer than three full monthly payments have been made are NOT eligible for the Skip-A-Pay program. If approved, your regular monthly payments will resume immediately following the month you indicate on the request form. Loan(s) must be current at time of Skip-A-Pay processing. By signing the request form, you authorize Sandia Area Federal Credit Union to do the following, depending on the type of loan payments you request to skip.

Vehicle and Consumer Loans: Sandia Area will add the $35 processing charge (per loan) to your principal loan balance and advance your loan due date by one month. This may extend the maturity date of your loan. The $35 processing fee will be added to each loan you choose, and when payments resume, the unpaid interest will be collected first.

Signature Loans or Personal Lines of Credit: Sandia Area will withdraw $35 from either your Sandia Area savings or checking. 

You also acknowledge that this request does not change your legal obligation to the credit union, that your agreement with the credit union provides for regular monthly payment and the credit union is merely informally permitting you to defer payment for the month indicated. Interest will continue to accrue on the unpaid balances during the month you skip your payment. The processing fee is non-refundable and constitutes a Skip-A-Pay request. Payments made through payroll deductions or direct deposit will be deposited into your account during the month you choose to Skip-A-Pay and will subsequently be available for withdrawal. For automatic loan payment deductions, this Skip-A-Pay will affect one month of deductions. 

IMPORTANT: If you have an automatic payment set up through Online Banking or through another financial institution, please ensure you adjust your next payment date. 

The effect of this $35 processing fee will be to increase the Annual Percentage Rate (APR) and finance charges on the balance of your loan. The effective Annual Percentage Rate (APR) and the corresponding finance charge will be disclosed on your periodic statement.

Skipping payments can affect payment protection and GAP coverage. See your agreement for details.