Skip Your Winter Loan Payment
Whether you’re traveling for the holidays, tackling seasonal expenses, or just want to keep your budget flexible, take a break from your loan payment. Skip your November, December, or January payment and free up extra funds for your winter plans.
Affected by the Government Shutdown? We have options to help you.
How it Works
Choose an eligible loan for Skip-A-Pay. Credit cards, mortgages, home equity loans, and HELOCs are excluded from this promotion.
Choose November, December, or January to skip your loan payment for a $35 processing fee per skip (limit one skip per loan).
Spend your extra cash on winter festivities—like weekend getaways, snowy adventures, or simply enjoying a little extra cushion in your budget.
Select Which Payment You Want to Skip
Home Equity Loans and Lines of Credit, Credit Cards, and Mortgages not eligible
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.
NOTE: home equity loans/lines of credit (HELOCs), mortgages, and credit cards are NOT eligible for a Skip-A-Pay.
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.
Personal 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.