Skip A Payment
Give Your Budget A Summer Break
Road trips, weekend getaways, back-to-school prep, or just a little extra breathing room — whatever summer brings your way, Skip-A-Pay is here to help. Skip your loan payment this month and free up the funds to make the most of the season.
Pick from Vehicle or Personal Loans
How It Works
It’s quick and simple. Choose an eligible loan, pay a small processing fee, and enjoy the extra cash for your summer plans.
Choose an Eligible Loan
Choose an eligible loan for Skip-A-Pay. Credit cards, mortgages, home equity loans, and HELOCs are excluded from this promotion.
Choose Your Month to Skip
Skip your loan payment for a $35 processing fee per skip (limit one skip per loan).
Have Extra Cash for Summer Fun
Put that extra cash toward summer fun — whether that’s a road trip up the Turquoise Trail, a family vacation, or simply getting ahead on back-to-school expenses.
Choose Vehicle or Personal
Choose Your Payment to Skip
Ready to skip? Choose from an eligible vehicle or personal loan below. While you can skip one payment per loan, please note that Home Equity Loans and Lines of Credit, Credit Cards, and Mortgages are not eligible for Skip-A-Pay.
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.