A loan payment is a long-term commitment. Over the course of even a short loan, unforeseen circumstances can pop up which leave you in a financial bind. When that happens and you have the choice between fixing the pipe flooding your basement with gallons of water or paying your auto loan payment, what are you going to do?

If you have a loan with Local 804 Federal Credit Union, you have options. Most Local 804 Federal Credit Union loans are eligible for Skip-A-Pay, a program that allows you to skip a payment on your eligible loan as often as twice every twelve months with a $30 per Skip-a-Pay fee.

Local 804  Federal Credit Union’s Skip-A-Pay program gives you the flexibility to react to situations where you could use a bit more cash in a given month for emergencies, vacations, or other times when you have higher-than-normal expenses. The Skip-A-Pay program lets you take control of your finances and create some peace of mind during potentially stressful times.

Eligibility Requirements and Disclosures:

  • A minimum of six (6) consecutive, timely loan payments must be made prior to the first allowable Skip-a-Pay. The loan cannot be more than 7 days past due at the time the skip-a-pay request is made.
  • Payments cannot be skipped in consecutive months and cannot be skipped more than twice in a calendar year.
  • The Skip-a-Pay program is only eligible on auto, secured, personal, and recreational loans. The Skip-a-Pay program does not apply to open-end loans (credit card accounts), or to any loan secured in whole or in part by real property.
  • Local 804 Federal Credit Union reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).
  • Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.
  • Any credit life, disability, and debt protection, on a given loan may not extend beyond the original maturity date.
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Overview

If you have a loan with Local 804 Federal Credit Union, you have options. Most Local 804 Federal Credit Union loans are eligible for Skip-A-Pay, a program that allows you to skip a payment on your eligible loan as often as twice every twelve months with a $30 per Skip-a-Pay fee.

Local 804  Federal Credit Union’s Skip-A-Pay program gives you the flexibility to react to situations where you could use a bit more cash in a given month for emergencies, vacations, or other times when you have higher-than-normal expenses. The Skip-A-Pay program lets you take control of your finances and create some peace of mind during potentially stressful times.

Eligibility Requirements and Disclosures:

  • A minimum of six (6) consecutive, timely loan payments must be made prior to the first allowable Skip-a-Pay. The loan cannot be more than 7 days past due at the time the skip-a-pay request is made.
  • Payments cannot be skipped in consecutive months and cannot be skipped more than twice in a calendar year.
  • The Skip-a-Pay program is only eligible on auto, secured, personal, and recreational loans. The Skip-a-Pay program does not apply to open-end loans (credit card accounts), or to any loan secured in whole or in part by real property.
  • Local 804 Federal Credit Union reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).
  • Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.
  • Any credit life, disability, and debt protection, on a given loan may not extend beyond the original maturity date.
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