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Christian Financial Credit Union Skip-A-Payment Program | Terms & Conditions

Skip-A-Payment Terms & Conditions

Christian Financial Credit Union Skip-A-Payment Program

Please review the following terms and conditions before submitting your Skip-A-Payment request:

I am requesting to skip the payment(s) on the indicated loan(s).

I understand that interest will continue to accrue and that the term of my loan will be extended. I understand that I must be current on my loan(s) to be eligible for this offer. I understand that the $35 Skip-A-Payment fee will be added to the loan balance and agree to pay the Skip-A-Payment application fee of $35 per loan, per month. The charge can be paid at any time.

I understand that by choosing to skip payments on a vehicle loan having a Guaranteed Asset Protection (GAP) policy that I will be responsible to repay to the Credit Union any skipped payments in excess of the policy limitations or expiration date. Any Debt Protection charges will continue to be added to the loan the month the payment is skipped.

For payments I initiate through an external source, such as a bill pay service or another financial institution, I am responsible for stopping the payment for the month I wish to skip. I am also responsible for stopping or pausing any automatic loan payments initiated by Christian Financial’s Digital Banking. Any automatic transfers initiated by Christian Financial Credit Union will be suspended for the month the payment is skipped, provided the request is received at least two (2) business days before the payment due date.

Payments will resume in the regularly scheduled amount following the skipped payment and will continue until all principal, interest, and any other amounts owed under the Loan Agreement have been paid in full.

At least three (3) payments must be made on the loan to qualify for Skip-A-Payment. Loans must be current (cannot be delinquent). Credit Cards, Mortgages, Home Equity Loans, Line of Credit Loans, and Share Secured Loans are excluded from the Skip-A-Payment program. Excludes loans written to covered borrowers under the Military Lending Act.

A loan may not be eligible for Skip-A-Payment more than three (3) times within any twelve (12)-month period, or one (1) time within any twelve (12)-month period for Michigan Saves loans. A waiting period may apply between Skip-A-Payment requests.

Christian Financial Credit Union reserves the right to deny or revoke a Skip-A-Payment request if any account is in default or if the member does not meet the eligibility requirements or other conditions of the program.

Christian Financial Credit Union reserves the right to modify, suspend, or discontinue the Skip-A-Payment program, or any aspect or feature of the program, at any time without prior notice.

All Skip-A-Payment requests are subject to approval.