Eligibility:
You may request to skip one month’s payment on your eligible Penlanco Federal Credit Union loan(s) for a $25.00 fee. Penlanco Federal Credit Union has the right to accept or deny Skip-a-Payment requests at its discretion. First mortgages, Home Equity Lines of Credit, and Signature Lines of Credit are not eligible for this program. Skip-a-Payment cannot be used on the same loan more than once within any 12-month period.
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By submitting this Skip-a-Payment Request, you understand and agree to the following: Penlanco FCU reserves the right to review your account at the time of the request. If approved, Penlanco FCU will skip your next month’s loan payment. Your loan will be extended one month beyond its original term and you will be required to make the payment that you skipped prior to your final loan payoff. Interest will continue to accrue at the normal contract rate on the unpaid balance, including during the month you have been approved to skip. If you experience a total loss or unrecovered theft of your vehicle and have purchased Guaranteed Asset Protection (GAP) coverage, a Skip-a-Payment may reduce your GAP coverage by the amount of your monthly payment plus the Skip-a-Payment fee. All other terms and provisions of the loan shall remain the same. A fee applies for each approved Skip-a-Payment request as disclosed above. If your loan payment is made through payroll, do NOT contact your employer to discontinue your payroll.
