Updated: November 17, 2016
Need a break from your loan payment?
Choose to Skip-A-Payment — one per year, per loan.
Requests can be processed using our Skip-a-Pay feature in online banking or via our mobile app. Simply sign-in to check your eligibility.
Skip-A-Pay can only be used on installment loans secured by vehicles (autos, RV’s, motorcycles, etc.), signature loans, and variable rate share secured loans. Loan payment deferment will be your next due date. Please refer to your statement to confirm the month being skipped.
There is a $30 processing fee to skip a payment on each loan. *$30 fee may be waived for COVID-19 assistance
Terms and Conditions
- All deferrals are subject to approval criteria established by Vantage West Credit Union and restrictions may apply.
- Installment loans secured by vehicles (autos, RVs, motorcycles, etc.), signature loans, and variable rate share secured loans are eligible for the Skip-A-Payment program. Business loans, loans secured by real estate, fixed rate share secured loans (i.e. those tied to certificates of deposit) and revolving loan types (i.e. credit cards and lines of credit) are not eligible for the program.
- To be eligible, you must be current on all payments and not have caused Vantage West a loss.
- Loans with a modifications in the last 12 months, workout loans, and loans that are currently delinquent or have been delinquent 61 days or more in the last 12 months are not eligible for the Skip-A-Payment program.
- Loans must be open a minimum of 4 months to be eligible.
- Account must be in good standing and have par value.
- Minimum monthly loan payment must be greater than $50.00 to be eligible.
- You can only skip one payment per calendar year, per loan, with this program. Skips must be at least 90 days apart.
- Although no late charges or penalties will be imposed for failure to make the payment being deferred, finance charges will continue to accrue at the rate provided in your original loan disclosures and agreements.
- Deferring a payment will result in higher total finance charges than if you made payments as originally scheduled.
- Deferring a payment will extend the term of your loan and extra payment(s) will be required after your loan would be otherwise paid off.
- If the deferred payment is scheduled for an automatic transfer or electronic payment through Vantage West, we will advance that scheduled payment and set it to resume the following month. If your payment is originated from another financial institution, it is your responsibility to update that scheduled payment. Vantage West will not be responsible if the payment is not cancelled in a timely manner
- You agree and are required to resume your regular payment schedule after the deferred month.
- Credit life, disability, debt protection, GAP, or other insurance contracts will not extend beyond the original maturity date identified in those contracts as a result of your participation in the Skip-A-Payment program.
- Requests to skip a payment must be submitted ten (10) business days before the payment’s due date.
- There is a $30.00 fee for a Skip-A-Payment. It will be automatically deducted from the share account you designate. If funds are not available, your request will not be honored.
- Vantage West reserves the right to modify the program, or any aspect or feature of the program, at any time without prior notice.