Take a break from your loan payment!
At Corporate America Family Credit Union (CAFCU), members have the opportunity to skip their June and/or December loan payment(s).1
Here's how Skip-A-Pay works: For a $39 participation fee, you can skip the selected month's loan payment.2 You can even skip a payment on more than one loan! All it takes is a $39 participation fee per loan. This offer is good for all CAFCU loans except Mortgage, Home Equity or Quick Cash.
How do you participate in the Skip-A-Pay program? Complete, sign and return a Skip-A-Pay enrollment form no later than the due date required. Enrollment periods start in April and October. Exact dates, details and an enrollment form will be available on our website once the enrollment period starts.
1Skip-A-Pay will not be activated without $39 participation fee (per loan); please be sure that a check is enclosed or that the funds are available in your account. By participating you understand that the participation fee is an extra charge for skipping your payment and will not reduce your loan balance.
2If transferring the participation fee from your Regular Share Account, a charge may be assessed if the account falls below the required minimum balance.
Important Note: All accounts and loans must be in good standing. Loans that are past due and/or being repaid through a debt management program are not eligible. You may not skip the first payment of a new loan. Loan must be opened for at least 6 months to be eligible. Loans that have been modified or are being repaid through special payment arrangements may not be eligible based on internal qualifications. Finance charges will continue to accrue, which may affect the final payment date and the amount of your last payment. I understand that if my loan has GAP coverage or Payment Advantage coverage, skipping payments may impact the GAP payout at total loss, and the total benefit from Payment Advantage may be reduced. All other terms and conditions of your loan will remain the same. Contact Corporate America Family Credit Union for complete details.