Terms and Conditions
By submitting a Skip-a-Pay request, the member agrees to PrimeWay Federal Credit Union advancing the due date of their eligible loan by one month. The member agrees to the $25 per loan Skip-a-Pay fee skipped to be deducted from their selected account or advanced from the loan, pursuant to their selection in the request.
Loans are eligible for up to two (2) Skip-a-Pays per rolling 12-month period. Skipping a payment will extend the loan term and interest continues to accrue during the deferral period.
The member's account must be in good standing. The member may not have any negative share or share draft accounts with the Credit Union outside of Overdraft Privilege guidelines.
The loan must have had at least six (6) months of payment history, may not be 30 days or more past due and may not have been more than 30 days or more past due in the last six (6) months.
Collateralized loans may not have a current active Collateral Protection Insurance (CPI) policy added to the loan, and collateral must be currently insured in accordance with the loan agreement at the time of the Skip-a-Pay request.
Auto loans with Guaranteed Asset Protection (GAP) coverage may experience a deficiency balance in the event of a total loss. Any such deficiency balance will remain the member's responsibility.
Mortgage, Home Equity, Home Improvement, HELOC, Credit Cards, Lines of Credit, Balloon, Stock, Integrity or any loan with a term of 12 months or less are all ineligible loan types.