Life can't wait...
But payments can.
Wouldn’t it be great if you could skip a loan payment and have those funds available? You can! Maybe you just need extra funds during a troublesome month, a summer vacation, or want to plan out your Holiday shopping. The choice is yours!
Skip any month
Prepare in advance for trips, big purchases, or more.
With this new feature, you can now apply to skip any month during the year! If you're preparing for an expensive trip, an unexpected financial issue arises, or you'd just like a breather for a month, Skip-A-Payment is just one more way that we empower you to control your financial journey.
How do I skip?
When it comes to skipping a payment, you've got options. For a lower fee, select option 1 to skip a payment through Digital Banking, or choose option 2 to have your request completed by one of our team members.
Members are allowed one (1) skip per loan per rolling year. The following loan types are eligible:
- Vehicle Loans
- ATV Loans
- Recreational Vehicle / Camper Loans
- Consumer Loans
- Credit Cards
- Line-Of-Credit Personal Loan
- Share Secured Loan
- Certificate Loan
*Members must qualify for approval. Criteria includes no extension agreements, no legal accounts. First payments on loans are also not eligible. The final payment on "Balloon loans" cannot be skipped for Share Secured and Certificate Loans. The form must be submitted in the month you want to skip; prior to the due date. Members may only skip one time per loan, per rolling year. A loan must be opened for 6 months on date of Skip. Interest will continue to accrue when a payment is skipped. If your vehicle is financed with Commonwealth Credit Union and you purchased GAP coverage, multiple payment skips may impact your GAP claim in the event of a total loss. Members cannot be currently delinquent.