You can skip up to two qualified loan payments each year and five for the life of each loan as long as:

• Your loan is current—not more than 25 days past due, or paid ahead more than 40 days.
• You’ve made at least four payments before seeking to Skip-A-Payment.
• Loan payment minimum $30.00 a month; maximum $1,500.00 a month.
• Maximum due date advancement is 30 days
• Loan cannot be more than 15 days delinquent and cannot have been delinquent more than 6 times in past 12 months
• Let us know three business days ahead of payment date; federal holidays don’t count as business days.

Note: If you have your payment set up with another financial institution on automatic payment or through an online Bill Pay service, you have to reschedule the payment with that financial institution or through your Bill Pay service as well. There is a $25 processing fee per loan payment skipped. Interest will continue to accrue during the skipped period.

Eligible Loans for Skip-a-Payment include:

• Consumer Auto
• RVs
• Motorcycles
• Personal / Signature loans

Loans not eligible for the Skip-a-Payment program include:

• Mortgages
• Home Equity Lines of Credit (HELOCS)
• Credit Cards
• Business Loans
• Refresh and Employee Benefit loans
• Loans with Collateral Protection Insurance (CPI)

Additionally, members cannot have the following:

• Charged-off share
• Charged-off loan
• Foreclosure
• Legal TJ in place, vehicle repossession, or skip claim.

Please read this important information.

For each eligible loan, you may skip one payment. Mortgages, Home Equity Lines of Credit (HELOCS), Credit Cards, Business Loans, Refresh and Employee Benefit loans, Loans with Collateral Protection Insurance (CPI), and loans where fewer than four payments have been made are NOT eligible for the Skip-A-Payment Program. If approved, your regular monthly payments will resume immediately following the month you indicate on the request form. Loan(s) must be current at time of Skip-A-Payment. By submitting the official Skip-A-Payment request form, you authorize Rio Grande Credit Union to process the request as detailed above. Skipping payments can affect payment protection and GAP coverage. See your agreement for details.

All Eligible Loans: RGCU will add the $25 processing charge (per loan) to your principal loan balance and advance your loan due date by one month. This may extend the maturity date of your loan. The $25 processing fee will be added to each loan you choose to Skip-A-Payment on, and when payments resume, the unpaid interest will be collected first.

You also acknowledge that this request does not change your legal obligation to the Credit Union, that your agreement with the Credit Union provides for regular monthly payments and the Credit Union is merely informally permitting you to defer payment for the month indicated. Interest will continue to accrue on the unpaid balances during the month you skip your payment. The processing fee is non-refundable and constitutes a Skip-A-Payment request. Payments made through payroll deductions or direct deposit will be deposited into your primary account during the month you choose to Skip-A-Payment and will be subsequently available for withdrawal. For automatic loan payment deductions, this Skip-A-Payment will affect one month of deductions. If you have a recurring Bill Payment set to pay your loan, you must stop that with your Bill Pay provider. The effect of this $25 processing fee will be to increase the Annual Percentage Rate (APR) and finance charges on the balance of your loan. Skipping payments can affect payment protection and GAP coverage. See your agreement for details.