Skip the stress. Keep the dough!
Skip your loan payment up to twice a year — that means more cash in your pocket and your loan remains current!
If you're a member in good standing with Rio Grande Credit Union, you may skip a loan payment due any time of the year - up to two per year or five over the life of your loan. No pre-approval is necessary to take advantage of this offer, but you must submit the form at least 10 days prior to your usual loan payment due date – so plan in advance to allow time for processing your request. Each loan you skip will incur a $20 processing fee.
Two easy ways to skip your payment
- Log into Online Banking and fill out a Skip-a-Payment form located under the services tab
- Contact us at 505.262.1401 or 877.761.5136 (toll-free).
Does your loan qualify?
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 $20 processing fee per loan payment skipped. Interest will continue to accrue during the skipped period.
Eligible loan types
Eligible Loans for Skip-a-Payment include:
- Consumer Auto
- RVs
- Motorcycles
- Personal / Signature loans
Skip-a-Payment exclusions
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.
Disclosures
IMPORTANT SKIP-A-PAY NOTICES AND DISCLAIMERS
Eligibility Requirements
Loan(s) must be current and in good standing, as well as any other accounts you are associated with, at the time your Skip-A-Pay is processed. If approved, your regular monthly payments will resume immediately following the month selected on your Skip-A-Pay request form.
Program Acknowledgment
By participating in this promotion, you acknowledge that this request does not alter your legal obligation to Rio Grande Credit Union. Your loan agreement requires regular monthly payments, and the Credit Union is simply allowing you to defer one scheduled payment for the month indicated. Please note that this may extend the maturity date of your loan.
Interest Accrual
Interest will continue to accrue on the unpaid principal balance during the skipped month.
Automatic Payments and Deposits
Payments made through payroll deduction or direct deposit will continue as usual and will be deposited into your account during the month you choose to Skip-A-Pay, making those funds available for withdrawal.
For automatic loan payment deductions, this Skip-A-Pay will suspend one month of deductions.
Important: If you have automatic payments set up through Online Banking or another financial institution, please ensure that you adjust your next scheduled payment date to avoid an extra payment being made during your skip month.
Coverage Notice
Skipping a payment may impact Debt Cancellation or GAP (Guaranteed Asset Protection) coverage. Refer to your specific plan documents or agreements for details.
**All Skip-A-Pay requests are subject to credit union approval and eligibility requirements. Certain restrictions may apply.