Yes! I would like to skip my regular loan payment for the month of:
I understand that my closed end loan(s) will be extended beyond original maturity by participating in the Skip-A-Pay program. I may skip a maximum of two loan payments per loan during a 12-month period. I also understand that interest will continue to accrue at the contract rate including the month(s) I have chosen to skip until it is paid in full. This payment deferral will result in an increase of the APR and finance charges disclosed in my original Truth and Lending Disclosures. All other provisions of my original agreement remain in full force and effect. I understand if my payment is automatically deducted from my Palisades Credit Union account, this deduction will not occur during the month(s) skipped and the next payment will be due on the scheduled payment date following the skipped cycle. For loans with GAP insurance or Payment Protection, a skipped payment may have an adverse impact on how the insurance/protection is paid by the carrier. No payments or principal reductions can be made during the skip payment period. A $35 dollar fee will be deducted from my Palisades account when I submit my Skip-A-Pay application.
Eligible loan types include auto, recreational vehicle (RV), motorcycle, boat, secured personal loan and unsecured personal loan. Loans must be opened for at least six months but not older than 60 months. My last three months’ loan payments must have been on time (both eligible and ineligible loans) and my account must be in good standing and not overdrawn.
Ineligible loan types include business loans, Mortgages, Home Equity Loans, Modified Loans, Lines of Credit, MasterCard credit cards and Student Loans.