No more than 1 Skip Payment in any 12 month period on the same loan (Maximum of 6 per the life of loan)
Deferred payment may result in member paying more interest than if payment made as stated in original loan agreement.
Deferral may extend the terms of loan.
Member is required to resume payments the month following the month skipped.
Consecutive payments on the same loan may not be skipped.
Member responsible for the entire outstanding principal and interest of loan(s) and will be responsible to make the monthly payments after the original maturity date until all principal and interest is paid in full. Pledge of security shall remain in effect until the loan(s) is/are fully repaid.
Any Credit Life and/or Credit Disability Insurance, or GAP coverage on loan(s) may not extend beyond the original maturity date.
Skipping a payment may reduce the amount of GAP claim (refer to GAP policy)
**First Choice Financial FCU reserves the right to decline any Pick Your Skip request due to poor payment performance, or any other circumstances we deem derogatory related to the account. Other restrictions may apply**