You must be a member in good standing, including being current on all loans, and made first payment in order to participate in Skip-a-Payment Program. Certain restrictions apply. FirstLight Federal Credit Union reserves the right to refuse any Skip-a-Payment request. Skip-a-Payment is subject to program criteria and approval.
Loans that qualify for the December Skip-A-Payment program are auto loans and unsecured personal loans.
The following loans do NOT qualify for the program: mortgage loans, business loans, title loans, pawnshop loans, credit cards, revolving lines of credit, loans secured by deposits, loans paid ahead, loans that are not current, and those who previously opted out of this program.
Automatic payments initiated by FirstLight will be suspended and will automatically resume in January 2016. If your automatic payment is initiated by another financial institution, you will need to contact the other financial institution to suspend the payment.
Participation in the program may affect your GAP coverage and policy. The Skip-a-Payment does not extend any additional warranties that you may have purchased at the dealership or at a branch. Extended warranty, GAP, tire protection, etc. are not extended due to you skipping your payment.
The skip-a-payment option is good for payments due between 12/1/15 - 12/31/15 only. Each member is only allowed one (1) skip-a-payment a year over the life of the loan. Interest will accrue with no late payment charges imposed during the skip period. When payments resume, unpaid interest and fees will be collected first and the remaining monies will be applied toward principal. Skipping your loan payment will extend the term of your loan.
There is a fee* of $15, that will be charged to your loan balance. You may choose to pay this fee by including the fee with your next loan payment.
Deadline to sign up for program is December 31, 2015.
*For loans currently under the Servicemembers Civil Relief Act (SCRA), a fee will not be assessed.