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Skip-a-Payment

We recognize that our members may face unexpected financial challenges from time to time. We offer a Skip-a-Payment program to provide some relief during difficult periods. This program allows you to skip a scheduled loan payment, if eligible, without facing penalties or negatively impacting your credit score.

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How Does It Work?

Jax Fire’s Skip-a-Payment program allows members to skip one monthly payment as long as their accounts are in good standing and there have been 6 months of payment history before the skipped payment date.

Interest continues to accrue during the month that was skipped at the rate stated in the loan agreement. Skip-a-pay will extend the loan period by one month and you are required to resume your regularly scheduled payments once the skip period has ended.

REQUIREMENTS & TERMS

ELIGIBILITY

 Loans that are eligible for a skipped payment include:

  • Auto Loans
  • Recreational Vehicle loans (RVs, Boats, Motorcycles, and ATVs)
  • Share-secured and share certificate-secured loans (if scheduled for monthly payments).

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SKIP-A-PAYMENT TERMS & CONDITIONS

Skip Pay is a modification of your loan. If you skip a payment, you agree to amend the terms of your original agreement and repay the entire unpaid balance and interest on your loan. Interest will continue to accrue during the skipped payment period, and the final loan payment will include such charges and therefore extend the final payoff date.

You may only skip two (2) payments per loan each calendar year, with a maximum of six (6) skipped loan payments during the life of each loan. For each approved request one  (1) regular payment will be skipped for loans with a monthly repayment frequency and two (2) regular payments will be skipped for loans with a semi-monthly or biweekly repayment frequency. Regular payments will not be required during your approved skipped payment period; however, you are required to resume your regularly scheduled payments once the skip period has ended. If you are unsure of when your regular payments should resume, please contact our member service team for assistance.

There is a $20.00 non-refundable fee for each skip request. If your request is approved, the fee will be deducted from your JFCU account specified on the request form. You must be an owner of the account specified and funds must be available in the account for withdrawal. If your request is subsequently revoked due to refinance or delinquency, the fee will not be refunded.

This offer only applies to loans that are refinanced or originated at least six (6) months prior to the skip pay request date with six (6) months of payment history and have an outstanding balance of $3,000.00 or more. Refinances after the skip is approved will result in the skip being disqualified. This offer does not include short-term loans, personal lines of credit, credit cards, real estate loans, including mobile homes or land only, accounts included in bankruptcy or foreclosure, loans with extensions or alternate payments in the past six (6) months, loans with added collateral protection insurance, members who have caused losses to the credit union (loans, credit cards, savings, etc.), members who have a negative savings account(s), members who have any delinquent loan(s) in the past six (6) months or have modified loans through troubled debt restructuring. Loans without perfected security agreements and/or documentation may be excluded. To qualify, payment(s) must be made on or before the last day of the month prior to the month in which you want to skip your payment. This offer does not guarantee eligibility. Rates, terms, conditions, and loan eligibility may change at any time.

Members with automatic scheduled payment transfers through JFCU’s Online Banking or through another financial institution must suspend their next scheduled payment.

Multiple skips may reduce a potential Guaranteed Asset Protection (GAP) claim. Contact your provider for details about how multiple skipped payments will affect your coverage. If you elected to have credit disability or life insurance coverage on your loan and then elect to defer payments using the Skip-A-Payment Plan, your coverage will not cover the entire term of the loan.

If you are eligible to skip a payment, your request will be processed for the next regularly scheduled month. If your request is not approved, you will be contacted within three (3) business days of receipt of your request.