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Program Information

Advantages of a Skip-A-Payment

By skipping a GNCU loan payment, you keep extra cash that can be used if you're in a pinch and need to pay for other essentials, such as utilities or groceries. That can save you time on trying to access extra cash. However, before you choose to skip a payment, read on about how the program works and other options you might have.

When to Rethink Using a Skip-A-Payment

It's important to remember that when you skip a payment on your loan, it increases the total cost of your loan, because you still incur interest when you skip a payment. That's because each time you make a fixed loan payment, a portion of that money goes toward interest, and the rest goes to the principle (or actual cost) of the loan.

In the beginning of a fixed-rate loan, the majority of your payment will pay for the interest, but as you make payments, more money goes toward to the principle cost, thereby paying down your loan. When you skip a payment, you are not paying any principle or interest that month, but your loan's interest still accumulates over the life of your loan.

Tips to Budgeting for Your Loans

GNCU is here to help more people live greater. If paying your loans and bills feels like a challenge, you have several options:

Bring Loans You Have Elsewhere to GNCU  

If you have loans from other lenders, refinancing them with GNCU could save you money and reduce your payments. Our loan consultants are available to go over a full range of loan options designed to meet your needs through competitive rates, flexible terms and exclusive programs. Click here to contact us online, call (855) 548-4787, or access our online loan application.

 

Secure Online Application

All fields are required unless noted as optional.
 

Please deduct the $39 per loan skipped from my:

Please skip my payment for:

First Loan Information

Second Loan Information (Optional)

Third Loan Information (Optional)

By submitting this form, you acknowledge and agree to participate in Greater Nevada Credit Union's (GNCU) Skip-A-Payment program.

You understand by participating in the Skip-A-Payment program that the current balance of the loan(s) is extended by the amount of the payment skipped. You also understand interest will continue to accrue on the balance of the loan(s) throughout the deferred payment period. You are requesting GNCU to advance the due date equal to one month's payment on each eligible loan(s) which you have indicated above. If there is more than one borrower on a loan, you acknowledge that you have informed all borrower(s) of this skipped payment.

If you have recurring automatic transfers from other financial institutions for your loan payment(s), it is your responsibility to stop the transfer and restart the transfer. Any fees assessed from your other financial institution for doing this will not be refunded by GNCU. If you have Guaranteed Asset Protection (GAP) on your loan(s), claim coverage only extends to the amount of the first two deferred payments for that loan. Skipping your payment does not affect your original GAP election at the time you funded your loan(s). Your account with GNCU must be in good standing. A $39 participation payment will be assessed for each loan you select for Skip-A-Payment Program.

Loans and conditions for non-eligible loans include: Personal Lines of Credit, Certificate Secured Loans, Personal Unsecured Loans with a balance of less than $1,000, Real estate secured loans (1st and 2nd mortgages, HELOCs, Land Loans), Member Business Loans, Loans with more than 120 payments remaining, and Payment Saver Loans. Other restrictions may apply. A member can only skip one loan payment per loan, per year (three skip maximum over the term of the loan). Must be a member in good standing, and have no delinquency for the first 11 months of the loan term before being eligible to skip a payment. All loans with a first payment due date, payment extension, or Skip-A-Payment program during the previous 11 months from the date of the request are not eligible. Skip-A-Payment program modifies the loan contract between GNCU and the Borrower(s) will extend the term of your loan, or increase the amount of your final payment. Normal payment schedule will resume on the month following the skip. Interest will continue to accrue on your unpaid principal balance during the skip pay period. Certain terms and conditions apply, and GNCU reserves the right to deny any Skip-A-Payment program participation request.

 

*For best results, please verify eligibility with a GNCU Loan Servicing Specialist prior to submitting your Skip-A-Payment program form by calling (775) 334-8699.

The Skip-A-Payment program is offered to eligible members with no penalties or late fees, and with no adverse effect on your credit. Interest will continue to accrue on your loan in the month of the skipped payment, and when you make your next payment, more of the payment will be applied to your interest.

This program does not apply to loans during the first twelve (12) months of the loan agreement. You may only exercise one (1) Skip-A-Payment per calendar year/per loan with a maximum of three (3) skipped payments per loan term. For example, if you skipped a car payment in January 2020, you will not be able to skip another payment until January 2021.

There is a $39.00 processing fee for each skipped loan payment.

The following loan types are eligible for our Skip-A-Payment program: Certain New and Used Auto, New and Used Recreational Vehicles, Personal Loans.

The following loan types are NOT eligible for our Skip-A-Payment program: Personal Lines of Credit, Certificate Secured Loans, Personal Unsecured Loans with a balance of less than $1,000, Real estate secured loans (1st and 2nd mortgages, HELOCs, Land Loans), Member Business Loans, Loans with more than 120 payments remaining, and Payment Saver Loans.

If you are requesting a Skip-A-Payment on a loan that has GAP coverage, you understand that you may jeopardize any future GAP claim in the event of a total loss on the covered vehicle. Please refer to your GAP contract for further details or speak with a loan representative for further information.

ALL Borrowers/Guarantors who signed original agreement must sign the form.

Payments must be current and other conditions apply. GNCU reserves the right to deny any Skip-A-Payment program participation request.