Skip-a-Payment Program | Greater Nevada Credit Union

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Need a little break from your monthly loan payments?

Now you have the option to skip a loan payment when you need it without impacting your credit rating. Greater Nevada Credit Union’s Skip-a-Payment program allows qualified members to apply to skip one monthly loan payment* every 12 months. Before you apply, be sure the program is right for you.

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 loan payment, it increases the total cost of your loan, because you still incur interest. 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 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:

Talk to a GNCU loan consultant about consolidating or refinancing your loans to reduce your monthly payments, or even save money over the life of your loans.
Access free resources for managing your budget, debt, and credit scores.
Build an emergency fund with GNCU’s I Can Save account.
Need to skip a payment? Apply securely online through the form below.

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. You can call us or submit an online loan application.

How Will I Know if My Skip-a-Payment Application has Been Approved?

GNCU will approve or deny your application for the Skip-a-Payment within two business days. If approved, you will be required to sign a Skip-a-Payment agreement either in a GNCU branch or electronically. If you have not received the Skip-a-Payment agreement or a notice of ineligibility by the third business day, please email skipapay@gncu.net.

Skip-a-Payment Request

Important: Skip-a-Payment is only available to skip the current calendar month’s payment. It’s not available to request a skip for a future calendar month. We also recommend submitting your request as early as possible in the calendar month.

Name(Required)

First Last

Member number(Required)

Address(Required)

Street Address Address Line 2 City State ZIP Code

Email(Required)

Daytime phone(Required)

First loan type (auto, personal, recreational, etc.)(Required)

First loan payment amount(Required)

Second loan type (auto, personal, recreational, etc.)

Second loan payment amount

Third loan type (auto, personal, recreational, etc.)

Third loan payment amount

Skip-A-Payment Request Policy(Required)

You understand by participating in the Skip-a-Payment program 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). All of your accounts with GNCU must be in good standing. A $39.00 participation payment will be assessed for each loan approved for the Skip-a-Payment program, and it must come from your Regular Share Savings account that established your membership with GNCU.

Loans and conditions for non-eligible loans include: Right Now Loans, Personal Lines of Credit, Certificate Secured Loans, Personal Unsecured Loans with a balance of less than $1,000.00, Real estate secured loans (1st and 2nd mortgages, HELOCs, Land Loans), Member Business Loans, Loans with more than 120 payments remaining, Insured Loans, 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 6 months of the loan term before being eligible to participate. All loans with a 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.

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

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*For best results, please verify eligibility with a GNCU Loan Servicing Specialist prior to submitting your Skip-a-Payment program application 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 six (6) 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 2022, you will not be able to skip another payment until January 2023.

A $39.00 participation payment will be assessed for each loan approved for the Skip-A-Payment program, and it must come from your Regular Share Savings account that established your membership with GNCU.

The following loan types are eligible for our Skip-a-Payment program: Certain New and Used Auto, New and Used Recreational Vehicles, and Personal Loans. Loan origination must be at least six (6) months prior to the Skip-a-Payment request.

If you are requesting a Skip-a-Payment on a loan that has GAP coverage, you understand 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.

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