What is Skip-A-Payment?

Maybe it's the holiday season and you'd like a little more cash for gifts or travel. Maybe it's vacation time, and you need a little more for the trip. DCU's Skip-A-Payment program can help you make it happen.

The Skip-A-Payment Program gives you the option to defer a monthly payment on an eligible DCU Loan until the end of the loan. We advance your payment due date and your maturity date¹.

Loans Eligible for Skip-A-Payment

• Auto Loans
• Access Loans
• Motorcycle Loans
• Boat Loans
• Recreational Vehicle Loans (only fixed rate loans)
• Mobility Vehicle Loans
• Personal Loans
• Stock-Secured Loans

How Skip-A-Payment Works

To take advantage of our Skip-A-Payment Program, print out the Skip-A-Payment Request Form (pdf), fill it out completely and return it to DCU with your $25 fee (or choose to have the fee automatically withdrawn from your DCU Account). This request must be received no less than 10 business days prior to the payment you want to skip.

To participate in this program, your membership must be in good standing and all loans must be current (less than 15 days past due in the past 12 months). This program does not apply to loans during the first six (6) months of the loan agreement and 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.

The Skip-A-Payment Program is not offered on Visa, Advantage Credit Line, Home Equity, Mortgage, or Student Loans.

¹ Finance charges will continue to accrue in a daily basis at the Annual Percentage Rate set forth in your loan agreement, both during and after the deferral period. This means that this deferral of scheduled payments, and/or the application of resulting fee directly to the outstanding loan balance if that is the method you have chosen, will result in having to pay a higher total Finance Charges and possibly a greater total number of payments, then if you made these payments as originally scheduled. This means additional payment(s) may be due after the loan would have originally been paid off. Your next monthly payment will include the finance changes accrued from the skipped month. Each payment is first applied to finance charges and late charges, if any, and then to principal.

Skip-A-Payment Related Links  

• Loan Calculator – Use these calculators to determine an approximate loan payment based on the loan amount (loan cash), term, and credit history standing. This helps you see if a loan will fit within your budget.
• StreetWise Guide to Credit – StreetWise guide helps you understand how credit works, how to use it responsibly, how to know if you are having difficulty with it, and what to do if you are.
• Calculate Finance Charges – Sometime members have questions about how Finance Charges or Interest on their DCU loan accounts are calculated. This information is designed to make the information in your loan disclosures a little easier to understand.
• Schedule of Fees and Service Charges – Details regarding member benefits that may help you avoid fees.
• Financial Wellness and Recovery – Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help.