Skipped payments on auto loans are not covered by GAP. All transactions are governed by California State Law. If loan is protected by Member’s Choice™ borrower security debt cancellation protection, these charges will continue to accrue. ACCU reserves the right to deny any request to skip payments. If your request is not approved, you will be contacted within three (3) business days of receipt of your request.
IMPORTANT CHANGES TO YOUR LOAN. A 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. Your loan term will be extended by three (3) months. Interest will continue to accrue on the unpaid balance of your loan; skipping a payment will increase the amount of interest you pay over the life of the loan.
SKIPPED PAYMENTS. No payment will be required on your loan for the months skipped, however you are required to resume your regularly scheduled payments as agreed above. When you begin your regularly scheduled payments please be aware that the first few payments may all go to interest that has accrued with no principal balance reduction.
AUTOMATIC PAYMENTS. You are responsible for suspending automatic payments you have initiated from another financial institution for the three (3) months of skipped payments. ACCU will not reject an automatic payment received from another financial institution for your loan payment. For an ACH origination where ACCU is the originator, a request to stop a transfer must be received at least three (3) business days prior to the scheduled transfer date.
