Skip your loan
payment this
summer!
Everyone could use a little extra cash during their
summer break. Skip your June or July loan payment
and use the extra money any way you like! You may
skip one loan payment for each eligible loan. Just
ll out the form on the adjacent side and return it
to any of our 7 oces. If you normally make your
payment(s) by check, you won’t need to send one
for the month you select. If your loan payment is
made by payroll deduction, it will be deposited into
your primary account where it will be available for
withdrawal. This special oer is available for a low
$30.00 processing charge.
Have more than one loan? You can skip as many
dierent loan payments as you like. Sorry, you are
not able to skip payments on
commercial and business loans,
home equity loans, home equity
lines of credit, rst mortgage loans,
or on loans where fewer than three
payments have been made.
Bring this Skip-a-Payment form
into any branch, fax it to us at
505-256-6183, or mail it to:
Sandia Area Federal Credit Union,
PO Box 18044
Albuquerque, NM 87185-0044
IMPORTANT INFORMATION
Please read this important information.
For each eligible loan, you may skip one payment. First
mortgage loans, home equity loans, home equity lines of
credit, commercial and business loans, and loans where
fewer than three payments have been made are NOT eligible
for the Skip-A-Payment Program. If approved, your regular
monthly payments will resume immediately following the
month you indicate on the request form. Loan(s) must be
current at time of Skip-A-Payment. By signing the ocial
Skip-A-Payment request form, you authorize Sandia Area
Federal Credit Union to do the following, depending on
the type(s) of loan payments you request to skip. Skipping
payments can aect payment protection and GAP coverage.
See your agreement for details.
Vehicle and Consumer Loans: Sandia Area will add the $30
processing charge (per loan) to your principal loan balance
and advance your loan due date by one month. This may
extend the maturity date of your loan. The $30 processing fee
will be added to each loan you choose to Skip-A-Payment
on, and when payments resume, the unpaid interest will be
collected rst.
Signature loans or personal lines of credit: Sandia Area
will withdraw $30 from either your Sandia Area savings or
checking, or if you prefer, you can include a check in the
amount of $30, which must be received prior to the Skip-A-
Payment occurring.
You also acknowledge that this request does not change
your legal obligation to the Credit Union, that your agreement
with the Credit Union provides for regular monthly payments
and the Credit Union is merely informally permitting you to
defer payment for the month indicated. Interest will continue
to accrue on the unpaid balances during the month you
skip your payment. The processing fee is non-refundable
and constitutes a Skip-A-Payment request. Payments made
through payroll deductions or direct deposit will be deposited
into your primary account during the month you choose to
Skip-A-Payment and will be subsequently available for
withdrawal. For automatic loan payment deductions, this
Skip-A-Payment will aect one month of deductions. If you
have a recurring Bill Payment set to pay your loan, you must
stop that with your Bill Pay provider. The eect of this $30
processing fee will be to increase the Annual Percentage
Rate (APR) and nance charges on the balance of your
loan. The eective Annual Percentage Rate (APR) and the
corresponding nance charge will be disclosed on your
periodic statement.
Equal Opportunity Lender
Federally insured by NCUA
