How it works
If you choose to skip a payment, your current due date will be advanced one month forward, just as if you paid. Interest will continue to accrue on your loan during the skipped payment period and your loan maturity date will be advanced one month forward. All terms and conditions will remain the same and you'll resume your next regular payment. It’s that easy!
- You must be in good standing (not delinquent or have a negative balance) on any accounts, including those you may be a co-signer on. Any currently delinquent loan or a loan which has been previously delinquent may be ineligible.
- The loan must be current or in a grace period. This includes any you may be a co-signer on.
- You must have completed six (6) payments on the loan prior to the skipped payment.
- The loan must not have had a skipped payment under this program in the current calendar year.
Skip-a-Pay is only available for certain GECU loan types, including:
- New or used auto loans
- Motorcycle/ATV/personal watercraft loans
- Signature loans
- Personal loan with new or used auto as collateral
- Personal loan with motorcycle/ATV/personal watercraft as collateral
- Educational loans
- Non-titled loans
The following GECU loan types are not eligible for the Skip-A-Pay program: any real estate loan or line of credit, credit cards, business loans, HELP loans, overdraft loans, RV loans, boat loans, final balloon payments, personal loans with boat or RV as collateral, and our Anytime Line of Credit.
Is there a fee?
Once we've approved and processed your request, a $40 processing fee will be added to your loan balance.
How will I know my application has been approved?
You'll receive confirmation via mail, which will include your next payment due date!
- You are responsible for stopping the payment for the month you are skipping if you set up Skip-a-Pay through GECU Online Banking, another financial institution's bill payment service, or if your payment is initiated by another financial institution.
- We are unable to reverse any payment you have set up that was not stopped for the chosen month. If you're unsure of how your payment is set up, contact us at: 513.243.4328 / 800.542.7093 or by email at: firstname.lastname@example.org.
- Please return your application at least 10 business days prior to your payment due date, but no more than 30 days before your due date.
Submit your request online
Submit your request at least 10 days before your payment is due, but no more than 30 days prior to your due date. When you submit your request online, you'll receive your approval/denial via email within 4-5 business days.