Skip-A-Payment Information
As a valued member of the Credit Union, you may be eligible to skip a payment on qualifying OFCU loans during our Christmas Special Promotion. If you have more than one loan, you can skip a payment for each loan.
Just select the month in which you want to skip- November, December 2022, or January 2023, and we will take care of the rest.
There is only a $30.00 processing fee per loan to take advantage of this service. You may pay the fee from your savings account, checking account, pay by check or cash. Interest will continue to accumulate on your loan during the months you choose to skip your payment. All obligations with the credit union must be current, and there can be no delinquency within the past 12 months. Finance charges will continue to accrue daily at the Annual Percentage Rate outlined in my loan agreement both during and after the deferral period.
This may result in having to pay higher total Finance Charges and possibly a higher total number of payments than if I made my payments as initially scheduled. I may, therefore, have to make extra payment(s) after my loan would otherwise have been paid in full. In all other respects, the provisions of my original agreement remain in full force.
I agree to contact the Credit Union for exact payoff information. I agree that I will resume making scheduled payments beginning with the payment due during the month following the deferral and will make all scheduled payments due thereafter. I understand that all payments will be applied first to finance charges and late charges, if any, and then to the principal. My next monthly payment will include the finance charges from the skipped month. Monthly Premiums for Credit Life/Disability will still be added to the loan on the skipped month.
For members who have Guaranteed Asset Protection (GAP), claim coverage and /or credit insurance does not extend to the amount of payment(s) deferred. In addition, the coverage will not be extended beyond the original maturity date.