Skip-A-Pay
Skip your loan payment any time of year*
Skip-A-Pay allows eligible members to defer an eligible loan payment for a month when they need extra cash for special occasions or unexpected expenses. Eligible members can choose which eligible loan to apply the deferral to, making it a quick, easy, and convenient way to maintain financial stability. The deferred payment is added to the end of the loan term, and interest continues to accrue during the skipped month, ensuring that eligible members can enjoy the benefits without incurring late fees.
Skip-A-Pay
Requirements
Eligible members can skip their eligible auto or personal loan payment any time of the year* for a fee of $15 per skip request.
The previous month’s payment must be satisfied before you’re eligible to skip your payment.
*Skip-A-Pay option cannot be used for two consecutive months. If you have utilized the Skip-A-Pay option for the current month, you will not be eligible to use this program for the following month.
How to Skip-A-Pay from Online Banking
- Sign in to your Online Banking account
- From your Account Summary page, navigate to your Loans
- Click the Skip-A-Pay is available! link displayed on your eligible loans
How to Skip-A-Pay from RBFCU Mobile® App
- Sign in to the RBFCU Mobile app
- From your Account Summary page, navigate to your Loans
- Tap the orange Skip-A-Pay calendar icon that will be displayed on your eligible loans
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What is Skip-A-Pay?
Skip-A-Pay is an exclusive offer that allows eligible members to skip the next payment of an eligible consumer loan. Skip-A-Pay loans must meet the following eligibility criteria:
- Back-to-back skips are not allowed
- No more than two skips per calendar year
- Cannot skip last payment
- Consumer vehicle or closed-end personal loan
- Does not exceed 84 months for both vehicle and personal loans from the original contract date when processed
- Does not exceed 180 months for a boat or recreational vehicles (RV) loans from the original contract date when processed
- First loan payment made
- Loan must be current and within the grace period
- Monthly payment frequency
- Must have 6 months on time payments
- Original term is 13 months or greater
- Principal balance and payment must be greater than $100
To determine loan eligibility, sign in to your Online Banking account or the RBFCU Mobile app and look for the Skip-A-Pay offer listed under your loan on the Account Summary page. Eligibility is subject to change without notice.
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How do I accept a Skip-A-Pay offer?
To accept the offer on your eligible loan, click the “Skip-A-Pay is available!” link in Online Banking or tap the orange Skip-A-Pay calendar icon in the RBFCU Mobile app.
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Which loan types are eligible for Skip-A-Pay?
The following loan types are eligible for Skip-A-Pay:
- New or used car
- New or used truck
- New or used motorcycle
- New or used all-terrain vehicles (ATV), jet skis, or snowmobiles
- New or used boat
- New or used recreational vehicle (RV)
- New or used tractor
- Share
- Signature
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Where can I find my Skip-A-Pay offer?
There are two ways to find the Skip-A-Pay offer on your eligible loan account. Sign in to your account, and under Loans on the Account Summary page:
- Online Banking: Click the “Skip-A-Pay is available!” link
- RBFCU Mobile app: Tap the orange Skip-A-Pay calendar icon
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Why is the Skip-A-Pay offer asking me to make a payment?
The Skip-A-Pay offer requests a payment when the current amount due is less than the regular monthly payment. You can either:
- Accept the Skip-A-Pay offer for the lower amount for the current month
- Pay the exact amount due and accept the Skip-A-Pay offer for the full payment for the next month
For qualified members only. To ensure accurate processing of your deferral request, it should be received no later than seven days prior to your loan payment due date. By accepting this offer, you acknowledge that interest will continue to accrue on the outstanding balance of your loan, the maturity date will be extended and your regular payment will resume in the month following your skipped payment. Your final due date will be extended each time you accept a Skip-A-Payment and it is approved/processed. You must submit your request through Online Banking or the RBFCU Mobile app for payment deferral to occur. For members who have Guaranteed Asset Protection (GAP), claim coverage may not extend the amount of payment deferred and/or extend the length of the GAP contract. You agree that by skipping your payment, your original GAP waiver election remains in effect. We reserve the right to decline any request for any reason. Loan payments and rates stay the same and there is a $15 fee to skip your payment. Payments will resume in the month following your skipped payment and unpaid interest will be collected first. Randolph-Brooks Federal Credit Union (RBFCU) is not responsible for starting or stopping ACH transactions originated at another financial institution. If your payments are made by automatic transfer from another financial institution, please notify them regarding any ACH transactions associated with this account. RBFCU is not responsible for starting or stopping any payments originated through an electronic bill pay service. If your loan is scheduled to be paid by an electronic bill pay service (i.e., Bill Pay, CheckFree, etc.), it is your responsibility to stop the payment so it does not process for the month you wish to skip. RBFCU is not responsible for any fees incurred on overdrawn accounts or assessed late payment fees. Skip-A-Pay is not available on credit builder or certificate loans, real estate related loans, business accounts, Mastercard® credit cards and lines of credit through this service.
*Skip-A-Pay option cannot be used for two consecutive months. If you have utilized the Skip-A-Pay option for the current month, you will not be eligible to use this program for the following month.
RBFCU does not charge a fee for the RBFCU Mobile app, but you may be charged for data by your mobile wireless provider.
