Skip Your Loan Payment
With First Atlantic's Skip-A-Pay Program, we give you the flexibility to skip two loan payments in a calendar year. Free up funds during the month of your choice, when you need them most. Then use your cash for travel, entertainment, school or holiday shopping, unexpected bills, taxes, or to just plain catch up!
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!
The Skip-A-Pay Program applies to the following First Atlantic Federal Credit Union loans:
- Auto Loans
- Recreational Vehicle Loans
- Motorcycle Loans
- Personal Loans
Loans not accepted are mortgages, home equity loans, VISA® accounts, green loans, student loans, business loans, or personal lines of credit.
Eligible Loan Status
- In order to skip your payment, all loans and accounts must be current and in good standing at the time we receive your request
- Your loan must be opened for more than 6 months with no delinquencies
- A minimum of 3 monthly payments (90 days) must be made between each requested skip payment
Accounts in bankruptcy and restricted accounts do not qualify.
Is there a fee?
There is a $35.00 non-refundable fee for each monthly payment skipped. If your request is approved, your $35.00 non-refundable fee will be added to your loan balance. Should you prefer to pay the fee upfront, you can select that option on the request form and have the fee withdrawn from your First Atlantic Checking or Savings account.
Does skipping a payment affect my loan?
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.
What do I need to do if I have automatic payments (ACH or Online Bill Pay) set up to make my payment each month?
Automatic Payments from a First Atlantic Account.
- Internal Transfers (No Action Needed) - First Atlantic will not remove funds from your share account and apply it to your loan. Please note, however, that a Skip-a-Pay request must be submitted to us at least 5 business days prior to the scheduled transfer date to avoid being processed.
- Online Bill Pay (Action Needed) - You will need to log in to First Atlantic’s Bill Pay to stop and restart the payment process yourself.
Automatic Payments from Another Financial Institution Account.
- ACH (Action Needed) - If your payment comes from another financial institution, you will need to suspend your payment with that financial institution for the month you are skipping.
- Online Bill Pay (Action Needed) - You will need to log into your financial institution’s Bill Pay to stop and restart the payment process yourself.
How often can I skip a payment?
- As long as you maintain eligibility, you may skip any eligible loan up to two times in a calendar year.
- Payments cannot be skipped in consecutive months
- You must wait at least 3 months (90 days) between skips.
- You can make a maximum of 6 skips during the life of the loan.
- Skip requests must be submitted to us at least 5 business days prior to your loan payment due date.
Does skipping a payment affect my GAP Benefits?
Multiple skips may reduce a potential Guaranteed Asset Protection (GAP) claim. Contact your provider for details about how multiple skipped payments will affect your coverage.
Ready to take a break from your loan payment?
*Member request and Credit Union approval required for all skipped payments. Participation in the Skip-a-Pay program may reduce future claims by the amount of deferred (skipped) payments for loans with GAP coverage. First Atlantic reserves the right to deny Skip-a-Payment requests for any reason and to discontinue the Skip-A-Pay program at any time.