Skip-A-Pay
Skipping Your Loan Payments Just Got More Convenient
Need a little extra breathing room in your budget? You can skip up to two payments over the life of your loan (once in a 12-mos period). With our Skip-A-Pay program, you can skip your loan payment year-round, giving you the flexibility to manage unexpected expenses or simply enjoy a break. It's just one of the many perks of being a CommonWealth member—because your financial well-being comes first!
Member Eligibility
To qualify for Skip-A-Pay, members must meet the following:
- Skip Limits: You can skip one payment per year, up to two over the life of your loan.
- Eligible Loans: Auto, Motorcycle, Boats, and Personal Loans.
- Payment History: You must make six on-time monthly payments before your first skip.
- All Borrowers Sign: Everyone listed on the loan must sign the request.
- Good Standing: Your accounts must be in good standing.
How it works:
1. Select the Skip-A-Pay application that applies to your loan(s).
- If you have a co-borrower, they must sign the application.
- If you have multiple loans, you only need to submit one application.
2. Processing & Fees
- Your request will be processed within 7 business days after we receive your application.
- A $25 fee per skipped payment will be added to your loan balance.
3. Submit
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*CommonWealth may decline a Skip-A-Pay request if (1) you are in default on any loan or not in good standing with the Credit Union; (2) you’ve skipped your loan payment twice during the life of the loan or once in the past 12 months; (3) you haven’t made at least six payments; (4) we receive this request less than seven business days before the due date of the payment you wish to skip; (5) we cannot identify your loan(s) from the information provided; (6) you request to skip an ineligible loan; or (7) you fail to provide a valid email address. If approved, your due date will advance by one month and interest will continue to accrue while payments are skipped. If you make only minimum payments afterward, the time to repay and the total interest paid will increase. Skipping payments on loans with GAP waivers may reduce the benefit of a GAP claim.
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