SKIP UP TO TWO LOAN PAYMENTS EACH YEAR!
Our Skip-a-Payment* program gives you financial relief when you need it most. We’ll excuse a monthly LAPFCU loan payment on an eligible loan two times per year to help stretch your budget further.
- You can skip one qualifying auto or personal loan payment every six months.
- Choose the month you want to skip a payment; you must notify us in advance
- A small $15 fee applies for each skipped payment; funds are drawn directly from your LAPFCU account
It’s Simple to Take a Month Off from Loan Payments
Log in to view your eligible LAPFCU loans.
- LAPFCU App > More > Skip-A-Pay
- Online Banking > Services > Skip-A-Pay
|IMPORTANT: If you want to skip a loan payment and you currently have a scheduled automatic payment or ACH from another financial institution, you must call us at (877) 695-2732 to arrange your skipped payment. Otherwise, the loan payment will still be made.
Please note: Personal lines of credit, home equity lines of credit, and mortgage loans are not eligible for our Skip-a-Pay program.
*Each loan you elect to skip-a-payment on is assessed a $15 processing fee which will be deducted from your LAPFCU Share Account. Skip-A-Payment may be used after you’ve had the loan for a minimum of 270 days and have successfully made six (6) consecutive on-time payments. This offer excludes payments on mortgages (first and second trust deeds), business loans, certificate loans, and Visa credit cards. The number of payments on the consumer loan remains the same, and interest will continue to accrue on a daily basis at the Annual Percentage Rate (APR) set forth in the loan agreement, both during and after the deferral period. When payments resume, unpaid interest will be collected first. If you waive a payment, the term of your loan will be extended. All terms and conditions of original loan agreement remain in force. Limit one Skip-A-Payment per loan in a six (6) month period. The request to skip a payment is subject to final approval of LAPFCU. If you previously elected credit life and/or disability insurance, your monthly premium will still be added to the loan on the skipped month; however, coverage will not be extended beyond the original maturity date. Skipping a payment may void your GAP and Mechanical Breakdown Insurance (MBI) during the month you skip and/or during the extended term of your loan(s). Please consult your insurer for complete details. If you have scheduled an automatic recurring payment, you must log into Online Banking to adjust your scheduled payment date for the month you wish to skip. Otherwise, your payment(s) will still be deducted even though you have indicated on this form that you wish to skip it. If you have scheduled an automatic payment from your account at another financial institution, you will need to change the date or cancel that payment with the other financial institution. If you are unable to make the payment change in time, please contact us so we can reverse the payment and credit your LAPFCU Share Account. If for some reason you do not qualify to skip a payment, you will be notified by LAPFCU. LAPFCU reserves the right to revoke this offer if your account is delinquent, the process fee is not paid, required signatures is/are missing, a skip payment has been processed on this loan within the past 6 months, or upon knowledge of any legal proceedings such as bankruptcy. 1023-069