GFA Federal Credit Union
 

Skip-A-Payment

Understanding that everyone needs a financial break now and then, GFA provides members with the option to skip a loan payment, offering some relief when it’s needed most. The Skip-A-Payment program allows you to defer your payment on an eligible GFA loan until the end of the loan term, pushing back your payment due date and extend the loan's maturity date. 

How it works...

  • Skip one payment every rolling six months - with a maximum of six skips during the term of the loan. A $50 processing fee is required.
  • Available on consumer loans - auto, motorcycle, recreational vehicle and personal loans - not available: mortgage, home equity loan or line, or credit card.
  • Open to members in good standing - loans must be current with six previous successful payments.

Please complete the form below to apply for a Skip-A-Payment.

This authorization form is to be used for each payment deferral and term extension request on an eligible GFA loan.

Borrower First & Last Name
Co-Borrower First & Last Name - if applicable
Email
Phone Number

Loan Information

Payment Due Date
Loan Type

Processing Fee Options

I agree to pay the $50.00 processing fee:
Last 4 Digits of GFA Account Number
Do you have an EZ Pay set up on your loan and wish to defer your payment?

Terms and Conditions

Types of loans eligible for this Skip-A-Payment offer include auto, motorcycle, recreational vehicle, and personal loans.

A $50 processing fee is required. Loans must be current with six previous successful payments. Only one Skip-A-Payment is allowed in a rolling six-month period, with a maximum of six skips during the term of the loan. Interest will continue to accrue daily at the annual percentage rate set forth in your loan agreement, both during and after the deferred period. Your next monthly payment will include the interest accrued from the skipped month. The skipped payment may result in paying additional interest over the life of the loan, and a larger final payment. Your next loan payment will be due one month after the deferred payment due date. If you have EZ Pay with an automatic recurring payment from another financial institution, your requested Skip-A-Payment must be received at least five business days prior to the due date to stop the automatic payment from being processed. If you have purchased Guaranteed Asset Protection (GAP) this may adversely impact any future GAP claims. Please review your GAP contract for more information. If your auto loan is a Lease Like loan you promise to pay the skipped payment at least 60 days prior to the maturity date so that the residual value is not affected. Please review the Addendum to your Retail Installment Sale Agreement for more information.

In all other respects, all terms, provisions and conditions of the original note shall remain in full force and effect. Failure by the Debtor to make any payment, or to comply with any other provision of this Agreement or of said note as changed here, shall constitute a breach of condition for which the unpaid balance of the note debt shall, at the option of GFA Credit Union or its assigns become due and payable immediately, and may be enforced or recovered together with the interest and other lawful charges as provided by law.
Terms and Conditions Agreement
Borrower's Signature (In absence of signature, please accept my typed name for consent of Skip-A-Payment.)
Date
Co-Borrower's Signature - if applicable (In absence of signature, please accept my typed name for consent of Skip-A-Payment.)
Date
CAPTCHA
 
Submit

To complete a physical copy of this form please click here to print a Skip-A-Payment form.

Completed forms may be submitted by:

Mail:
GFA Credit Union
229 Parker St.
Gardner, MA 01440
Attn: Skip-A-Payment Program
In Person: Dropped off to your local GFA branch
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