How do I participate in the Skip-a-Payment program?
Visit a branch with all borrowers on the loan to complete and sign the authorization form to Skip-a-Payment. You may also initiate the process electronically by completing the Voluntary Skip-a-Payment Request after logging into the eBranch. If submitting your request electronically please allow a minimum of 5 business days before your payment is due for processing. Please note: the authorization form must be signed and returned by all borrowers a minimum of 2 business days prior to the due date.
A borrower on my loan doesn’t live in the area and isn’t available to visit a branch to sign the authorization. Can I still skip my payment?
Yes. You will need to request to skip your payment(s) electronically after logging into the eBranch, and an authorization form will be emailed individually to all borrowers on the loan. Please allow a minimum of 5 business days before your payment is due for processing.
When do I pay the Skip-a-Payment fee?
When the authorization form is signed by all borrowers and submitted to Vantage, the fee must be paid by cash, check or via transfer from the Vantage account you indicate on the form.
If you’ve requested to skip your payment electronically, the fee will be deducted from the account you specify on the authorization form after all signatures have been received.
What loans qualify for the Skip-a-Payment program?
Automobile, motorcycle, boat, RV, signature, and CD Secured.
What loans don’t qualify for the Skip-a-Payment program?
First and second mortgages, home improvement, overdraft lines-of-credit, and credit cards.
How many times can I participate in the Skip-a-Payment program each year?
You can skip one monthly payment, per qualified loan, per 12-month period.
Can I skip a payment that is due today?
No. Unfortunately, a payment can’t be skipped if it’s due the day the skip authorization form, signed by all borrowers, is received. After the current month’s payment is made, you can request to skip the next monthly payment by completing and returning an authorization form signed by all borrowers.
I normally make weekly/bi-weekly/semi-monthly payments. How does the Skip-a-Payment work for these situations?
A request to skip a loan payment is for all the payments that would normally be required during a calendar month. To maximize your benefit, the skip authorization form, signed by all borrowers, should be received prior to the first weekly, bi-weekly or semi-monthly payment due date. If a request is received after a weekly, bi-weekly or semi-monthly payment has already been applied to the loan, only the remaining weekly, bi-weekly or semi-monthly payments during that calendar month would be skipped.
Why don’t all of my loans qualify for the Skip-a-Payment program?
There may be several reasons, which could include:
- The loan may be one of the excluded loans listed above
- The loan has not been open for at least 180 days
- You may have had a late payment that currently disqualified a particular loan from the program
- Your loan balance is under $600
Vantage also reserves the right to refuse a Skip-a-Payment request if you’ve recently been delinquent in your payment obligations and/or have had any other status changes in relation to your loan(s) with us.
Can this offer affect my GAP coverage?
GAP (Guaranteed Auto Protection) provides you financial protection in case your vehicle is stolen or totaled in an accident. Some GAP policies may become invalid if loan payments are skipped. Please refer to the terms of your GAP policy for more information on how participating in the Skip-a-Payment program may affect coverage.
I’ve established scheduled/recurring payments for my loan through the Pay My Loan or Transfer widget in the eBranch. Can I still skip my payment?
Yes. However, you’re responsible for cancelling and rescheduling your payments online if you decide to skip your payment. To do this, go to the Pay My Loan widget to stop the pending scheduled/recurring payment, and set up a new scheduled/recurring payment with updated information. If you don’t, the payment(s) will be processed as usual and will not be skipped. Additionally, the Skip-a-Payment fee will not be refunded.
My payment was originally set up by a Vantage Credit Union employee as an automated transfer, electronic funds transfer or through payroll deduction. Can I still skip my payment?
Yes. Once you’ve submitted your authorization form, signed by all borrowers, and paid the non-refundable fee to skip your payment, there’s nothing else you need to do. The monthly payment will automatically be skipped.
I already made a partial payment for the month I’d like to skip. Will I be refunded the amount that I’ve already paid if I want to skip this month?
If you’ve already made a partial payment for the month and elect to skip that month’s loan payment, only the remaining payments during that calendar month would be skipped. You will not receive a refund of the amount you’ve already paid.
Will skipping a loan payment affect my credit?
No. Because this is a program offered by the credit union, it will not have any negative effects on your credit. However, it does extend the loan’s term, plus applicable interest and could affect your GAP coverage.
I already paid to skip my loan payment and changed my mind. Will the fee be refunded?
No. The $25 processing fee per loan payment you paid is non-refundable. Your payment will still skip as requested unless you have had a late payment or become disqualified by another means after you paid your fee.
I traded in my vehicle or paid off my loan before the skip was to happen. Can I get the fee refunded?
No. The $25 processing fee per loan payment you paid is non-refundable.
I requested to skip a future month’s payment(s); now I would like to request to skip a payment that’s due before the one I already have scheduled to skip. Can I do that?
No. Unfortunately, if you choose to skip a future payment, any previous month’s payment(s) become ineligible once the request has been processed. For example, if your Authorization has already been processed to skip your January payment(s), you’re unable to skip your December payment(s). You would only be able to skip a payment in a month after January.