Skip-A-Pay

Seattle Metropolitan’s Anytime Skip-A-Pay Puts You In Control

A loan payment is a long-term commitment. Over the course of even a short loan, unforeseen circumstances can pop up which leave you in a financial bind. When that happens and you have the choice between fixing the pipe flooding your basement with gallons of water or paying your auto loan payment, what are you going to do?

If you have a loan with Seattle Metropolitan Credit Union, you have options. Most Seattle Metropolitan loans come with Anytime Skip-A-Pay, a program that allows you to skip a payment on your eligible Seattle Metropolitan loan as often as twice every twelve months with the payment of a nominal $29 per loan processing fee.

Seattle Metropolitan’s Anytime Skip-A-Pay program allows you the flexibility to react to situations where you could use a bit more cash in a given month for emergencies, vacations, or other times when you have higher-than-normal expenses. The Anytime Skip-A-Pay program lets you take control of your finances and create some peace of mind during potentially stressful times.

Three Easy Ways to Request to Skip a Payment

Online
Log into Online Banking and complete the Skip-A-Pay form in Secure Forms.

In Person
Speak to a branch rep who will have you complete and sign a Skip-A-Pay form.

By Mail
Print and send the Skip-A-Pay request form to the address listed on the form.

A Great Reason to Get Your Next Loan with SMCU

Seattle Metropolitan’s Anytime Skip-A-Pay is another great reason to get your next loan with Seattle Metropolitan Credit Union. You can apply online, by phone, or in person at any Seattle Metropolitan branch.

If you have questions about the Anytime Skip-A-Pay program or any Seattle Metropolitan loan, please call our loan experts at 800-334-2489.

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Frequently Asked Questions

Frequently Asked Questions

  • What is the Skip a Payment program?

    Seattle Metropolitan Credit Union’s Skip-A-Pay Program allows you to skip up to two monthly payments each calendar year on certain loans. Those payments are then added to the end of your loan term. Our skip a payment program does not impact your credit rating.

  • What loans are eligible for skips?

    The Skip-A-Pay Program applies to all Seattle Metropolitan Credit Union loans except mortgages, home equity loans, VISA® accounts or new loans open for less than six months.

  • Am I eligible to skip my payment(s)?

    To be eligible, your loan must have been open for at least six months and be in good standing. You may not be eligible for other reasons, such as having an overdrawn Seattle Metropolitan Credit Union checking account or any circumstance the credit union deems derogatory related to your account.

  • Is there a fee?

    There is a $29 fee per skip, per loan.

  • How does it affect my loan?

    The skipped months will be added to the end of your loan, extending the loan term. Interest will continue to accrue during skipped months.

  • What if I have automatic (ACH) payments?

    If you have automatic payments from a Seattle Metropolitan Credit Union account, or if we pull your payment automatically from another financial institution, we’ll arrange your skip for the month you selected. Please have your skip request to us at least seven (7) business days prior to your payment date. This gives us time to modify your ACH for the month you’ve requested your skip.

  • What if I pay my loan through online Bill Pay?

    Bill Pay is different than automatic (ACH) payments. If you use Seattle Metropolitan Credit Union’s Bill Pay or Bill Pay from any financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!

  • How often can I skip?

    As long as you continue to be eligible, you may skip any eligible loan up to twice in one calendar year. However, the skips on any single loan must occur at least 60 days apart.

  • Can I skip any time?

    Yes, you can, but remember that you can only skip on the same loan a maximum of two times per calendar year, and you must wait at least sixty days between skips.

ELIGIBILITY REQUIREMENTS AND DISCLOSURES

1. The loan must have been open for at least six months.

2. The loan cannot be more than 11 days past due at the time the skip-a-pay request is made.

3. Payments cannot be skipped in consecutive months and cannot be skipped more than twice in any twelve-month period.

4. Mortgages, home-equity loans, and VISA® credit cards (including share-secured credit cards) are not eligible.

5. Seattle Metropolitan reserves the right to decline a Skip-A-Pay request due to poor payment performance or any other circumstance we deem derogatory related to a member’s account(s).

6. Interest continues to accrue on skipped payments based on the outstanding principal balance. This may result in a reduction in the amount of principal paid by subsequent payments.

7. Any credit life, disability, debt protection, and/or GAP coverage on a given loan may not extend beyond the original maturity date.


Rates

 

Auto Loans as low as*

 

1.49%APR

Certificates as high as*

 

1.00%APY

Checking as high as*

 

6.14%APY

Credit Cards as low as*

 

6.99%APR