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Important details if you deferred any loan payments:

Does interest still accrue during the period of my skipped payments?

Interest will continue to be calculated on the total outstanding balance at the disclosed rate on your loan. Upon resuming payments, the payment may partially or completely apply toward only the interest amount owed, due to the additional interest accrued during the skipped payments. The final payment may increase due to the additional interest accrued during the skipped payment, and the period for repayment of your loan may be extended.

How will I know when my next payment is due?

Once this form has been processed, please refer to your statement for the next due date of your loan.

Does this Skip A Pay plan change the original loan obligations?

All provisions of any Loan Documents executed by Borrower(s) related to the loan that relate to the payment due date and payment schedule are hereby modified in the manner agreed to herein. Nothing in the loan deferment agreement shall be understood or construed as a satisfaction or replacement of the current obligation evidenced by the Loan Documents being modified herein. Except as specifically provided herein, all Loan Documents remain unchanged, in full force and effect, and the Borrower(s) agree to be bound by and comply with all considerations thereof.

Am I eligible for the Skip A Pay program if I have purchased GAP Insurance?

If you partake in Genisys Credit Union’s Skip A Pay program and you have purchased GAP (Guaranteed Auto Protection) through Genisys Credit Union, you are entitled to only two skip payments during the life of your loan. If you take advantage of more than two skip payments, it will result in a deduction from the full claim you may have in the future. If you purchased GAP through an auto dealer, you are not eligible for this program. Taking advantage of it could void your GAP coverage. Check your policy for details. Other restrictions may apply.

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