Skip-A-Pay allows qualified borrowers to skip one payment on an eligible loan each calendar year up to 6 times per loan. When approved, you may use Skip-A-Pay to allow some extra funds for school shopping, tax time, Christmas shopping, or any time of the year at your choosing.
Most consumer loans are eligible for Skip-A-Pay. Eligible loans include Auto Loans, Non-Balloon Recreational Vehicle Loans, Non-Balloon Share Secured Loans, Stock Secured Loans and Signature Loans.
You will need to fill out a Skip-A-Pay application form. You can submit the completed form in person, by fax to 989.832.9289, or by mail to Dow Chemical Employees’ Credit Union, Consumer Loan Department, PO Box 1649, Midland, MI 48642-1649.
No. Applications for Skip-A-Pay must be submitted at least five business days before your payment due date.
No. Loans must be active on your account for at least 1 month with 1 monthly payment before they are eligible for Skip-A-Pay.
Yes. There is a non-refundable application fee of $25 per request.
Your $25 application fee must be available in your DCECU checking or savings account and will be withdrawn by DCECU upon receipt of your application.
No. All of your DCECU accounts must be current and in good standing to qualify for this service. Your accounts can not be past due, overdrawn, nor can there be any protective advances for past due real estate taxes or active force placed insurance coverage, and there cannot be any type of legal action pending.
No. Skip-A-Pay cannot be used in consecutive months.
Yes. We will take care of suspending your automatic payment if it is drawn from your account or payroll deductions that deposit to DCECU. If your automatic pay is set up at another institution you will be responsible for suspending the payment for the month you use the Skip-A-Pay service.
DCECU's GAP coverage may allow up to two Skip-A-Pays. If your GAP coverage is with another carrier, review your contract to determine how Skip-A-Pay may affect your coverage.
Skip-A-Pay will extend the term of your loan by approximately one month each time you use this service. Interest will continue to accrue on your current balance during the month you chose to Skip-A-Pay. Your next loan payment is applied first to the accrued interest and then the remaining amount is applied to the principal balance.
Still have questions? Contact us.