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At CommonWealth One, we know life can throw curveballs that affect your finances. Sometimes all it takes to get back on track is to trim your expenses for a short period. The Skip A Payment program is our way of buying you some breathing room.
- Auto Loans (new and used)
- Motorcycle, Boat and RV Loans
- Signature (Personal) Loans
Skip A Payment Policies
- Your request must be received five business days prior to the due date you want to skip.
- Up to 1 payment skip is allowed every 6 months.
- Payment skips on automobile loans with GAP coverage may affect the amount covered in the event of a claim. Skipped payment(s) may be deducted from any GAP benefit.
- Loan less than 6 months are not eligible for the Skip-A-Payment program.
- Skip payments are not guaranteed and are subject to approval.
Complete this secure electronic form to request a skipped payment on your CommonWealth One loan(s).
CommonWealth One Federal Credit Union is a full-service credit union with branches in Virginia and Washington, D.C.
Your account must be in good standing and have made six consecutive monthly payments on time. Your request must be received five business days prior to the due date you want to skip. Automobile loans with GAP coverage are limited to 2 skip payments during the term of the loan. Skip payment offers can only be used twice in a 12-month period per loan. Skip payments are not allowed until the member has made 6 regularly scheduled payments. A loan must have had 6 full months since the last skipped payment before it will be eligible for another skip payment. Any skip payment request that does not include a current phone number and/or email may not be processed. An account with a “bad address” will not be eligible for a skip payment until the address is updated. Allow 5 business days to process a skip payment request. Normal interest charges will continue to accrue on the loan. The authorization of a skip payment will extend the maturity date of the loan. Skip payments are not guaranteed and are subject to approval. The authorization of a skip payment will extend the maturity date of the loan. Interest will continue to accrue. A Credit Union representative will notify you by phone or email if your loan is not eligible for a skip payment. If we are unable to reach you by phone or email, a letter will be sent to notify you of the decision.
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