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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.
- Home equity loans
- 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.
- Eligible members may skip up to three months of payments.
- 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.
Complete this secure electronic form to request a skipped payment on your CommonWealth One loan(s).
Note: If you have been impacted by COVID-19, please use our special Emergency Assistance Skip-A Pay-Request Form.
CommonWealth One Federal Credit Union is a full-service credit union with branches in Virginia and Washington, D.C.
A $30 fee will be deducted from your account. 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. Loans with monthly payments less than $50 are not eligible for a skip payment (example $50 payment - $30 fee results in only a $20 savings). Skip payment offers can only be used twice in a 12-month period per loan. Minimum loan amount is $3,000. 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. The skip payment fee will be deducted from the member’s share savings or checking account (if the skip payment fee does not accompany the request). 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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