Skip a Payment Disclosure

*By participating in the Credit Union of Colorado (CUofCO) skip-a-payment offer, you are requesting to skip your loan payments as indicated above. You agree and understand that: 1.) You must specify whether your loan is paid with an ACH or payroll deduction in order for CUofCO to stop payment. If CUofCO is unable to stop your ACH or payroll deduction payment in time, your skip-a-payment may be delayed until the next scheduled payment; 2.) You must specify whether your loan is paid by auto-deduct through online banking or another method from any banking institution (including CUofCO). CUofCO is unable to stop payments set up though these methods. Any payment(s) that are approved for skip-a-payment but automatically made through an automatic payment method will be re-directed as a deposit into your share account; 3.) Skipping your payment(s) may result in your having to pay a higher total finance charge than if you made your payment(s) as originally scheduled. Interest will continue to accrue on the outstanding principal balance during the payment deferral period; 4.) The skip-a-payment may extend the maturity date and payment terms for each of your loan(s) on which one or more payments are skipped, and you have to make more payments to extinguish the balance of your loan(s) than was originally specified in your loan documents. In the event your skip-a-payment request is granted, you agree to fully cooperate with CUofCO to sign any and all documents requested by CUofCO to: a. Document the skip-a-payment and loan modification; b. Preserve any and all CUofCO security interest and rights indicated on the initial loan documents; 5.) If you elected to add GAP or Warranty Coverage to your loan(s), the coverage may not extend beyond the original maturity date; 6.) You are required to resume your payments when the skip-a-payment period is over; 7.) If your loan is delinquent, regular credit reporting will continue 8.) You must have made six (6) consecutive monthly payments to your CUofCO loan(s) to be eligible for a skip-a-payment; 9.) You cannot skip-a-payment on any loan for two (2) consecutive months; 10.) All skip-a-payments are subject to Credit Union approval; 11.) Maximum of two (2) skip-a-payments are allowed per year, one (1) via Self-Service and maximum of six (6) skip-a-payments are allowed during the life of the loan; 12.) Skip-a-payments are not available on Real Estate Loans and Flex Choice Balloon Vehicle Loans. 13.) Skip-a-payments on Home Equity Line’s of Credit must be approved by the Credit Union of Colorado.