Did you know we offer Skip-A-Pay?

 Skip-A-Pay is a program that allows you to skip your loan payment. It's there, when you want to use it. 

Contact us for more details


Skip-A-Pay Disclosures

PLEASE READ THE FOLLOWING INFORMATION AND TERMS AND CONDITIONS CAREFULLY: Business loans, including Business VISA lines-of-credit, do not qualify and are not eligible for the Skip-a-Pay Program. Further, the Skip-a-Pay Program is not available on a home equity or real estate loan. In addition, personal lines-of-credit, and credit card lines that have incurred skipped payments may be reviewed for a temporary or permanent reduction in the total line-of-credit. Loans that participate in our Skip-a-Pay Program will not be charged a late charge for the payment skipped, however, finance charges will continue to accrue on your loans at the rate set forth in the applicable Loan Agreement/Note with DFDFCU. For all loans on which a skipped payment is approved, immediately following the skipped payment period, your minimum or monthly payments, as applicable, will return to their regularly scheduled amounts and due dates, as specified in and pursuant to such Loan Agreement/Note, except as the Loan Agreement/Note is specifically amended below. By requesting Skip-a-Payment (1) You agree to make payments in the regularly scheduled amount every month until you have paid all of the principal and interest and any other charges you may owe under the Loan Agreement/Note; (2) If your Loan Agreement/Note has a final maturity date, then (a) you authorize Denver Fire Department Federal Credit Union to extend, by one or two month(s), said final maturity date, (b) you agree that on such final maturity date all amounts due and owing under the Loan Agreement/Note shall be immediately due and payable, and (c) you agree a larger balloon amount may be due on the final maturity date; (3) You agree that negative amortization may occur during the period of skipped payment; (4) You agree that negative amortization will increase the amount you owe under the Loan Agreement/Note and will reduce your equity in any property or collateral which secures the loan; (5) You agree that all other provisions of said Loan Agreement/Note shall remain the same and be in full force and effect; and (6) You agree that you and Denver Fire Department Federal Credit Union do not intend to affect a novation of the indebtedness represented by the Loan Agreement/Note as a result of your participation in the Skip-a-Payment Program. You acknowledge and agree a Skip-a-Pay processing fee of $15.00 per loan is due and payable on each loan and at each time a skip payment is permitted. You authorize Denver Fire Department Federal Credit Union to debit any account you have at Denver Fire Department Federal Credit Union for such processing fees. For each eligible loan, you may skip a payment in up to two specified months during any period of twelve (12) consecutive months. Skip-a-Pay will not be permitted on any loan more than twice in any period of twelve (12) consecutive months, and no more than four times during the life of the loan. In order to participate in the Skip-a-Pay Program, your membership and all loan accounts must be in good standing, and you must have, within the past 45 days, made a full regular monthly payment on the loan you are requesting to skip a payment on. If your vehicle loan is protected by Guaranteed Asset Protection (GAP) insurance, then the insurance carrier will cover two additional months added to the original term of your loan, however you may be liable for any term extensions that exceed those additional two months. You must meet Denver Fire Department Federal Credit Union’s underwriting criteria and qualifications. Denver Fire Department Federal Credit Union reserves the right, in its sole discretion, to deny any Skip-a-Payment request on any loan for any reason. Your application to skip a payment must be received at least ten (10) days prior to the due date to be effective for that month. You will be notified if your Skip Payment Request is not approved.
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