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GenFed's Skip-A-Pay program may allow you to skip a loan payment around holiday or vacation time on your vehicle or signature loan! When you meet the criteria, you have the choice of skipping your November, December or January payment to help with holiday expenses. You may choose to skip your June, July or August payment as well - plan something fun this summer using the cash you'll free up!
A maximum of 8 skips per life of loan are allowed. GenFed may require 6 weeks lead time, depending on your payment method. If you make your loan payments through payroll deduction you may withdraw the full amount of that loan payment after the payment due date. Choosing to skip a payment will extend the term of your loan to compensate for the deferral. Your regular monthly payment will resume the following due date. Payments on your first loan payment, QuickLoans, home improvement loans, loans secured by real estate, leases, balloon payment loans, MasterCard payments, and accounts which are delinquent cannot be skipped. Make sure that your payments restart on their proper date to avoid any delinquency problems. Skipping payments may affect your GAP insurance coverage.