Payment Deferment Form (Auto & Credit Cards)
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Thank you for your membership.
Your deferred payment(s) plus any additional accrued interest will be paid at the end of your loan.
Skipping payments will increase the finance charges and extend the terms of the loan. Should the length of the loan exceed the maximum term allowed for Guaranteed Asset Protection and you incur a claim, only a portion of the Gap will be cancelled.
In agreeing to this extension the Credit Union is not waiving any rights under the loan agreement. The original loan payment schedule will be restored at the Credit Union’s option in the event that the borrower fails to make any payment as scheduled, the loan can be accelerated and the entire unpaid balance plus accrued interest, charges and costs will be immediately due. Except for the change in the payment schedule and increase in finance charges, the terms of the loan agreement are unchanged.