Take a Break from Your Loan Payment and Skip-a-Pay!
Need funds for summer vacation, fall college expenses or winter holiday gifts, the Skip-a-Pay program at CME lets you keep cash in your pocket by skipping a loan payment when you need it most! Members can Skip-a-Pay on their Personal, Auto, RV, Boat, or Motorcycle Loan anytime throughout the year.
How to Skip-a-Payment?
- Email firstname.lastname@example.org, visit one of CME’s 5 branches or call our Member Care Center and our staff will be happy to assist.
- There is a nominal $35 fee for each month skipped and is easily paid from your savings, checking or money market account. Please note funds must be available in the account.
- Loans must be current and open for 12 months.
- A maximum of 2 months per calendar year per loan are permitted and cannot be 2 consecutive months.
- You can skip a payment up to 3 months in advance.
- Five or more skipped payments may affect your Gap coverage
Important to Note!
The fee is non-refundable even if you decide to make the payment. In addition, interest will continue to accumulate on the loan during the skipped month, but no late fee will be charged. Skip-a-Pay will extend the maturity date of the loan and based on the size of the loan balance, the interest may be greater than the amount of the next regular loan payment. In addition, if your loan is currently paid by ACH (Automatic) payment transaction from another financial institution, you need to contact them to stop the transaction for that particular month.
Let CME Help!
If you need additional information and to see if your loan qualifies to Skip-a-Payment, contact our Member Care Center at 614-224-8890 or 888-224-3108 or visit one of our branches!