You are requesting to defer your loan payment with Sunward. Approval
is not guaranteed. To qualify, your Sunward accounts must be in good
standing with no unpaid debts, outstanding fees, or delinquent
accounts. Your loan must be current, and at least one (1) regular
payment is required before requesting a Skip-a-Pay. Eligible loans
include Auto Loans, Signature Loans, Signature CreditLines, Savings
Secured Loans and Savings Secured CreditLines. Ineligible loans
include Credit cards, Mortgages, Home Equity CreditLines, Single-Pay
Loans, Buy Now Pay Later Loans, Student Loans, Business Loans, and
members who already have a loan extension or are enrolled in Sunward’s
Fresh Start Repayment Plan.
Starting November 1, 2025, you may skip up to two (2) payments per
calendar year plus one (1) additional Holiday Skip-a-Pay, for a
maximum of ten (10) Skip-a-Pays over the life of the loan. Any
Skip-a-Pays requests applied prior to November 1, 2025, in the 2025
calendar year will count toward the two (2) per year limit. A calendar
year is defined as January through December.
To take advantage of the additional Holiday Skip-a-Pay, requests must
be submitted between November 1 and December 31, 2025, for payments
due in November, December, or January. Requests submitted after
December 31, 2025, will count toward the new calendar year limit of
two (2) Skip-a-Pays and will not be treated as a Holiday Skip-a-Pay.
In certain cases, a request submitted within this window may be
applied to a payment due in late October, provided the loan is
otherwise current.
You agree and understand that: 1) A Skip-a-Pay fee of $25.00 will
either be added to the principal balance of your loan or withdrawn
from your selected account; 2) Finance charges (interest) will
continue to accrue daily at your current loan rate during the deferral
period; 3) Deferring your payment will result in you having to pay
higher total finance charges (interest) than if you made your payments
as originally scheduled; 4) This payment deferral will extend your
loan term and you will have to make extra payment(s) after your loan
would otherwise be paid off; 5) You will be required to resume your
regularly scheduled payments following the deferral period; and 6) You
agree and understand that Sunward will advance your next due date for
the loan payment. If your loan payment is normally paid through Bill
Pay, payroll deduction, or an automatic transfer you set up in online
or mobile banking, you are responsible for cancelling the skipped
payment(s) before it is processed. You must also re-establish the
payment before your next scheduled due date. Sunward has no liability
for failure to do so. If you have automatic or scheduled ACH payments,
you must submit your Skip-a-Pay request at least three (3) business
days before your payment due date to allow sufficient time for
processing and to prevent the payment from being pulled.
Payments made after the deferral period will first be applied to any
accrued interest and then to principal. If you elected GAP insurance,
coverage may not extend beyond the original maturity date and other
restrictions and/or exclusions may apply. Refer to your GAP contract
for details. All other terms of your loan will remain in full force
and effect.
