Skip-A-Pay Extension Agreement
By participating in CommunityAmerica’s Skip-A-Pay program, you understand and agree to the following:
IF YOU ELECTED CREDIT LIFE, CREDIT DISABILITY, GAP COVERAGE, MBP AND PAYMENT ASSURANCE COVERAGE AND/OR ANY COMBINATION OF SUCH COVERAGES, YOUR COVERAGE WILL NOT BE EXTENDED BEYOND THE ORIGINAL MATURITY DATE OF YOUR LOAN(S) AND MAY RESULT IN LOSS OF COVERAGE AT THE END OF YOUR ORIGINAL LOAN TERM. YOU ARE SOLELY RESPONSIBLE FOR CONTACTING YOUR PROTECTION PROVIDER. PAYMENT PROTECT FEES, HOWEVER, WILL STILL BE ADDED TO THE LOAN(S) DURING THE MONTHS PAYMENTS ARE SKIPPED. ORAL AGREEMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE TO PROTECT YOU (THE BORROWER(S)) AND US (THE LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT. ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY EXPRESSLY AGREE TO MODIFY IN A WRITING SIGNED BY BOTH PARTIES. BY SIGNING BELOW CLICKING THE “I agree to the terms as stated above” BOX BELOW, I UNDERSTAND THAT MY SIGNATURE THIS AGREEMENT APPLIES ONLY TO THE LOAN(S) THAT I AM PERSONALLY OBLIGATED TO REPAY UNDER THE ORIGINAL LOAN AGREEMENT(S). I AM NOT ACCEPTING ANY ADDITIONAL OBLIGATIONS OR RESPONSIBILITY.
- We are advancing your loan(s) to the next payment due date(s).
- Your payments will resume after your next payment due date has been deferred.
- If you presently have an installment payment loan, such as an automobile loan, the amount of the installment payment will remain the same as provided in your original agreement.
- Payment deferral will extend the term of your loan(s) and you will have to make additional payments after the maturity date listed in your original loan agreement due to your participation in the Skip-A-Pay program.
- Finance charges will continue to accrue as outlined in your original loan agreement.
- Deferring installment payments will result in an increase in the amount due on your final monthly installment payment. Deferring installment payments will also increase the total finance charges over the life of your loan(s) had you not elected to participate in the Skip-A-Pay program.
- Members with automatic scheduled payment transfer(s) through CommunityAmerica’s Online Banking system or through another financial institution are responsible for suspending their next scheduled payment(s).
- Your Skip-a-Pay request must be received at least 3 (three) business days before your payment is due.
- Other than as outlined in this agreement, the terms of your original loan agreement(s) remain unchanged, you remain responsible for all amounts due and you are required to resume your next payment in the following payment period to avoid default.
- No fee will be charged for this Skip-A-Pay agreement. Please refer to your loan agreement regarding your payment schedule and due dates.
IF YOU ELECTED CREDIT LIFE, CREDIT DISABILITY, GAP COVERAGE, MBP AND PAYMENT ASSURANCE COVERAGE AND/OR ANY COMBINATION OF SUCH COVERAGES, YOUR COVERAGE WILL NOT BE EXTENDED BEYOND THE ORIGINAL MATURITY DATE OF YOUR LOAN(S) AND MAY RESULT IN LOSS OF COVERAGE AT THE END OF YOUR ORIGINAL LOAN TERM. YOU ARE SOLELY RESPONSIBLE FOR CONTACTING YOUR PROTECTION PROVIDER. PAYMENT PROTECT FEES, HOWEVER, WILL STILL BE ADDED TO THE LOAN(S) DURING THE MONTHS PAYMENTS ARE SKIPPED. ORAL AGREEMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE TO PROTECT YOU (THE BORROWER(S)) AND US (THE LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT. ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY EXPRESSLY AGREE TO MODIFY IN A WRITING SIGNED BY BOTH PARTIES. BY SIGNING BELOW CLICKING THE “I agree to the terms as stated above” BOX BELOW, I UNDERSTAND THAT MY SIGNATURE THIS AGREEMENT APPLIES ONLY TO THE LOAN(S) THAT I AM PERSONALLY OBLIGATED TO REPAY UNDER THE ORIGINAL LOAN AGREEMENT(S). I AM NOT ACCEPTING ANY ADDITIONAL OBLIGATIONS OR RESPONSIBILITY.