We are excited to offer our members the ability to Skip-A-Payment all year round. If you could you use some extra cash for a vacation, or a little extra money just to get by, you can Skip-A-Payment and spend your money on what you really want or need! Whatever the reason, LCU can help with our Skip-a-Payment program.
Skipping a loan payment is quick and easy. Simply choose the month you’d like to skip, and complete the application either online by clicking here, or stop by a branch to pick up a form. After the form is complete, you can, drop it off at any branch, fax to 423-581-9229, or mail it to: Lowland Credit Union, Skip-A-Payment, 622 West First North St, Morristown, TN 37814.
Asset Protection is a perfect addition to protect your loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out of pocket expenses if your vehicle is deemed a total loss. It will also provide a $1000 down payment for a replacement vehicle and covers 8 skipped payments per contract. See a loan officer for program details and pricing.
*By participating in the Skip-A-Payment program, you understand and agree that there is a fee of $25 for loans up to $5,000 and $50 for all loans over $5,001 for each payment that is skipped. The fee can be deducted from a Lowland Credit Union account or can be mailed to the address below. If the loan requested has been delinquent for any reason, the Credit Union reserves the right to deny your application to Skip-A-Payment. The Skip-A-Payment option in no way alters the terms and conditions of the original loan contract as previously disclosed. Interest at the agreed rate will continue to accrue on the unpaid balance of the loan. Offer applies only to consumer installment loans and does not apply to mortgage secured or revolving loans. Skip-A-Payment is only available six calendar months after the loan origination date and once every six calendar months. If the loan(s) are covered by a GAP Waiver Agreement, any Skip-A-Payment may have an adverse effect on how a GAP claim is paid. Refer to your GAP Wavier Agreement for skipped payment limitations.