Details
The Coastline Skip A Payment Program is designed to allow you to skip 1 payment at a time with a maximum of 2 skips within a rolling 12 month period. No more than 6 skips over the life of each qualifying loan. Each skipped payment is subject to a $25.00 processing fee.
To find out if your loan qualifies for the Skip A Payment program, please contact our Member Service team at (904) 346-1700.
Skip Eligibility Requirements
- At least three (3) payments made as agreed
- Loan must be open for a minimum of six (6) months
- Account must be in good standing
- The $25.00 skip fee must be available in your account at the time of the request
Qualifying Loans
- New and Used Auto
- Boat
- Motorcycle
- Personal
- RV, Travel Trailer, Fifth Wheel, Camper Trailer
- Share Secured
- Certificate Secured
Non-Qualifying Loans
- Any loan more than 10 days past due
- VISA® Credit Cards
- Line of Credit
- Any Easy Cash product
- Any Mortgage product
- Credit Builder program
Already behind on your payments?
Give us a call. We’re here to talk through your options and help you find the right solution.
Important Information
It’s important to note that when you delay/skip a loan payment, that payment moves to the end of your loan, which may extend your payoff date. For example, if your loan was scheduled to be paid off in March 2028, skipping one payment moves the payoff date to April 2028.
Interest continues to accrue daily and will be applied to your next payment.
Skipping payments may impact optional loan coverages, such as GAP insurance. This could affect both your coverage and how benefits are calculated in the event of a total loss. Please review your coverage terms for details.
Why Skip a Loan Payment?
There are several reasons you might choose to skip a payment. Most commonly, it’s to give yourself access to extra cash. Imagine your monthly car payment is $600. If you skip a payment, that’s $600 you can use for something else.
The impact is even more significant if you have multiple loans. If you and your spouse each have an auto loan, and the payments are $600 and $400, that’s $1,000 back in your wallet today (minus any skip-a-payment costs).
Here are some ways to use your skipped payment:
- Vacation Funds: Boost your vacation budget by skipping your loan payments vs. relying on high-interest credit cards.
- Holiday Shopping: Between gifts, travel and entertainment, the winter holidays can get pricey.
- Financial Setbacks: Unexpected expenses always pop up. Whether it’s an unplanned medical bill or car repair, skipping a loan payment can help you cover the costs without taking on new debt.
- Credit Card Debt: High-interest credit cards can cause signification financial challenges. Paying a nominal fee to skip your car payment can help free up cash to pay down high-interest debt that eats away at your monthly budget.
- Balancing your Budget: Following a budget can be challenging at times. Skipping your loan payment(s) could help you balance your budget and get back on track with your financial goals.
Change Your Due Date
You can also change your loan due date to better align with your pay schedule. The payment will still be due within the same month, but you’ll have added flexibility.
We’re here to help!
Have questions or facing financial difficulties? Let’s talk. Our team is here to help M-F, 8:30AM - 5:00 PM ET. Call us at (904) 346-1700 today.
