SKIP-A-PAYMENT DISCLOSURE AND AGREEMENT

If you consent to the Skip-A-Payment program, you agree and understand the below.

• Skipping a payment extends the maturity date in your loan agreement.
• Interest will continue to accrue during the skipped payment period at the rate provided in your original loan agreement.
• Your regularly scheduled loan payments will resume the month after your skipped payment. The first payment after the skipped month will be applied to the interest due first; any remaining amount will be applied to the principal balance.
• By skipping one or more payments, you will pay more in total interest than originally disclosed in your loan agreement.
• If you are participating in Guaranteed Asset Protection (GAP) coverage, your loan may not be covered beyond the original scheduled maturity date. Please review your GAP disclosure.
• You’re limited to one skipped payment per 12-month period three total over the life of the loan.

If you make your loan payment with an automatic transfer from another financial institution, please make arrangements with that institution to stop the automatic transfer for the month you requested to skip.