Skip One of Your Loan Payments with a Holiday Skip-A-Pay

Our Skip-a-Pay program gives you the opportunity to defer your monthly payment on qualifying consumer and vehicle loans. Interest charges will continue to accrue, and your skipped payment will be applied to the end of your loan term. It’s easy to take advantage of this offer.

Please visit one of our branches or call us at 805-988-2151
 
Skip-A-Pay Qualifications
All accounts with OceanAir Federal Credit Union must be in good standing.
Qualifying loans are Signature, Auto, RV, Boat, or Motorcycle.One (1) Skip-a-Pay per calendar year for vehicle loans.
Up to two (2) Skip-a-Pay per calendar year for signature loans.
There is a one-time Skip-a-Pay processing fee of $35 per loan.

SKIP-A-PAY DISCLOSURE:

Effective: September 16, 2025

Terms and Conditions: All OceanAir Federal Credit Union accounts must be in good standing. OceanAir loans must be current at the time you choose to accept this offer, there must be no forced-place insurance, and loans modified with a payment extension in the last twelve (12) months are not eligible for this offer. Members are eligible to use OceanAir’s Skip-a-Pay service after six (6) consecutive payments on qualifying loans. Qualifying loans are Signature, Auto, RV, Boat, or Motorcycle. If eligible, the Skip-a-Pay processing fee is $35.00 for each deferral. All payment deferral requests are subject to approval. A maximum of two (2) Skip-a-Pay deferrals are allowed for each eligible loan within a calendar year. Consecutive Skip-a-Pay deferrals are not allowed. The number of Skip-a-Payments in a rolling 12-month period is limited to a maximum established by the credit union and may be subject to change. Certain restrictions may apply and not all loans are eligible for this program. To check your eligibility, visit a branch or give us a call at 805.988.2151.

By accepting this offer, you request that OceanAir Federal Credit Union defer your next loan payment. You also understand and agree that:

(1) finance charges will continue to accrue at the rate provided in your original loan agreement; (2) your loan will continue to accrue interest and will automatically extend the term of your loan; (3) you will be required to resume your next regularly scheduled monthly payment in the month following the deferred payment;(4) the first payment after your skipped payment(s) will include any interest accrued during the deferment period; (5) any automatic transfer generated by OceanAir will be suspended for the Skip-a-Pay month(s). If you have automatic transfers from other institutions set up, you will need to notify the institution to stop the ACH transfer.

For members who have Guaranteed Asset Protection (GAP) or other credit insurance: claim coverage does not extend to the amount of payment(s) deferred. In addition, the coverage will not be extended beyond the original maturity date. Monthly Premiums for Credit Life/Disability will still be added to the loan on the skipped month, if applicable. Please refer to your original insurance contract for coverage details.

OceanAir Federal Credit Union reserves the right to change or discontinue the Skip-a-Pay service at any time. All other provisions of the Loan Agreement, except those changed by this Agreement, shall remain in full force and effect. Programs, rate, terms, and conditions subject to change without notice.