Gmcu Skip A Payment09

Mora • Milaca • Isle • Elk River • Pine City • Ogilvie

Holiday Skip-A-Payment

1-800-808-2830 • www.gmcu.com

Skip-A-Payment and have Cash for the Holidays! If you have a loan with GMCU you may be entitled to skip a loan payment in the months of November, December and/or January. This frees up some extra cash for you to use for holiday gifts, a vacation or whatever you need! Use your loan payment to make holiday purchases instead of charging on high interest rate credit cards. You may skip up to two consecutive payments on a single GMCU loan, and you may be entitled to skip payments on more than one loan. There is a processing fee of just $35 for each month skipped on each loan. To apply, simply complete the application below and return it in the enclosed envelope to GMCU.

Holiday Skip-A-Payment is Simple...

(Please detach at perforation and return application in enclosed envelope)

1. Fill out the application below. Borrowers and co-signers (if applicable) must sign and date the application. Choose which loan(s) you would like to skip payment on, and for which month(s). 2. Please return the application using the enclosed envelope to GMCU. Application must be received 5 business days in advance of your loan payment due date.

YES! I want to take advantage of the Holiday Skip-A-Payment option.* Which Loan(s) would you like to skip payment(s) on: (Limit of 2 months per loan, must be consecutive, please describe the type of loan) Loan # 1 ____________________________________________________________________________________ December ‘09 January ‘10 Which month(s) do you want to skip: November ‘09 Loan # 2 ____________________________________________________________________________________ Which month(s) do you want to skip: November ‘09 December ‘09 January ‘10 Loan # 3 ____________________________________________________________________________________ Which month(s) do you want to skip: November ‘09 December ‘09 January ‘10 Processing Fees: There is a processing fee of just $35 for each month skipped on each loan. Processing fees will be added to your loan balance for each month skipped on each loan. X___________________________________________________________________________________________ Borrower’s Name (Please print)

Account #

X___________________________________________________________________________________________ Borrower’s Signature

Date

Daytime Phone #

X___________________________________________________________________________________________ Co-Signer’s Signature (Required if applicable)

Date

Daytime Phone #

*Please note the following loan types DO NOT qualify for Holiday Skip-A-Payment: Real Estate, Home Equity Line of Credit, Overdraft Line of Credit, Commercial and Visa Credit Card. Skip-A-Payment is subject to approval based on loan payment history. Finance charges will continue to accrue on loans during the month(s) of skipped payment. By signing, borrower(s) is/are agreeing to the Amendment to Installment Loan Agreement terms found on the reverse side of this Skip-A-Payment letter. Please retain the top portion of this letter for your records.

Please retain the top portion of this letter for your records:

AMENDMENT TO INSTALLMENT LOAN AGREEMENT • HOLIDAY SKIP-A-PAYMENT This is an amendment to the specified loan agreement between Greater Minnesota Credit Union, the borrower and co-signer (if applicable). By signing, borrower(s) is/are agreeing to the Amendment to Installment Loan Agreement terms. 1. The following loan types DO NOT qualify for Holiday Skip-A-Payment: Real Estate, Home Equity Line of Credit, Overdraft Line of Credit, Commercial, and Visa Credit Card. 2. I am choosing to skip one or more loan payments on the specified loan(s) as indicated, and agree to make up the payment(s) by additional loan payment(s) of the same amount added to my loan. I agree to pay the $35 processing fee per month skipped on each loan I choose. 3. If my loan payments are currently being transferred from another financial institution (not GMCU), I acknowledge that I must contact that financial institution to request my payment(s) not be transferred for the month(s) I was authorized by GMCU to skip payment. 4. If my loan payments are being paid through payroll deduction, I must contact a payroll representative through my employer to request my payment(s) not be transferred for the month(s) I was authorized by GMCU to skip payment. 5. I understand that this will delay the payoff of the loan and that finance charges on the unpaid balance will continue to accrue at the contract rate during the skipped month(s), and I will pay additional finance charges over the life of the loan. 6. I can make up the payment(s) at any time; however, the extra payment(s) will not change the due date of the next scheduled loan payment. By signing this amendment to my loan agreement, I authorize GMCU to change the payment schedule. 7. All of the other terms of my original loan agreement remain the same.