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Take a break from payments with Skip-a-Pay.

The end of the year can stretch everyone's budget, but we're here to help. Take advantage of our Skip-a-Pay program and skip any eligible loan payment between October and January. 

How do you take advantage?

In order to skip your Electro loan payment, you must have a qualifying* loan that's been established for at least 120 days, have a balance of $600 or more and be current on your payments. There is a non-refundable $25 processing fee per payment skipped that must be paid when the authorization form is completed. 

Skip-a-Pay today!

Visit any branch location to complete and sign the authorization form, call us at 314.434.6470, or download the form (PDF) and bring it to a branch location, mail it to 1805 Craigshire Road, Maryland Heights, MO 63146, email it to [email protected] or fax it to 314.628.2589.

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Skip-a-Pay FAQs

How do I participate in the Skip-a-Pay program?

Visit a branch location, email [email protected], call 314.434.6470 or download the form and email, fax or bring it to your nearest branch. Please note: the authorization form must be signed and returned by all borrowers a minimum of 2 business days prior to the due date. If submitting your request electronically please allow a minimum of 5 business days before your payment is due for processing.

A borrower on my loan doesn't live in the area or isn't available to visit a branch to sign the authorization. Can I still skip my payment?

Yes. An authorization form can be emailed individually via DocuSign to all borrowers on the loan. Please allow a minimum of 5 business days before your payment is due for processing.

When do I pay the Skip-a-Pay fee?

When the authorization form is signed by all borrowers and submitted to Electro, the fee must be paid by cash, check or via transfer from an Electro account. If you've requested to skip your payment electronically, the fee will be deducted from the account you specify on the authorization form after all signatures have been received. 

What loans qualify for the Skip-a-Pay program?

Automobile, motorcycle, boat, RV, and signature loans.

What loans don't qualify for the Skip-a-Pay program?

First mortgages, home equity loans, credit cards, and short-term emergency loans.

Can I skip a payment that is past due?

No. The loan must be current and in good standing in order to skip a payment.

Why don't all of my loans qualify for the Skip-a-Pay program?

There may be several reasons, which could include:

  • The loan may be one of the excluded loans listed above
  • You may not have made three full payments on the loan yet
  • You may have had a late payment that currently disqualified a particular loan from the program
  • Your loan balance is less than $600
  • Your loan payment is less than $100

Electro Savings also reserves the right to refuse a Skip-a-Pay request if you've recently been delinquent in your payment obligations and/or have had any other status changes in relation to your loan(s) with us.

Can this offer affect my GAP coverage?

GAP (Guaranteed Auto Protection) provides you financial protection in case your vehicle is stolen or totaled in an accident. Some GAP policies may become invalid if loan payments are skipped. Please refer to the terms of your GAP policy for more information on how participating in the Skip-a-Pay program may affect coverage.

I've established scheduled/recurring payments for my loan through a different financial institution. Can I still skip my payment?

Yes. However, you're responsible for canceling and rescheduling your payments if you decide to skip your payment.

Will skipping a loan payment affect my credit?

No. Because this is a program offered by the credit union, it will not have any negative effects on your credit. However, it does extend the loan's term, plus applicable interest and could affect your GAP coverage.