- Payment Holiday and Eligible Loans
What is a Payment Holiday and what loans are eligible?
Holiday is an option to skip your consumer loan payment on loans that have
been opened for 6 months. You can request a maximum of two holidays
per year, but they cannot be two consecutive months. Interest will
continue to accrue and the original term of the loan will be
To request a Payment Holiday, the request can be made up to the loan due date:
- If your Online Banking account has been upgraded,
log into your Online Banking account and choose Payment Holiday under
the Loans tab
- If your Online Banking has not been upgraded:
- For requests in less than 32 days before the next
payment due date, call 800-544-3328 to speak to a representative
- For requests 32 days out or greater, log into your
Online Banking account and choose Payment Holiday under the Member
IMPORTANT - ELIGIBILITY: 1st
and 2nd Mortgage, Home Equity, Single Pay, Overdraft Protection, Business
Loans, Business Visas, and Visa* loans are not eligible for Payment
Holidays. Consumer loans must be current and opened for 6 months (and
liens perfected) to be eligible. Finance charges will continue to accrue
as explained in the LoanLiner Credit Agreement and the loan maturity date will
For more information on
payment holidays, click here.
- How to apply for a loan
How do I apply for a loan or to refinance a loan from a different lender?
To be eligible to apply for a loan, you must be a primary member of the credit union. Joint owners must obtain their own account before applying for a loan. Membership can be applied for online.
The fastest way to apply for a loan is online. Log into your Online Banking account choose Apply for a loan in the Tools & Services section on the MyCU page. If you have recently been upgraded to the new Online Banking, you will find the Apply for a loan or credit card under the Loans tab.
You may be preapproved within seconds. You can also speak to a representative at 1-800-544-3328 or apply at any Delta Community CU branch office.
- Loans that can and cannot be applied for online
Are there any exceptions to the types of loan applications that can be applied for online?
You can apply online* for all types of loans except for the following:
- Loans for a foreign resident
To apply please call 1-800-544-3328 and a representative will be happy to assist you. You can also stop by any Delta Community CU branch and apply with a Member Service Representative. Normal processing time is 24 - 48 hours.
*For Home Loans, click here. For all other loans (Visa credit card, etc.) you can apply online by logging into your Online Banking account and selecting Apply for a Loan in the Tools and Services box. If you have recently been upgraded to the new Online Banking, you will find the Apply for a loan or credit card under the Loans tab.
- GAP Protection
- What is GAP?
If you have an auto that is totaled or stolen, there may be a difference between the monies owed and what your insurance company will pay. Guaranteed Asset Protection is not auto insurance. It is a definciency waiver. It will cover the "gap" by paying the difference between your primary carrier's insurance settlement and your loan balance. The GAP payment covers the insurance deductible up to $500 but does not pay for delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Note: GAP cannot provide protection beyond two (2) additional payments of the original repayment schedule of the loan. Ex: If you have taken 4 payment holidays, GAP will only cover the monthly payment amounts of 2 of those payment holidays.
When can I purchase GAP?
It can be purchased on any automobile, truck, or motorcycle regardless of the age or mileage on the vehicle, at the time of a new loan or refinance with Delta Community CU, regardless of whether you had GAP previously. The maximum term for GAP is 84 months. If you are refinancing your vehicle to add additional funds to the loan, you must repurchase the GAP agreement. The original agreement becomes null and void when you add additional monies to the loan.
If I have GAP and I refinance an auto loan currently with Delta Community CU, do I have to purchase GAP again?
Any time a Delta Community CU car loan is refinanced that has existing GAP, you must purchase the GAP again for this loan to be covered.
If you are refinancing a car loan that is currently financed with Delta Community CU that does NOT have existing GAP, purchasing GAP is not an available option.
What is the cost of GAP and is it refundable?
GAP is available in two primary options; either 'Non-Refundable' GAP at $280.00 or 'Refundable' GAP at a cost of $495.00. For motorcycles, GAP is available at $300.00 for non-refundable and $515.00 for refundable policies. All options offer a 30 day trial period.
I have totaled my car and filed a GAP claim, do I need to make my payment?
You are responsible for all payments on the loan as agreed on your loan contract. Any overpayments made thru the GAP claim will be reimbursed to upon claim payment.
What is the time frame for receiving a refund from the GAP if I cancel under the new terms and conditions?
Please allow 4-6 weeks for a refund. For loans that still exist, the refund will be applied to the loan. If the loan is paid off, the refund will be deposited to your Savings Account.
If I have purchased GAP, will it interfere with CPI?
GAP is a product that covers the difference between your primary carrier insurance settlement and the loan or lease balance on a new or used auto or other collateral loan. It will not interfere with CPI.
- Loan Rates
- What are the current loan rates?
Click here to view the current loan rates.