For COVID-19 requests, please use online banking, or contact Collections at 804-323-6800, ext. 1705.
AUTO AND PERSONAL LOAN EXTENSION REQUEST
Member Name: Member #:
Loan #(s):
Defer my payments due on:
Payment Method (check one): Payroll Transfer Cash/Check ACH
Reason for Request:
Current Employer:
Home Phone: ( ) Work Phone: ( )
How will Extension Fee be paid: Charge fee to loan Deduct from Account #
VACU EXTENSION REQUIREMENTS:
•
$30 processing fee per loan.
•
The loan must be current (not past due).
•
Only one extension permitted per 12 month period.
•
Extensions are for 60 day on personal and auto loans.
•
Extensions are not allowed for new loans that have had less than 9 monthly payments paid.
•
Extensions are not allowed for lines of credit, workout loans, credit cards, mortgage loans, equity lines and
equity loans.
•
Request(s) must be received at least 5 (five) business days prior to the next transfer date to allow time for
adjustment.
•
VACU reserves the right to refuse to grant an extension in VACU's sole and absolute discretion.
By signing below I attest that I have read and understand VACU’s Extension Requirements. I understand that the
extension period is not in effect until the request is received and approved by VACU’s MS Resolution
Department. I understand I will receive a decision in writing. I further acknowledge and understand that even if
my due date is extended to a future date, finance charges continue to accrue daily for each day of the extended
period and thereafter. I understand that the only change in terms for an extension is that the next date my
payment is due will be extended. All other terms and conditions defined in my Note and/or LoanLiner Credit
Agreement Plan are and will remain in force. If applicable, I understand that any additional payments (those
beyond the original maturity date) resulting from the loan extension may not be covered by Guaranteed Asset
Protection (GAP) and that it is my responsibility to verify the impact of the loan extension on my GAP coverage.
I acknowledge that the extension of the loan may affect the claim amount covered by (GAP). I understand that if I
choose to add the processing fee to my loan, it will be due with the next payment and it will result in additional
interest accruing and may result in increased total payments for my loan.
If you do not understand any part of this Loan Extension Request, do not sign this document.
_ _
Borrower’s Signature Date
VAC
U
USE
ONLY
Please fax or mail the completed form.
Fax: (804) 718-6905 Mail to:
Virginia Credit Union
P.O. Box 90010 Richmond, VA 23225-9010
ATTN: MS Resolution Department
Rev 12/20
