During a time where things are changing on a daily basis, our focus remains the same - financial wellness for our communities and our members. We have heard from so many members who have been laid off and are struggling to pay their bills right now. We are here to help.
We are deferring payments for three months.
All members who have an eligible loan with us and are no more than 29 days delinquent as of March 27, 2020, are not required to make a loan payment for three months. We will defer these payments automatically and you do not need to do anything. Please note that this will move the skipped payments to the end of your loan and interest will continue to accrue during the deferral period. Due to this, we encourage you to make your regular payments if you are able.
All everyday loans and credit cards are included.
- Eligible loans include auto, boat, RV, motorcycle, ATV, tractor, jet ski, snowmobile, personal loans, mobility, trailer, credit cards and lines of credit
- Home equities and HELOCs are not eligible for deferral
This will not impact you negatively in any way.
- There is no fee or additional finance charges
- This will not negatively impact your credit score and will not be reported as late to the credit bureaus
- Late fees will not be charged for members in good standing who do not make payments in the deferral period
- If you have life and/or injury & illness coverage on your loan, your coverage and claims will not be adversely affected as long as premium payments continue to be made
- If your loan is protected with GAP, these payments may be excluded from a future total loss claim
- For credit card holders, this is considered an amendment to your original credit card agreement
- Your payment will revert back to your originally scheduled payment once the skipped period is complete
You’ll need to stop any automatic payments.
- If you have an automatic payment set up for your loan, you will need to take action and stop them or they will continue as usual
- Automatic payments set in Online Banking or Bill Pay can be changed inside the platform the transfer was set up in
- Members with American 1 loans set up for automatic ACH payment originated by American 1 must contact our Contact Center at 1-888-213-2848 at least 5 business days before the ACH payment to cancel it
- Members with American 1 loans set up for automatic ACH payment through another financial institution must contact the other institution at least 5 business days before the ACH payment date to cancel it
There is still help if you do not qualify.
If you do not meet the qualifications listed above and need assistance, please use the form below to contact our Payment Support team to create a personalized financial assistance plan