piggy bank with holiday lights on it for holiday payment deferral promo

It’s back! Our Holiday Payment Deferral program is one of our more popular benefits we offer specifically at this time of year. It provides our members help with the monetary burden the holiday season can sometimes bring with it. Being able to defer two payments per qualified loan can be a relief for a strained cash flow.

Starting November 1, through December 31st, you can request to defer two payments per auto, motorcycle, truck, RV, personal or secured loan for just a $30 application fee per loan. 

Please note:
This year we provided payment deferrals to those affected by circumstances surrounding COVID-19.  If you had a loan that received this assistance, the loan will not be eligible to participate in the holiday deferral program this year.


To be eligible all borrower(s) must sign and agree to the following:

Eligible loans include:  Auto | RV | Secured Loan | Personal.
Eligible loans must be current.
Must have made 6 consecutive monthly payments on the loan(s) they are requesting to defer.
Must have no payment delinquencies of 30 days or more on any of their loans with Credit Union of Denver.
Must not have deferred or modified loan payments within the last 12 months;
Any loan that participated in the COVID-19 Deferral IS NOT eligible for the Holiday Deferral.
A non-refundable $30.00 Loan Payment Deferral Application Fee is due before the processing of the Payment Deferral Application for each requested loan.
The October payment(s) must be made for each requested loan prior to the processing of the Payment Deferral Application.
A payment deferral request is not in effect until approved by Credit Union of Denver.
Requests must be received at least 10 business days prior to the due date of the payment requested to be deferred.

Things to consider when making this request.

Stressed woman on laptop

There are many positive benefits to deferring your payment. It may be just what you need to get ahead, save some extra money, and celebrate the holidays without the stress of worrying about money. It may afford you the ability to buy that special gift that you may not have typically had the funds to afford. However, there are some consequences to being approved for the Payment Deferral that are important to note. Payment Deferrals do extend the terms of your original loan, which results in a higher total finance charge for you to pay. Your payment may be deferred for two months, but the interest on the loan is still accruing. Your first payment after the two months of Payment Deferrals may all go to interest, depending on how much interest has accrued. We have offered Payment Deferrals for several years. If you have applied and been approved for Payment Deferrals on the same loan for multiple years, your term has been extended significantly. It may also impact or cancel any Gap Insurance policies you may have on an auto loan.

An alternative option to consider, instead of relying on Payment Deferrals to fund your holiday shopping, would be to open a Holiday Account. You can set up a small amount to automatically transfer into this account from your direct deposit. This account matures on the last business day of October and will transfer the funds into your Prime Share account so you can begin your holiday shopping. Using the Holiday Account to save for holiday purchases instead of relying on the Payment Deferral option will save you the $30.00 fee per loan application, extra accrued interest and won’t extend the term of your loan. If you are interested in starting your Holiday Account for next year, please contact us at 303.239.1150 | 800.279.3288.

We wish you a happy, stress free holiday season!

To start the process – fill out the Invitation to Apply form and then we will send the application to you.