Terms and Conditions
Elements Financial offers a skip payment feature as follows: I will be allowed to make no payment for one month of my choosing without being considered delinquent on my loan ("skip period"). Interest and finance charges will continue to accrue during the skip period. I understand and agree that I must be a member in good standing to be eligible for this feature. A fee of $30 per consumer loan is imposed for exercising the skip feature. This fee is a finance charge and will increase my Annual Percentage Rate (APR) on my loan. My required monthly payment will start again beginning in the month immediately following the skip period. I understand that the addition of the fee to my loan balance will result in additional interest accruing on my loan (including interest accruing on the fee) and will result in increased total payments for my loan. I understand and agree the addition of the $30 fee to my loan balance will impact my future monthly payments and I agree that I am solely responsible for verifying those future amounts and ensuring any automatic payments are updated accordingly.
I understand that I can only exercise this feature once each year. I understand and agree that any additional payments (those beyond the original maturity) resulting from the exercise of the skip payment feature will not be covered by credit insurance and/or GAP and that it is my responsibility to verify the impact of skipped payment(s) on my GAP or other insurance coverage. I further understand that exercising the skip payment feature will extend the time it takes to payoff my loan in full and that I will pay more total interest on my loan(s).
I understand that the skip payment feature is a modification to my existing loan(s) and the addition of the fee to my loan balance will impact my future monthly payment obligations. By submitting my request, I am explicitly agreeing to the modification of my existing loan(s), including the payment of the fee for deferral of my payment obligation(s) and the adding of the fee to my loan balance.
For payments I generate (payments set up with a bill payment service, payments initiated at another financial institution, etc.), I agree that I am responsible for stopping the payment for the month I utilize the skip payment feature. I understand that loan payments forwarded to Elements for the skip period will not be applied to my Elements loan(s) and the funds will be available to me in my Elements money market savings account. Further, I agree that I am solely responsible for determining my future loan payment amounts and adjusting any future payments as necessary.
Thank you for using our Website application. By placing this Web request, you certify that all statements made are true and complete. You authorize the credit union to obtain any information necessary to process this request, including a credit report. A credit union representative will contact you if any additional information is needed to process your request or if your request is denied.