Skip a Payment | Elements Financial

Skip a Payment

Skip a Payment

Elements Financial's Skip a Payment benefit allows you to make no payment on your loan(s) for one month of your choice without being considered delinquent.

Why use Skip a Payment?

  • Free up cash
  • Plan a vacation
  • Cover unexpected expenses
  • You decide

You must hold a loan for at least 12 months before it is eligible for the skip request, and it must have a minimum monthly payment of $100. Skip a Payment requests must be received no less than 7 days prior to the loan due date. A fee of $30 per consumer loan will be charged for exercising this feature and will be deducted from your Member Savings account upon the skip request. Your Member Savings account must have sufficient funds in order to complete this request and your credit union accounts must be in good standing. Eligible loans at the credit union include:

  • Auto Loans (excludes Flex Auto Option and Leases)
  • Leisure Vehicle Loans
  • Signature Loans
  • EZ Lines of Credit

Once you have exercised Skip a Payment on a loan, that loan may be eligible again in 12 months.

Personal Information

Loan Information

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 plan ("skip period"). Interest and finance charges will continue to accrue during the skip period. A fee of $30 per consumer loan is imposed for exercising the skip feature. I understand and agree that this fee will be taken from my money market savings account; therefore, I must have an open money market savings account with sufficient funds in order to process the skip payment request. This fee is a finance charge, and will increase my Annual Percentage Rate (APR) on my loan. My required minimum monthly payment will start again beginning in the month immediately following the skip period and will continue as originally scheduled. I understand that I can only exercise this feature once each year or, if I have GAP or credit insurance on my loan, I can only exercise the skip payment feature once during the entire term of my loan. Any additional payments resulting from the exercise of the skip payment feature will not be covered by credit insurance and/or GAP. I further understand that exercising the skip payment feature will extend the time it takes to pay off my plan in full.

I understand that loan payments will be forwarded to Elements if I have originated payment from another financial institution for payment toward Elements loans. These funds will be available to me in my Elements money market savings account.

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.

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