Debt Protection

Elements Financial designed our Debt Protection program for you because it fits the times. More than ever, we all worry about things that might happen tomorrow. Debt Protection provides an important sense of financial security — letting you worry less and sleep a little better at night.

Debt Protection is an "umbrella" name for the products called debt cancellation. When you have Debt Protection on your loan, you can ask Elements to cancel all, or part, of your obligation to repay an extension of credit upon the occurrence of a specified event. Events include death, disability, and involuntary unemployment.

Call to Apply 1-800-621-2105, ext 1

Debt Protection is available for any Elements loan with less than a 120-month term, except for mortgages and student loans. This includes:

• Auto Loans
• Home Equity Loans
• Boat, RV, and Motorcycle & ATV Loans
• Personal Loans
• Stock-Secured Loans

Call for Free Quote 1-800-621-2105, ext 1

The monthly cost is based on your loan type and loan amount. The rate is the same for every person regardless of age. Call us for a quick free quote at 1-800-621-2105, ext 1.

The fee for Debt Protection is added to your monthly loan payment.

Call for Free Quote 1-800-621-2105, ext 1

Yes. As your financial wellness providers, we want to make sure that you’re covered, no matter what may happen. To protect your purchase, the following additional programs are available and can be wrapped into your monthly payments:

To protect your purchase, the following additional programs are available and can be wrapped into your monthly payments:

• Mechanical Breakdown Protection (MBP), also known as extended warranty, is automobile protection that extends beyond the manufacturer's factory warranty and covers repairs of unexpected mechanical breakdowns. For the period of time the contract is in effect, you are assured that covered components of your vehicle will be repaired in the event of failure. This includes labor, subject to any applicable deductible. Learn more.
• Guaranteed Asset Protection (GAP) is protection designed to eliminate your unpaid net loan or lease balance in the event your vehicle is stolen or damaged beyond repair. Learn more.

New Loans

You can apply for Debt Protection during the loan application process. The fee for Debt Protection is added to your monthly loan payment. Ask your loan representative to provide you with the information. 

Call to Apply 1-800-621-2105, ext 1

Existing Loans

If you wish to add Debt Protection to an existing Elements loan (any type with less than a 120-month term, except for mortgages and student loans) this is typically done by refinancing the loan and adjusting the monthly payment to include Debt Protection. Call us at 1-800-621-2105, ext 1 for a free quote.

Who is eligible for Debt Protection?

There are eligibility requirements, conditions, and exclusions that apply to this program. For example, persons age 70 and older are not eligible to apply. Call us at 1-800-621-2105, ext 1 to learn more about eligibility.

Do I have to purchase Debt Protection?

No, Debt Protection is optional.

Am I obligated to purchase Debt Protection coverage if I apply?

You have 30 days to review your plan. If you are not satisfied with the program or your situation changes, you can cancel it at any time by notifying us in writing. If you cancel within the first 30 days, any fees paid will be refunded.

Still have questions?

Call us at 1-800-621-2105, ext 1 and we can provide you with the Debt Protection Agreement which provides complete details and answers to the most frequently asked questions.