A payoff statement is an official car loan document that shows:
- Your full name
- Account number (commonly at least 10 digits long)
- Current outstanding balance
- “Good through” date
- Lienholder contact information
Why do you need a payoff statement?
The payoff statement tells us how much you still owe on the car, and we compare this to our final offer to determine the difference. If you owe more than our final offer, we will ask you to pay down your loan to equal our final offer.
How can I get a copy of my payoff statement?
Most banks will provide you with an option to download a payoff statement through their online banking portal. You can also contact your lienholder directly and ask them to email you a current payoff statement.
Please make sure the payoff is still valid by the time of your evaluation appointment!