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