The Vehicle Payoff Sample Letter form is a crucial document for individuals aiming to transfer their vehicle loan to the State Department Federal Credit Union. State Department Federal Credit Union.The lienholder must print the letter on the official letterhead of the loan company, and an authorized officer must sign the letter. When you are included in the lien sale, the City of New York sells your debt to an authorized buyer. The buyer then has the right to collect what you owe. The PDF version of these forms are FILLABLE. Bill of sale showing the complete chain of ownership. Within 5 days of selling your vehicle, complete the Release of Liability form online. If you know you're not going to be able to keep up with your loan payments, you might be better off selling the car yourself and paying off the debt. It is not as effective as a full release, but it can still provide muchneeded relief in many cases.