An auto loan payoff quote, sometimes called a 10day payoff, states how much you need to pay off the loan balance. An auto loan payoff letter is just a way to prove that you have paid in full for a car.If you are selling your vehicle, often the buyer will ask to. Enclosed with this letter, you will find a formal payoff statement confirming the full satisfaction of your loan. The lender will release the electronic lien and DMV will mail you a paper title to the address on file. Refinance your car loan. Use this car loan calculator with tax to help calculate your monthly car loan payment or your car purchase price. Usually at the most you should see a title in 30 days or less. Make sure your address is up to date! Follow these steps to complete your loan payoff. 1.