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. 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. You start with the company you paid. Learn about cash settlements in your case and how they are accepted and approved. David Azizi explains the process of cash settlement acceptance. Pay off your loan and get your title or lien release. Follow these steps to complete your loan payoff. 1.