A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish.A lender's payoff statement or letter will show the amount you need to pay to completely close out the loan. The law requires that you be informed if your credit report is obtained in connection with your loan application for a motor vehicle loan. Enclosed with this letter, you will find a formal payoff statement confirming the full satisfaction of your loan. When you take out an auto loan, your lender will be listed as a lienholder on the title. 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. Still haven't received it. No information is available for this page. A lien is a legal claim filed with the Office of the Minnesota Secretary of State or county recorder.