A payoff request can be created and mailed for free. How long does it take to obtain a payoff?A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. Click the green "Apply for a Loan" button. The finance office electronically lets the DMV know the loan was paid off and a new title should automatically be sent out with the lien removed afterwards.