This article outlines the fivestep process of making your final loan payment. Step 1: Request a payoff quote.By completing and signing this form you are agreeing to the certification statements outlined below. Under penalty or perjury, I certify that: 1. 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. A payoff letter shows the remaining balance on your mortgage, including fees, interest, etc. Learn more about what a payoff quote is and how to request one. 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. How to fill out the Payoff Request Letter Templates?