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. This Payoff Transmittal Letter serves as a formal request to close your loan account.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 statement should include the name and address of the lender preparing the statement and be addressed to the lender that requested the payoff. To get preapproved for a car loan, simply fill out our no-obligation online car loan preapproval application. Note: In the below example, their Loan ID would be 200. It's the same as a payoff letter, but it can be used when you're paying off a loan that involves collateral, such as a home or a car. Need a personal loan for a car? ING offers personal car loans with low rates, no ongoing fees, and an easy online application process.