The dealer must, within 7 days, notify the lien holder in writing that the vehicle has been traded in. 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.To transfer a title, go to Utah Person to Person Online Title Transfer Service. Though every title situation is unique, here are the things you usually need. We help hundreds of people each month to establish or re-establish their credit. See how the process of establishing credit through an auto loan works. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. We offer fast auto financing in Utah, Nevada, Arizona, Idaho, and New Mexico. Create a Loan Payoff Letter online and download it as a PDF or Word document.