A 10 day payoff is crucial to getting your old loans paid off during a refinance. Learn how it works from start to finish.The dealer must, within 7 days, notify the lien holder in writing that the vehicle has been traded in. Do you need a loan payoff request form? This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,. All mortgage payoff letters tend to contain similar information, including: • Payoff amount: The amount of money that would satisfy the loan. A demand letter is an official notice requesting money, possession of assets, or action on a legal matter.