This form is furnished to give you a statement of actual settlement costs. Creating a payoff letter is essential to any loan or mortgage repayment process.Our free templates and this guide can help you get started. If your lender flags a portion of your mortgage application, you might need to draft a letter of explanation to move forward with the homebuying process. 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. Property owner entitled to written statement of payoff amount. About paying off your loan. The Virginia General assembly established the. Virginia Housing Development Authority.