A 10day payoff refers to the time it takes for your new lender to pay off your old loans during a refinance. 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. Contact the bank every day to get payoff information until they can provide it for you. I paid off the entirety of my auto loan in August of 2021 through a local bank. Request a payoff quote before you send your final payment. Getting the payoff quote is simple. You can contact your lender via telephone, visit them in person, or go online and request a payoff amount. How to fill out the Payoff Request Letter Templates? A payoff statement or a mortgage payoff letter will typically show the balance you must pay in order to close your loan.