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. A 10 day payoff is crucial to getting your old loans paid off during a refinance.Learn how it works from start to finish. Enclosed with this letter, you will find a formal payoff statement confirming the full satisfaction of your loan. Lender's Information: Full name and address of the lending institution. Loan Details: Loan agreement number, car make, model, and VIN (Vehicle Identification. If you are looking to payoff your vehicle, there is a sample letter form that you can use as a guide. The letter should be professional and informative. Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. For example, there was a dealer in Utah years ago that was taking out loans to pay off original car loans and trade-in money.