PAYOFFS
If you trade your car in, the payoff process is pretty easy: The dealer whobuys your car handles it. You’ll sign an Authorization of Payoff form and the (^)
dealer will guarantee to pay off the balance by the date on the form, usually10 days out.
it takes a couple extra days for every department to become aware ofTIP: Keep in contact with your lender, but don’t be surprised if^
a payoff.
If you’re really paranoid, get a tracking number on the method used to mailin the payoff (FedEx, UPS or Postal Service) and the check number of the
funds sent to the payoff institution.
Retail sales are more complicated for you as the seller if there is a loanbalance. In some states, you will already have the title to your car even if (^)
there’s a loan on it; you’ll get a lien release letter when it is paid off. Inmost, you won’t receive title to your car until it is paid off in full, as the lien (^)
release is part of the title.