How to Request a Settlement Amount to Pay Off a Car

Paying off your auto loan can give you extra money to use every month, and it can also save you a substantial amount of money in interest payments. When the loan balance is low enough that you can pay it off, you need to learn the exact payoff amount. If you only pay the principal balance, it probably will be insufficient to pay off the loan because interest has been accruing. Knowing the settlement amount enables you to pay the amount needed to close the loan.

Instructions

1

Contact the lender regarding the payoff amount for your car loan. Depending on the lender, there may be a formal process for requesting the payoff amount. The customer service representative should be able to point you in the right direction. In some cases, the customer service representative can provide you with the settlement amount over the phone.

2

Complete the necessary paperwork to get the payoff amount from your lender. Some lenders have a form you must fill out to obtain the payoff amount for your loan. The form typically requires personal information, such as your name, your address and phone number as well as the loan number.

3

Access your car loan account information through your online account. Some lenders provide a way to access your account information online with a secure login. When reviewing the online information, make sure you focus on the payoff balance and not the current account balance.

4

Visit the lender in person to talk to an account representative. In many cases, you can simply go to the bank and provide identification to get important information about your loan. The representative typically can provide the payoff amount on the spot.