[len125]

i've never paid off a car before believe it or not. just kep trading it in. i want to pay my car off....do i call and make a payment over the phone? do I do it online? how do i know the representative on the other end of the line doesnt screw it up and mess up my checking account? if i do it myself online when the payment gets taken do they send me a link where i can download a copy of my title right away? do they send the title in the mail right away? or will i not get my title for 1-3 months? if i pay my car off will they stop taking the money directly out of my account immediately or will they keep taking the car payment out till i tell the bank to stop it? any advice? any experiences?....i'm used to the dealership doing everything for me when i trade a car in....i would appreciate any advice...

[GHarris]

We usually call the lender, get the exact payoff amount and send a check in a UPS envelope. Contact your bank and have them stop the deductions. We have to specifically request a paper title in Fl., your state may be different.
Congratulations!

[IMCWORTH]

all my cars get paid off quickly.

I've done all my final payments online and have had no issues. The title is done by the finance company that has your loan. They are very quick at getting you your Title ( in a few weeks) and the ownership on that title is usually completed by them before you receive it.
There is a great feeling not having a car payment. Also if you choose you can get just liability insurance but I do not recommend it.

[arpad_m]

Originally Posted by len125

i've never paid off a car before believe it or not. just kep trading it in. i want to pay my car off....do i call and make a payment over the phone? do I do it online? how do i know the representative on the other end of the line doesnt screw it up and mess up my checking account? if i do it myself online when the payment gets taken do they send me a link where i can download a copy of my title right away? do they send the title in the mail right away? or will i not get my title for 1-3 months? if i pay my car off will they stop taking the money directly out of my account immediately or will they keep taking the car payment out till i tell the bank to stop it? any advice? any experiences?....i'm used to the dealership doing everything for me when i trade a car in....i would appreciate any advice...

I've paid off all my vehicles. The general process is that I request a 10-day payoff quote from the lender, then make an online payment to that exact amount, that's pretty much it from my end.

The lender then notifies me about the payoff, cancels the loan and sends the title in the mail. This is the original title with the lien still on it, which they also add a payoff note to. If you want a "squeaky clean" title, that is, one with no lien and payoff notes, you go to your DMV and request one in exchange for the original title. Also, if the actual amount owed changes by the time your payment is received by the lender, they will issue a check for the discrepancy that you can cash later (we're talking only a couple ten dollars, though).

One more thing, if you buy the car in one state and pay off the loan after moving to another, the original title has to be transferred to your new home state, and that can take 4-6 weeks. The procedure is similar, except the lender now has to work with both DMVs to destroy (or maybe archive, not sure) the original title and produce a new title for you in your new home state. In my case this went flawlessly, I even got progress feedback during the process.

[IMCWORTH]

Originally Posted by arpad_m

I've paid off all my vehicles. The general process is that I request a 10-day payoff quote from the lender, then make an online payment to that exact amount, that's pretty much it from my end.

The lender then notifies me about the payoff, cancels the loan and sends the title in the mail. This is the original title with the lien still on it, which they also add a payoff note to. If you want a "squeaky clean" title, that is, one with no lien and payoff notes, you go to your DMV and request one in exchange for the original title.

I have never had to go to DMV for a title transfer. The loan company has always taken care of it. Maybe it's a California thing

[arpad_m]

Originally Posted by IMCWORTH

I have never had to go to DMV for a title transfer. The loan company has always taken care of it. Maybe it's a California thing

It's not the transfer but the removal of the lien as if you had purchased the car with cash. That means issuing a brand new title and wasn't offered as part of the payoff "deal", at least in my case, my titles all have the lien and payoff notes. Don't think this matters too much, though.

[HemiDave]

Originally Posted by arpad_m

It's not the transfer but the removal of the lien as if you had purchased the car with cash. That means issuing a brand new title and wasn't offered as part of the payoff "deal", at least in my case, my titles all have the lien and payoff notes. Don't think this matters too much, though.

Same here.

I got a payoff letter from the lender for my vehicles and motorcycles.
I just keep them alongside the titles.

Sometimes I ponder just going to the NY DMV and getting a brand new title with no lien holder, but I don't know how much longer I am going to be in this state lol.

[Rogueleader_92]

I'm in Utah, all my loans were done by my credit union. I just kept making payments in the app till it hit 0, then the CU sent me the title they had with the lein holder portion signed off. I then took it to my DMV and had the lein removed and a new title issued.

[ZED SLED]

As each state is different concerning release of lien and whether or not the financial institution holds your title (title holding state), your best advice would be from your financial institution. When I was in the peoples banana republic of NY, I could request a payoff amount from my online acct, pay it off online, then they would send a release of lien to me that I could attach to the title (NY not being a title holding state). No need to get a new title. However, here in NC, same payoff process applies but NC is a title holding state so financial institution has DMV submit a new lien free title which is automatically mailed to me.

[len125]

thanks for all of the replies!

[LT4Greg]

You will have no problem paying off your Camaro. No worries!��

[DFVZL1 22]

I've paid off all my vehicles prior to doing any type of trade-ins. Rolling over a prior loan into a new one is never a good financial deal or move. The general process of paying off a car is an easy one. If you have access to your account online, just request a 5, 7, or 10-day payoff quote from the lender/loan holder, which most likely you can see immediately (within a few seconds), then make an online payment for that exact amount, that's pretty much it from your end.

The lender/loan holder, then notifies you about the payoff intent, cancels the loan in addition to any recurrent scheduled payments since the payoff will cover the remaining monies owed. Lastly, several weeks later the lender will send the title in the mail. This is the original title with the lien still on it, but they will add a payoff note to it and you will get a letter confirming the payoff. Also, if the actual amount owed changes by the time your payment is received by the lender/loan holder, then they will issue a check for the overpayment difference.

Additionally, if you want a "super clean" title, that is, one with no lien and payoff notes, you will have to go to your Tax County office or DMV and request one in exchange for the original title. Good Luck with the process and congrats.

[Ryanbabz71]

All my loans were paid online and they had a payoff option/button used that each time no issue. Few weeks later title showed up


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[Chevelle vs Camaro]

Wait you don’t just give the money to the dealer when you 1st pick out your car and drive it off the lot?.



JK all my loans I had paid on line and just did a lump payment at end. In WA the bank then sends you title.

PS be ready for your credit score to take a hit….


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