A 10-day payoff letter, also known as a payoff statement, is an official car loan document that shows
Your full name,
Account number,
Current outstanding balance,
"Good through” date,
Lienholder contact information.
It is used to determine the difference between the outstanding loan balance and the final offer on the vehicle. It is important to have a current payoff statement when selling a car with an outstanding loan.
To get a copy of your payoff statement, you can either download it through your bank's online portal or contact your lienholder directly to request one.