Almost. After you pay off the whole loan amount owed to the financing company you MUST make sure that they send you the title of ownership. Once you receive the title from them, you can go the DMV and register the car with no lien holder. Now you are officially done with the financing company.
If I pay the payoff amount on my car does that mean i%26#039;m completely done with the financing company?
Depends on if your interest accrues daily, monthly, or up front. Just call the bank and say I want to pay off my loan in full on 07/06/07... what is the total amount due?
If I pay the payoff amount on my car does that mean i%26#039;m completely done with the financing company?
As long as there is not an early payoff penalty. Since finance companies make their money from the interest, they sometimes put penalty clauses in lending contracts to make sure they still get their money out of the deal if it gets paid off early. Check the terms of your car note.
If I pay the payoff amount on my car does that mean i%26#039;m completely done with the financing company?
Depends on when you pay.
Car loan monthly bills usually offer a payoff amount thorugh a certain day. If you pay the pay-off amount after that day you will owe more interest.
Also, you may need to request a copy of your title. This is important, because you will be unable to sell the vehicle without a valid title.
If I pay the payoff amount on my car does that mean i%26#039;m completely done with the financing company?
If you called your loan institution and asked for the payoff, this should already include all interest due and penalties for early payoff if any. Once you have done that, you should get a letter thanking you for completing your loan and a title. The bank has already released their lein when you received your title.
If I pay the payoff amount on my car does that mean i%26#039;m completely done with the financing company?
YES, Once you pay off the loan completely they will send you the car title.
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