# Payoff quote? Hows it work?



## Turtleteeth (May 24, 2002)

I know that it is time that I get into a newer car soon before I begin getting nickel'd and dime'd by my current car. I checked my online account access for the auto loan and there is the payoff quote option. How does this often work? When I click the link it lists the following info:
Our online payoff quote system will walk you through the process of obtaining your payoff quote and create the documentation required to complete the payoff process. Your quote will include the total amount that you owe as well as an itemized list of fees and, if applicable, rebates. Once you have completed the process of obtaining your payoff quote, you will need to mail your payoff check and documentation back to us in order to receive your title.
What are the fees usually? Can I detemine what the quote will be without requesting it? Is there any harm in requesting this info?


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## TRegKnowItAll (Oct 2, 2003)

*Re: Payoff quote? Hows it work? (Turtleteeth)*

Who is the loan through? All banks have different TOS for payoff quotes.


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## Jetdrivr (Oct 28, 2004)

As stated, all banks have different terms, early termination fees and unpaid interest calculation formulae.
If you signed a "Rule of 78's" retail installment contract, be prepared for your payoff to be somewhat more as interest is calculated differently under the Rule of 78's. 
In any case, check with your lending institution to see what their early termination fees involve. There are just as many variables as their are finance companies.


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (TRegKnowItAll)*


_Quote, originally posted by *TRegKnowItAll* »_Who is the loan through? All banks have different TOS for payoff quotes.

The loan is through VW Credit. I am considering using the car as a trade in and getting whatever residual I can from the value after the dealer payed off the loan. If I traded it in, would those same fees and such still apply? I am most likely going with another VW/Audi if I do trade it in... Is there no way to determine the actual remaining balance?


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## dr. pimento (Nov 22, 2006)

*Re: Payoff quote? Hows it work? (Turtleteeth)*

I've had loans through VW Credit and there was always a phone number to call to get a payoff quote. See if this link helps.
A VW/Audi dealer can run it for you but you may not want them to know your payoff so early in the negotiations.


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (dr. pimento)*

Is there any adverse effect in requesting a payoff quote? (i.e. credit or loan apps?)


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## bridri (Dec 20, 2002)

*Re: Payoff quote? Hows it work? (Turtleteeth)*


_Quote, originally posted by *Turtleteeth* »_Is there any adverse effect in requesting a payoff quote? (i.e. credit or loan apps?)

Absolutely none whatsoever.


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## [email protected] (Dec 12, 2001)

*Re: Payoff quote? Hows it work? (Turtleteeth)*


_Quote, originally posted by *Turtleteeth* »_Is there any adverse effect in requesting a payoff quote? (i.e. credit or loan apps?)

Like was mentioned above, there is no negative to requesting a payoff quote. All you're doing is asking the bank to let you know what dollar amount you will have to pay them to settle the loan.
-Tim


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (SilverSLC)*


_Quote, originally posted by *SilverSLC* »_
Like was mentioned above, there is no negative to requesting a payoff quote. All you're doing is asking the bank to let you know what dollar amount you will have to pay them to settle the loan.
-Tim

Thanks for the info!! Ive never dealt with paying off an auto loan, so I was unfamiliar with the terms... I am now trying to decide if I should attempt to sell my car privately or go with a trade. I would break even with a trade-in and I could possibly get $+ if I sell on my own. The only thing to worry about then is not having the title on delivery for the new owner. I would have to work out the kinks of paying the loan off after they gave me the cash and then sending them the title once I receive it.


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## [email protected] (Dec 12, 2001)

*Re: Payoff quote? Hows it work? (Turtleteeth)*

Ahhh....
Yep. And that is exactly what you would use the payoff amount quote for. The payoff amount will generally be less than the sum total of all your remaining payments, as you won't be paying all of the interest if you pay the loan off early.
One thing you might look at doing would be to take your car to Carmax to have them appraise it. They will give you a certificate with an offer amount that is good for 1 week or 300 miles. What they will offer you will vary a lot according to the salability of your car, the market, etc. I used them once and got more than I would have on a trade, if still less than I would have on a personal sale.
Also, you don't hold the title to your car? In MD, and in NY, they give you the title, and just list the lender as a leinholder on it. That's odd.
-Tim


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (SilverSLC)*


_Quote, originally posted by *SilverSLC* »_Ahhh....
Yep. And that is exactly what you would use the payoff amount quote for. The payoff amount will generally be less than the sum total of all your remaining payments, as you won't be paying all of the interest if you pay the loan off early.
One thing you might look at doing would be to take your car to Carmax to have them appraise it. They will give you a certificate with an offer amount that is good for 1 week or 300 miles. What they will offer you will vary a lot according to the salability of your car, the market, etc. I used them once and got more than I would have on a trade, if still less than I would have on a personal sale.
Also, you don't hold the title to your car? In MD, and in NY, they give you the title, and just list the lender as a leinholder on it. That's odd.
-Tim

I checked out Carmax... thats a great option, but Im in NJ and they dont operate here. Can I still sell my car to them from out of state? I dont think that wil work.


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## Travis Grundke (May 26, 1999)

*Re: Payoff quote? Hows it work? (Turtleteeth)*

Keep something else in mind if you are buying a *new* car:
In many states you only pay tax on the difference between the trade-in and the sales price of the new car. So, instead of paying tax on a $20,000.00 car, if you had a trade-in worth $10,000.00 you would only pay tax on the difference: $10,000.00
This can be a significant savings and often times can compensate for what you would otherwise get selling your car privately.


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (Travis Grundke)*

This would be great savings!! Thanks for the tip... unfortunately though, I still owe a balance on the car as of right now. http://****************.com/smile/emthdown.gif


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## graff48 (Aug 9, 2000)

*Re: Payoff quote? Hows it work? (Turtleteeth)*

My experience with VW credit and trading in a leased car early:
http://forums.vwvortex.com/zerothread?id=2714797


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## Turtleteeth (May 24, 2002)

*Re: Payoff quote? Hows it work? (graff48)*


_Quote, originally posted by *graff48* »_My experience with VW credit and trading in a leased car early:
http://forums.vwvortex.com/zerothread?id=2714797

Thanks for the info http://****************.com/smile/emthup.gif


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