Is the payoff amount on a car loan negotiable?
I want to pay off my car loan, so I requested a payoff letter. Is this amount negotiable?
Unfortunately, the payoff amount on a car loan is not negotiable. The payoff letter simply contains the amount you still owe on the loan, as well as any interest accrued or other fees you might need to pay off the loan in its entirety.
A car loan payoff letter will also contain:
- Name of the loan company
- Account number
- Total payoff amount
- Payoff data
- Per diem
- Address to send the payoff check to or how to send a digital payment
Once you pay off your vehicle, to complete the payoff, be sure to also:
- Get the car retitled without a lienholder on the title
- Call your car insurance and remove the lienholder from your policy
While you have your car insurance company on the phone, you may want to discuss new quotes, or you can hop onto the Jerry app. Jerry compares personalized rates from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!
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