What to Expect After You Pay Off Your Loan
Paying off your loan is a huge success! While you are done with the payments, what will be the next step once that final payment is made?
Congratulations! Paying off your loan is a great financial success and can offer a new freedom since it’s one less payment you’ll need to make. But what comes next? Let’s dive in and discuss what you need to know about the process.
Finding Your Payoff:
Whether you are making your final payment as originally expected or ahead of schedule, you can give us a call to find out your payoff amount. We can give you a same day payoff quote or a 30-day payoff quote. You can also find this information online by logging into your account. (Keep in mind, these quotes are only good until their expiration date. You’ll need to request a new quote if this time expires.)
Making Your Final Payment:
You can make your final payment with us a few different ways. We provide the options so you can choose which one is best for you. Make a payment using your online account, calling us on the phone — where you can speak with a representative or use the payment option through our automated system — or by mailing it in. (You can find where best to mail this to us at the top of the back of your statement. We offer several locations for this to allow for the quickest processing time as possible).
What is the Processing Time:
Once we receive the payment, it will be processed overnight. Your loan will officially be paid in full at this point, but it will be a little bit of time before you receive any information from us in the mail.
If there is just a title, we will mail this information out in approximately 15 days after the payoff has posted (unless delayed by stricter state requirements.) When this is sent, you will also receive a lien release letter and a copy of your contract. You will want to go to the Department of Motor Vehicles with this letter to have the lien removed from your title to show you no longer have a loan with Vanderbilt.
If there is a deed, the release will be recorded with your county in approximately 6-8 weeks after the payoff is received. You will then receive this document in the mail once recorded.
How to Request a New Lien Release:
If you paid off your loan within 6 months ago and you’ve lost your lien release letter or it never came in the mail, you can call, email or mail us a request for a new one.
If you paid off your loan more than 6 months ago, you will need to fill out the lien release letter and mail that to us with $25.00 to receive a new one. Remember, if you don’t bring this letter to the DMV, it will continue to show the lien even if the loan has been paid out. So, you’ll want to share that information as soon as you can.
There you have it! If you have any other questions regarding this information, feel free to give us a call or message us on our website.
Stay in the Know