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Getting the payoff quote is simple. You can contact your lender via telephone, visit them in person, or go online and request a payoff amount. If you call your lender, you have to wait for the written response to come in the mail.What is the definition of payoff?
Definition of payoff. (Entry 1 of 3) 1a : profit, reward. b : retribution. 2 : the act or occasion of receiving money or material gain especially as compensation or as a bribe. 3 : the climax of an incident or enterprise specifically : the denouement of a narrative.What is a payoff quote?
A payoff quote is the total amount owed to pay off the loan including any and all interest and/or finance charges. Payoff quotes are quoted to cover a 30-day period of calculated interest and/or finance charges. After that 30-day period a new quote is necessary for the correct amount required to pay off the loan.