Loan Payoff FAQ

• Can I list my car if I have a loan?
  • Yes, you can list your car with a loan. Be sure to complete the ownership section when creating the listing to be transparent with potential buyers.
• Does PrivateAuto support loan payoffs?
  • Yes, we now offer a loan payoff service to enable peer to peer transactions when a loan is present.
• Are all banks supported for loan payoff?
  • Yes!
• What is included with our loan payoff service?
  • Estimated payoff amount
  • Real time payoff amount at the time of closing to ensure the exact payoff amount is sent and good for 10 days
  • Limited power of attorney to assist with signing over the title
  • PrivateAuto will send the payment to the lien holder on the sellers behalf along with a lien release letter instructing the lien holder to mail the title to PrivateAuto and not the seller at the time of payoff
  • Once PrivateAuto receives the title, we will use the power of attorney to sign the back of the title on behalf of the seller
  • The signed title and power of attorney will be mailed to the buyer
• What is not included in our loan payoff service?
  • Currently, we do not handle the transfer of ownership on the title or complete registration. However, the buyer will be given all necessary paperwork to complete the title application and registration at their local DMV. Full title and registration services are coming soon.
• Is my credit score affected when doing checking my loan estimate?
  • No, loan payoff checks are soft pulls and do not affect your credit.
• States that Require wet signature/ notary for loan payoffs
  • Alabama
  • Arkansas
  • California
  • Massachusetts
  • Minnesota
  • North Dakota
  • Wyoming
  • Georgia
  • Iowa
  • Louisiana
  • Nevada
  • New Hampshire
  • South Carolina
  • South Dakota
  • Vermont
• States that allow e-sign for loan payoffs
  • Alaska
  • Arizona
  • Colorado
  • Delaware
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Ketucky
  • Maine
  • Mississippi
  • Montana
  • Nebraska
  • New Jersey
  • New Mexico
  • North Carolina
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • Tennessee
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Texas
  • Florida
  • Maryland
  • Missouri
  • Oregon
  • Michigan
  • New York
  • Wisconsin