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Pay-off & Inquiry Systems:
How do Pay-offs work now for the Lender?


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How does it work now for the Lender?

  1. Dealer / Insurance Carrier calls.
  2. Lender uses the 17-digit VIN or account number to look-up the loan record.
  3. Lookup identifies the balance due
    • If Dealer, the amount due is given to caller
    • If Total Loss (TTL), Carrier offers an amount that may/may not pay-off loan, then wants to negotiate. When agreement reached, Lender produces a Guarantee Letter - transmits via fax, email, snail-mail.
  4. Lender receive funds, usually via check
  5. Lender sends title
    • Produces pick slip and retrieves paper title
    • Or, uses ELT system to send instructions to DMV so title will be sent to the appropriate third party
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PoIS Demo


Lender Holds Lien and Title

How do Pay-offs work now for the Lender diagram