Paying off your loan by certified funds (such as a money order, cashier's check, or wire transfer) will expedite the process and begin your title release within 3 days.Įlectronic title held by your state : We will electronically cancel our lien with your state. Then it'll take an additional 7 – 10 days for mail delivery time. Paper title held by Bank of the West: We'll start the title release process in approximately 7 – 10 calendar days after the payoff posts to your account to allow enough processing time for your payment to clear through your financial institution, or as otherwise required by state law. In states where the customer holds the title, a lien release will be sent to an individual or business that is authorized to receive it. Some states may charge a fee to print your title. The title will be sent by mail or released electronically, depending on the state in which your vehicle is titled. When receiving payments, accrued interest is satisfied first, then any leftover funds apply to the principle balance.
If you pay your loan early, the amount of interest will be less, and if you pay your loan late, the amount of interest will be more. The total interest paid over the term of your loan may be different from what is shown on your loan agreement. The outstanding loan balance will continue to accrue interest until the loan is paid off. If you defer a monthly payment, this will extend the term of your loan, and the interest will continue to accrue until the next payment is made. Let’s use the same daily interest charge, but now say it has been 40 days since your last payment was made, the interest due will be $100.00 ($2.50 x 40 days). Example: If the daily interest charge is $2.50, and it has been 30 days since your last payment was made, the interest due will be $75.00 ($2.50 x 30 days). With a simple interest loan, there is a daily interest charge and you will pay interest on the number of days between your payments.
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