Sample Letter to Bank for Car Loan Settlement

[Bank’s Name]
[Bank’s Address]
[City, State, ZIP Code]

Subject: Request for Car Loan Settlement

Dear [Bank’s Name] Loan Officer,

I hope this letter finds you well. I am writing to formally request the settlement of my car loan account with [Bank’s Name]. Below, I have provided the details of my loan for your reference:

Loan Account Number: [Your Loan Account Number]
Loan Amount: [Original Loan Amount]
Date of Loan Disbursement: [Date of Disbursement]
Outstanding Balance: [Current Outstanding Balance]

Over the past [Duration of the Loan], I have strived to meet my financial obligations as outlined in the loan agreement. However, due to [Reason for Settlement Request, e.g., financial hardship, early payoff], I am now seeking to settle the loan in full.

I kindly request the following:

1. Settlement Amount: Please provide the exact amount required to settle the loan in full, including any applicable fees or charges.

2. Settlement Terms: Outline the terms and conditions associated with the settlement. I would appreciate a detailed explanation of any prepayment penalties or other charges that may apply.

3. Confirmation of Settlement: Once the settlement amount is paid, I request a formal confirmation from your end that the loan has been fully settled and that my obligation towards the loan is discharged.

Payment Method: I am prepared to make the settlement payment via [Preferred Payment Method, e.g., bank transfer, cashier’s check]. Please provide the necessary details to facilitate this payment.

Documentation Required: Please let me know if there are any specific documents or forms that I need to complete to finalize the settlement process.

I would appreciate your prompt attention to this request. Please contact me at [Your Phone Number] or [Your Email Address] should you require any further information or documentation from my side.

Thank you for your cooperation and assistance in this matter. I look forward to your response.

Yours sincerely,
[Your Name]