Payoffs FAQ

Have questions about our payoffs process? Check out our most frequently asked questions below for answers.


Where do I send my payoff?

We offer several options to accept early payoff payments:

  1. Via phone at 1-800-651-0567
  2. Via cheque to the address listed on the payoff quote
  3. Via wire transfer to the bank account listed on the payoff quote

Wire transfers are preferred when lien release needs to be expedited. For payments made by cheques, a five business day holding period is required to ensure the funds have cleared before liens are released.

How quickly can I get a payoff quote?

Payoff quotes for most contracts can be generated using Cat Financial’s online account management ( > Log in or Register). If you are unable to generate a quote automatically, you can submit the request online, and we will respond within one business day.

How is my payoff calculated?

The balance on the payoff quote consists of the ending balance (principal) and accrued interest from last payment date to good through date. Payoff total amount includes: balance, taxes, processing fee, late charges and miscellaneous charges (if applicable).



Depending on the terms of your contract, processing fees or prepayment premiums will apply when you pay off a contract early.

Can you reduce or waive my processing fee?

Payoff processing fees are standard on each contract with Cat Financial, and represent the costs of early termination of the contract and lien release.

Why are there prepayment premiums?

Prepayment premiums are an industry-standard practice. They represent the cost of receiving funds earlier than anticipated and early termination of the contract.


Contract Termination and Paid in Full Process

Once funds are received, they are applied to payoff of the contract. Paid in full documents typically are sent on the fifth business day after receipt of funds. If a wire transfer is sent, we can expedite paid in full documents upon request. Contact us at 1-800-651-0567, or send us an e-mail.

What can delay termination?

  • Cheques take five business days to clear
  • Sending an incorrect payoff amount
  • Late fees on the contract accruing after payoff was quoted
  • Not including application instructions on the cheque or wire
  • Unit is listed as Additional Security on a Cross Collateral or Security Agreement – in this case, paid in full documents will not automatically be sent.