I work in auto sales and when we call on a payoff they typically give us an amount, when that amount is good thru, and a daily finance charge. The reason the amount changes isdue to a couple things; they have to add in the interest accrued during the period and secondly it may be that you are required to make a payment thus changing your payoff amount. I have never in my experience had a lender agree to a lesser payoff amount since banks don't want you to payoff your loans early if you are in a simple interest loan. While you have a simple interest loan you pay interest on the amount only while you have the loan open. So if you pay off your 5 year loan in 3 years, you only pay the 3 years of interest instead of having to pay the full five years of interest even though you paid it off in 3. By paying the bank off early you are limiting the time that they can charge you interest and make money off you by writing you the loan. So I'm a little bit confused as to why they would lower the payoff amount but I guess stranger things have happened.
Cheers,
Chris

 

I paid both my bikes off really early -

in 2001 - I sold two bikes and some stocks off NASDAQ to pay CASH my $9,789 Ninja

I busted my **** for 3 years working full time at nights as a toolmaker (50-55hrs/week)
and part time at FedEx (20-25hrs/week) to be able to payCASH in 2004 for my '05 Phatail

 

You fooled yourself,mooch