We pay off your previous loan for you, so you don’t have to do a thing. We work with your previous lender directly to pay off your account as soon as your Truth in Lending disclosure (TIL) is signed and your loan documents are finalized. The payoff of your previous loan takes 1–2 weeks on average, so make sure you continue to make monthly payments to your previous lender until the loan payoff is confirmed. Don’t worry, you’ll receive a refund if you overpay.
If you had GAP insurance on your previous loan, your policy may end when you refinance. You’ll want to review your previous loan contract and state rules to see what your options are to transfer, cancel, or get a refund for your coverage. You can also contact your GAP provider directly to see if they’ll transfer your policy or allow you to purchase new GAP insurance for your LendingClub Bank auto loan.