Why give the payoff amount?
I'm in the process of selling my beloved Beneteau and the buyer needs some details for closing the deal and settling the financing. One of the items she asked for was the payoff amount for the loan. My bank indicated to me that a check or electronic funds transfer to the loan account would clear the loan and any money in excess the loan amount they would put in my checking account for example.
Since I put a large amount of money down on the boat years ago the loan is less than I am currently asking for the boat. Is there any reason I should or would need to tell the buyer what I owe on the vessel?
Would you pass this information? Does this seem like a standard banking request?