That is the correct process.. just make sure you get a copy of the receipt from the finance company that states all money owing on the car has been paid.
Regarding time to remove the car from REVS:
[quote name= Revs FAQ}
How long does it take to remove an encumbrance record from REVS once the car or boat has been paid out?
Once an encumbrance has been finalised' date=' the interest holder has 14 days in which to remove the registration from REVS.[/size']
What can I do if the interest holder takes longer than 14 days to remove the encumbrance from REVS?
You can lodge a complaint with REVS about the late cancellation of the encumbrance by downloading the form, "Complaint – Late Cancellation of Interest" from REVS website (http://www.revs.nsw.gov.au/about/appforms.htm).
Complete the form and return it to REVS, together with evidence that the debt has been paid.
REVS FAQ here:
http://www.revs.nsw....u/about/faq.htm