Buyback- Now I have to contact my lender

[JAYFARMLAW]

2013 Passat, TDI. I emailed my documents in on November 11. I was approved for the settlement on December 3rd. I have been waiting for my offer even though I'm well passed my 30 days after approval for eligibility to receive the offer. Last week I received an email stating that they needed authorization to contact my lender as the payoff information must come directly from the lender.

If you would like to help make this process go faster, there are steps that you can take to help Volkswagen obtain your loan payoff amount. Please contact your lender and provide both verbal and written authorization for the release of payoff information to Volkswagen Group of America, Inc.

I called the claim number to ask if I still needed to do this since the same authorization form was sent in with the original packet in November. After multiple holds, 15 minutes into the call, I was told that last week there was a change and that VW was not going to contact lenders, it was up to me to contact my lender and have them fax the payoff in to the fax number provided.

If you have been waiting for an offer, and have a non-VW lender, you may want to have the lender fax in your pay off information.

Good Luck,
Jay

 

[HBRD_KLR]

That's odd. My paperwork got approved and I was able to schedule turn in with the dealer first week of march. My financing is thru Chase. I filled out all the bank information for the VW to pay off remainder of the loan and they approved it. I was hoping for a quicker appointment, but hey it is what it is.

 

[TomB]

I provided my Bank information. Even my small CU information was available to them.

Did you fill in that information on the forms and SIGN the part that stated you gave them permission to access your loan?

 

[JAYFARMLAW]

Signed, scanned, and delivered. Used the same PDF that was sent in in November and my lender attached it with the payoff so all the vin/claim number/etc. would be with the payoff when they faxed it in.

Still waiting.

Jay

 

[Dynodon]

I have pretty much the same story as the OP. I turned in the car (14 TDI SEL) on Jan 21. A few days later we got our payment to our bank...so everything is ok...right? Nope. When I put in the first information several months ago, the payoff through VW credit was one amount. AS of the last two times I sent info to VW, we sent them updated payoff info as we continued to make monthly payments. The final payoff info was never updated, and the bank payoff amount reflected a much higher payoff than when we finally settled and turned the car in. Three payments over what the final amount was.

I am being assured by VW that the bank will return the overpayment to us, and I have hopes that is true, but will we get back the overpayment of just the principle? Will we lose the financing amount? Not sure.

I have some advice for anyone that is just about to START this process. If you have a loan, and have the means to pay it off, do so BEFORE you start the process. Even if you have to get a local short term loan, assuming the interest payments would be equal or better.

This way, when you turn in your car, you will get the entire amount, and not have to wait several weeks before VW pays off your loan, and all the while you have to keep making payments.

Overall this whole process has been pretty smooth, but it seems they could have updated the payoff info sometime in the last three months so the lender wasn't overpaid.

 

[JAYFARMLAW]

Received my offer today. $19, 516. If I remember correctly, I estimated 105,000 miles at a December turn in dat. It has 108,000 now. Worried about a mileage hit. We will see.

Jay

 

[JAYFARMLAW]

Well that was fast (finally something happened fast), singed offer is accepted and have a March 15 turn in date. Looks like a Subaru Outback may be in my immediate future.

I will update this post when I get the final payment.

Jay

 

[JAYFARMLAW]

Its done. Turned it in last Wednesday. No issues on the turn in and the amounts paid were what was quoted. Since it had over 100k on it (110k) they are going to crush it. Almost 5 years of meticulous maintenance and taking care of it and they are going to crush it. Felt like a gut punch, but they paid me enough I cant complain. Should have the EFT transfer this week, they will take another 30-45 days to pay off my lender.

Great motor, mediocre car. We bought a 17 Maxima Platinum.

So long guys, thanks for the help over the years.

Jay

 

[VeeDubTDI]

Can you elaborate more on the "crush it" claim? Is that something that your buyback specialist told you? If so, this is the first time I've heard a definitive over/under mileage threshold for crushing vs. fixing.