Mr. Furious
Veteran Member
And some people are still sitting on green checkmarks for almost two months. That doesn't make it suck any less.
How long after buyback closing is a bank loan paid off?
- Thread starter jtdid
- Start date
That means you still have your asset. I do not.
Mr. Furious
Veteran Member
Alright, that's fair.
I read about your situation in the other thread -- best of luck with that! What a mess.
However, not to be difficult... but technically we have only been *partially* paid... VW still owes us the rest of the money, which they are supposed to promptly pay to the banks to pay off the loans. And to add to that, by delaying paying off the bank loans, VW hits with accruing interest for a vehicle we no longer own.
Obviously not nearly as bad as your situation, but still, we're not *done* with this fiasco yet.
visortgw
Veteran Member
- Joined
- Jan 5, 2012
- Location
- Upstate NY
- TDI
- None: 2012 JSW with Sunroof (traded pre-scandal); 2014 JSW with Sunroof/Nav (early lease termination 12/17/2016)
You should ask them to read the settlement document, page 35 (Document 2104):
"XIII. Claims Processing.
E. For Eligible Owners with an outstanding Loan Obligation, payment shall be sent to that Eligible Owner’s lender within 5 business days of completion of the Eligible Owner’s Buyback."
E. For Eligible Owners with an outstanding Loan Obligation, payment shall be sent to that Eligible Owner’s lender within 5 business days of completion of the Eligible Owner’s Buyback."
This is pretty black and white to me -- even more so than the definition of "Operable".
DanB36
Veteran Member
I turned in my car the evening of Dec. 15; the loan was paid today.
PacCoastFwy923
Veteran Member
- Joined
- Feb 21, 2008
- Location
- Oakland
- TDI
- 2015 Passat SE TDI 6-speed manual; 2006 mkV Jetta TDI / 5-speed / Pkg 2
Yay! You're #2?
Squanto Bodeen
Member
DanB36, was your loan with VW Finance? I turned mine in on 12/19 and as of just now, my loan is still outstanding! I am forced to make the 12/23 payment tomorrow to avoid late fees (10 day grace period). It will be interesting to see how long it takes VW credit to refund 2 months of payments made that were not reflected in the settlement letter!!!
DanB36
Veteran Member
No, my loan was with USAA. I also made a payment that wasn't reflected in their payoff quote (auto-payment the same day I turned in the car), so I expect they'll refund that pretty quickly. If you don't see your refund within a week or so after the loan is paid, I'd call VW Credit and ask.
I did, and obviously didn't get very far....just reporting what I was told.You should ask them to read the settlement document, page 35 (Document 2104):
"XIII. Claims Processing.
E. For Eligible Owners with an outstanding Loan Obligation, payment shall be sent to that Eligible Owner’s lender within 5 business days of completion of the Eligible Owner’s Buyback."
This is pretty black and white to me -- even more so than the definition of "Operable".
I'm 99% done with them, just waiting for my loan to be paid off like most visiting this thread and then will wait for my overpayment to get reimbursed. I enjoyed the Passat although done with VW (Even Audi unfortunately) based on the way were all being treated. They've failed again....
On another note, received another recall for the Passat today in the mail. Threw it out, can't be bothered as I turned in the car 9 days ago.
Mr. Furious
Veteran Member
It begins. Next it will be 20 days, then it's 20 days + the 20 days it takes to be reviewed by a third-party auditor...
grawk
Veteran Member
Windmill tilting seems to be the Dieselgate Subforum sport of choice.
The courts aren't going to penalize VW if the reason they don't meet the requirements of the deal are as a result of the huge volume.
The courts aren't going to penalize VW if the reason they don't meet the requirements of the deal are as a result of the huge volume.
Bank Link not 24 hours-24 "business" hours
We turned our 2015 VW Passat in yesterday at noon and was told JP Morgan would email us a link within 24 hrs to input banking info to transfer our payment. No link received today and JP Morgan said they won't get info from VW for another 2 days then after they get our banking info it could be another 3 days before the funds hit our account. This is not what the VW rep told us. So expect a week to get funds after you turn in your title, keys and sign away the car.
We turned our 2015 VW Passat in yesterday at noon and was told JP Morgan would email us a link within 24 hrs to input banking info to transfer our payment. No link received today and JP Morgan said they won't get info from VW for another 2 days then after they get our banking info it could be another 3 days before the funds hit our account. This is not what the VW rep told us. So expect a week to get funds after you turn in your title, keys and sign away the car.
Mr. Furious
Veteran Member
And VW knows "high volume" are the magic words they need to use to keep the court off their backs.
Sounds like they are doubling the time time ....
remember the offer letter time line of 10 days which they told us was now 20.
Like I told you guys, I'll be the guinea pig for this as I'm not making another payment. As far as I and the law are concerned, I haven't owned my VW for almost 2 weeks. I'm 99.999% sure someone at VW realizes that interest is accruing on those accounts and we are getting screwed out of that money. I don't care if it's only $25 at this point.
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We'll see once people's credit scores start getting affected.
Squanto Bodeen
Member
Thanks for the info! I'll definitely follow up with VW Credit about this if nothing happens after the loan is paid in full. I did speak with a charming woman at VW Credit about my situation and she recommended that I make the December payment to avoid late fees. She also said they would refund the overpayment amount (difference between what TDI Settlement Letter said I owed vs the actual payoff). I told her I was concerned that VW was making the payment and any monies left over were due to me and not to VW. She assured me I would receive the overpaid amount. We shall see!
DanB36
Veteran Member
Expect it about 8:30 this evening--that seems to be pretty consistently when they're sent out.
Awesome, then the payment should hit my USAA account within a few days! I'm theoretically right behind you, crossing fingers!
az7000'
Veteran Member
- Joined
- Jul 7, 2014
- Location
- Flagstaff, AZ
- TDI
- 2012 Jetta TDI (gone), 2014 Passat TDI (gone), 2014 Touareg TDI (Amazing!)
Yep, ours at 6:30 mountain time tonight.
bizzle
Veteran Member
Same time here (5:28 PST)
usarmy132
Veteran Member
Donald, when was your loan payed off by VW?Everything has went smoothly for me......and thousands of others. It might look bad on here because the only ones complaining are on this forum!!
Donald
az7000'
Veteran Member
- Joined
- Jul 7, 2014
- Location
- Flagstaff, AZ
- TDI
- 2012 Jetta TDI (gone), 2014 Passat TDI (gone), 2014 Touareg TDI (Amazing!)
Alright, 6:27. At least something is consistent....
aja8888
Top Post Dawg
Turn in date 12/17 (Saturday)
Loan at PenFed Credit Union.
Loan paid off today (12/29). Excess funds ($265 - last loan payment beyond VW request for payoff) - those were transferred into my PenFed savings account.
Deal is now COMPLETELY done.
Loan at PenFed Credit Union.
Loan paid off today (12/29). Excess funds ($265 - last loan payment beyond VW request for payoff) - those were transferred into my PenFed savings account.
Deal is now COMPLETELY done.
PacCoastFwy923
Veteran Member
- Joined
- Feb 21, 2008
- Location
- Oakland
- TDI
- 2015 Passat SE TDI 6-speed manual; 2006 mkV Jetta TDI / 5-speed / Pkg 2
So it's shaping up to be 12-13 calendar days, eh? Pretty sleazy considering my Christmas cards are getting coast to coast in about 3 days. I'll give the bank a day or two for sorting, but why is VW holding out on getting these processed on the day after buyback?
aja8888
Top Post Dawg
I'll bet VW's contractor has to mail the POA and a check to your lender (my credit union said that was what they were expecting them to do). The signed POA is in the buyback specialists hands after you sign it. The process of getting the check and document sent out from Auburn Hills probably requires a couple of days to gather up the POA and get the check with it and mail it off.