How long after buyback closing is a bank loan paid off?

chief poncho · Mar 20, 2017

Business day 14 and counting. I hope I don't end up like some of you folks. Interestingly, according to the rep I spoke with via the chat line, I've now been "escalated" since there was no tracking number for the check being sent to my bank yet. She said, give it another 5-7 days.

daesania · Mar 20, 2017

chief poncho said:
Business day 14 and counting. I hope I don't end up like some of you folks. Interestingly, according to the rep I spoke with via the chat line, I've now been "escalated" since there was no tracking number for the check being sent to my bank yet. She said, give it another 5-7 days.

Hate to tell you but that's the standard reply.

daesania · Mar 20, 2017

So much for being optimistic. Check never got picked up from VW today. As of 10:37 est, the tracking is still at shipping label created. I highly doubt fedex picks up in Michigan this late.

NeverAgainVW · Mar 21, 2017

daesania said:
So much for being optimistic. Check never got picked up from VW today. As of 10:37 est, the tracking is still at shipping label created. I highly doubt fedex picks up in Michigan this late.

Did they give you a tracking number for your check?

daesania · Mar 21, 2017

NeverAgainVW said:
Did they give you a tracking number for your check?

Well, yes, that's how i see the tracking was never updated/picked up last night.

daesania · Mar 21, 2017

Small update: Called VW claims to gripe that check never left yesterday and was given a new tracking number.

The amount of money these people waste on overnight fedex packages is astonishing. But, my hypothetical check is out for delivery to my bank, if its actually in that package of course. One can never know with VW.

NeverAgainVW · Mar 21, 2017

daesania said:
Well, yes, that's how i see the tracking was never updated/picked up last night.

Sorry. I was asking because one was never sent to me. Maybe I'll call....again.

NeverAgainVW · Mar 21, 2017

NeverAgainVW said:
Sorry. I was asking because one was never sent to me. Maybe I'll call....again.

Check delivered to my lender this morning!!!

Now watch it bounce...

daesania · Mar 21, 2017

I only had the first tracking number because the supervisor that has been helping me the last week specifically called me yesterday because she was checking my account daily for it, so when she saw it, she called to give me it. Unfortunately it never got picked up, so when I called this morning, they gave me a different/new tracking number which has shown now as delivered to my lender. I'll follow up with them tomorrow about it.

chief poncho · Mar 21, 2017

Good luck. I hope it actually was sent. As far as the standard answer, yeah, I know, I had the same answer last week. I just hope I don't end up in the 45 day column like yours. The rep did ask how much interest I have accrued due to the delay, so I sent them an estimate.

AmandaSch · Mar 21, 2017

I thought I had read in that second report of independent claims, that they were starting to do eft's to pay off the loan balances to banks/credit unions.

PacCoastFwy923 · Mar 21, 2017

That was in there, for some larger banks.

grawk · Mar 22, 2017

non-vw loan. Buyback was friday. Shows paid off this morning. So 3 business days? I'm impressed. Took about a month for my first one. So I'm officially done.

NeverAgainVW · Mar 22, 2017

Loan is paid!

I'm out!!!

daesania · Mar 22, 2017

47 days later, my loan is paid. small email battle to get them to deal with my interest due, but small potatoes compared to the 10.2k that is now safely in my loan account

AmandaSch · Mar 22, 2017

My loan showed paid today, but short roughly $100 for interest.

UNsweet · Mar 22, 2017

Buy back on the 9th, loan posted as paid last friday. Now waiting for the bank to send the overpayments.

Mitral · Mar 23, 2017

09:30 March 18 - Buyback appointment
22:12 March 20 - email from Chase Payments setting up transfer
06:47 March 21 - email confirming Direct Deposit
06:00 March 22 - woke up to funds deposited into back

Despite numerous requests to get an updated payoff amount, the TDI buyback overpaid my loan by $1,747.06. There is a VW policy of a 17 day hold, plus another week to cut the check, plus postal time. If it's going to take a month to get over payment funds! every attempt to get an updated payoff amount should be demanded!!!

chief poncho · Mar 24, 2017

Buyback on 3/1
FedEx delivered check to Credit Union on 3/24

Now I just need to wait for my Credit Union to process the check. I guess getting "escalated" helped...mostly.

chief poncho · Mar 27, 2017

3/24 loan paid off and overage automatically deposited to my savings account. It is done.

notAJeep · Mar 27, 2017

Dropped it off 10am on Friday 3/24
No email from Chase as of 1pm on Monday 3/27.
**Update 3/28**
Email came in 3/27 around 10:15pm central time
Submitted checking info once i found the checkbook, ~15 minutes (it was in the wife's purse)
Checked the Wells Fargo bank account today and found 10k more than there was yesterday!
**Update #2**
4/7 Loan with Wells Fargo Dlr Svcs is paid off!

I am still dreading Wells Fargo Dlr Svcs screwing this whole payoff thing

chief poncho · Mar 27, 2017

You should see your chase email around 7 or 8 tonight.

DanB36 · Mar 27, 2017

I think the most recent reports of Chase emails have been about 11 PM EDT.

chief poncho · Mar 27, 2017

Once again you are correct Dan. Looks to be around 11:00 EDT. I forget about the rest of the country using Daylight savings time and didn't adjust for MN time. ;-)

Mafia-20 · Mar 27, 2017

Turn in date : 03/15/17
Loan payed off : 03/27/17
Loan was with a credit union.

notAJeep · Mar 27, 2017

chief poncho said:
You should see your chase email around 7 or 8 tonight.

Yep 10:15 Central time

NoFuiYo · Mar 28, 2017

Car turned in on 3/21
Money deposited on my bank account on 3/23
Loan paid off 3/28 (today)... loan was with local credit union... actually a guy from the credit union called me this morning to tell me that the had received the money from VW and the cancelled the loan and the excess money from the payoff he told me he put it in my savings... That was fast!!

Now off to fully enjoy my '17 Golf Wolfsburg

JettaJedi · Mar 29, 2017

JettaJedi said:
Tuesday it will be 45 days since buyback and no payoff.

53 days since buyback and no loan payoff!

I guess we may hold the record now...

pknopp · Mar 30, 2017

45 days here. The stupid thing is the loan is through VW. Phone calls start.

Tenebrae · Mar 31, 2017

Wow! I got a reminder of my payment due from Capital One a few days ago and was all ready to make what I hoped was my last payment for a car I no longer have. Imagine my surprise when I logged in today to make the payment and found my account was closed and loan paid off!

My timeline:
10/27/2016 - Docs submitted
11/08/2016 - "Determining Eligibility"
01/25/2017 - Offer received
01/26/2017 - Offer notarized and uploaded, approved, and appt scheduled.
03/10/2017 - Buyback appt, car turned in.
03/15/2017 - Restitution in da bank!
03/21/2017 - Loan paid off with effective date of 03/15/2017.

DONE!!! Now I just have to yell at my insurance co for still charging me this past month when they said they wouldn't since I don't have a car...
And wait for the $1600 or so overpayment from Capital One. Should be here by April 21st.
Oh. And buy a new car.

-T.

How long after buyback closing is a bank loan paid off?

Veteran Member

Veteran Member

Veteran Member

Member

Veteran Member

Veteran Member

Member

Member

Veteran Member

Veteran Member

Veteran Member

Veteran Member

Veteran Member

Member

Veteran Member

Veteran Member

Veteran Member

Active member

Veteran Member

Veteran Member

New member

Veteran Member

Veteran Member

Veteran Member

Member

New member

Well-known member

Veteran Member

Veteran Member

Veteran Member