How long after buyback closing is a bank loan paid off?
- Thread starter jtdid
- Start date
THANK YOU for letting us know! By my count, that equals 13 business days (not including Dec 26 which is a bank holiday)! That is a relief. That puts me at about Jan 6 if my situation follows yours... will be crossing fingers...
Any word on how that funds arrived? I'm guessing via snail mail...
RedBug
Veteran Member
Payoff delay here too
Car returned on the 15th EFT DONE by 21st VW Credit still not paid off...
Car returned on the 15th EFT DONE by 21st VW Credit still not paid off...
kc1174
Well-known member
What's weird about this is I leased - returned on the 21st and since Friday 23rd, the Audi Financial Services site just tells me "We are unable to display your vehicle account at this time." So it's all sorted and closed. If VW Credit/AFS get lessees sorted out in 2 days, they should be able to sort out payoffs in a similar timeframe. Keep calling them and ask what happens if it's not paid off by your usual due date. Oh and make sure all automatic payments are turned off/cancelled. Apparently you have to do this 5 days before the due date or it'll draft whatever the monthly payment is (at least that's what it is with AFS which is basically VW Credit in disguise).
GearHd6
Well-known member
But a lease is just terminated, no funds have to change hands with VW and VW Credit.
kc1174
Well-known member
They do pay off the lease balance. Admittedly it's VW to VW, but then so is a loan with VW Credit/Audi Financial.
I just had an ordeal with VW Credit, VWoA, and the Claims Reps. I spent over 2 hours on the phone today with all 3 of these. I was very polite, but also firm in that I was not getting off the phone until I had some answers.
With VW Credit I was elevated to a manager (which has already been done with me), and I explained to them all of the issues (accrued interest, maintaining insurance, being financially and legally responsible for a vehicle I don't possess, etc.). They sympathized, but I again remained firm that I wanted answers. I specifically asked that he contact VWoA to ask why they haven't provided them with the payoff yet. He said he would, and I was put on hold for around 15 minutes. He told me that the VWoA rep told him, and I don't think it was in a nice way, to never call VWoA again because they have no idea why the payment isn't processed, where in the process it is, etc.
I was pretty floored by this honestly.
I then moved onto him contacting the VW Claims and he did and put me on hold for another 15 minutes. He actually got some answers from them. He said that VW is in the "first wave" of payoffs, and that they have no idea if I'm in the first wave. He said if I am, my payoff was sent on the 21st, and that it takes up to 7 days (not business days), not including holidays. So that means that by tomorrow, my payment should be processed.
Here's another interesting piece of info. The manager also said that he has a few accounts that show the payoff was processed, but there's no dollar amount attached to it. So I asked, how will that affect payoffs with overages like mine. He said that he doesn't know, and that it will take some time to work that out. So everyone that's been making payments since they turned in their car will be waiting a while it appears.
I was told that there's a serious breakdown between VWoA and the other divisions, including the temporary claims section. There's also some deep frustrations from VW Credit with VWoA, and VW Credit has put together a special claims section as well, within VW Credit because of the calls.
With VW Credit I was elevated to a manager (which has already been done with me), and I explained to them all of the issues (accrued interest, maintaining insurance, being financially and legally responsible for a vehicle I don't possess, etc.). They sympathized, but I again remained firm that I wanted answers. I specifically asked that he contact VWoA to ask why they haven't provided them with the payoff yet. He said he would, and I was put on hold for around 15 minutes. He told me that the VWoA rep told him, and I don't think it was in a nice way, to never call VWoA again because they have no idea why the payment isn't processed, where in the process it is, etc.
I was pretty floored by this honestly.
I then moved onto him contacting the VW Claims and he did and put me on hold for another 15 minutes. He actually got some answers from them. He said that VW is in the "first wave" of payoffs, and that they have no idea if I'm in the first wave. He said if I am, my payoff was sent on the 21st, and that it takes up to 7 days (not business days), not including holidays. So that means that by tomorrow, my payment should be processed.
Here's another interesting piece of info. The manager also said that he has a few accounts that show the payoff was processed, but there's no dollar amount attached to it. So I asked, how will that affect payoffs with overages like mine. He said that he doesn't know, and that it will take some time to work that out. So everyone that's been making payments since they turned in their car will be waiting a while it appears.
I was told that there's a serious breakdown between VWoA and the other divisions, including the temporary claims section. There's also some deep frustrations from VW Credit with VWoA, and VW Credit has put together a special claims section as well, within VW Credit because of the calls.
AmandaSch
Veteran Member
Has anyone done the email to info@vwclasscounsel.com (I think that's the correct email) and gotten any response back about this issue?
aja8888
Top Post Dawg
It seems to me VW did not put in any controls in the system to handle internal screw ups or unintended consequences. What else would you expect from an arrogant management that thinks everything they do is perfect?
dmarsingill
Veteran Member
- Joined
- Mar 26, 2011
- Location
- Dacula, GA
- TDI
- 2011 Sportwagen Turned in , 2000 Z3 Coupe, 2003 Ford Expedition
Do you think VW is actually conducting this buyback? Sure it has their name attached to it, but they farmed all this out to a 3rd party.
Donald
Early on I got a response from the email. Now after two weeks I get no response. Came back to the site to see if anyone who turned in a vehicle had seen their loan paid off and I guess the basic answer is keep making car payments. I did speak with VW Credit the other day and they put a note in my file but basically said it is out of their hands. I did ask about overpayment and they said any money overpaid would be sent by check to me 15 days after the loan closes.
Guess I need to keep paying for something I don't own.
?uck VW, spent your money on a Honda and Toyota..
Of course it's a bunch of subcontractors, but that doesn't mean it's still not VW's fault. When I hire someone to work for me, and they screw up with one of my clients, I am the one that gets blamed. So I always make sure to put provisions in place to make sure my subcontractors perform a certain way. So clearly, VW has done a poor job either setting things up with their subcontractors, providing resources, etc., etc., so OF COURSE this is VW's fault. THEY are responsible for this cluster****.
dmarsingill
Veteran Member
- Joined
- Mar 26, 2011
- Location
- Dacula, GA
- TDI
- 2011 Sportwagen Turned in , 2000 Z3 Coupe, 2003 Ford Expedition
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!!
I don't blame anyone. I'm just that kind of person. If it happens...it happens....I move on.Donald
aja8888
Top Post Dawg
Hiring a contractor does not absolve them of any responsibility for the process and end result. As a matter of fact, they should be more active in ensuring THEIR contractor implements THIER obligations under the Consent Order.
atomicfront
Veteran Member
VW credit seems to be the only part of VW of America that seems run well. When they got rid of the CEO of VWoA and brought the new guy in things have seemed to become a joke. This whole thing seems so badly run it would be funny if it weren't happening to us.
atomicfront
Veteran Member
I think the opposite is true. VW is to blame and the contractors can't do their job because of VW. The people answering the phones can't get access to VW's system. They can't change mistakes.
It's true, and they have been nothing but awesome so far. They've gone out of their way to help a customer get answers by contacting VWoA and the Claims Department directly. I have nothing but respect for VW Credit, and it's unfortunate that they will suffer for the rest of VW's incompetency.
RedBug
Veteran Member
I am more concerned that a lot of people are going to have their credit history damaged as they are going to assume that the loan was paid off the same time they received their payment.
I for one will pay at least 2 additional payments, then wait a month beyond that to get reimbursed.
I can afford it, but I know there are many that can not.
I for one will pay at least 2 additional payments, then wait a month beyond that to get reimbursed.
I can afford it, but I know there are many that can not.
passatmeister
Member
Let's see if another class action is possible. There must be some lawyers biting on VW not paying off the loans in the time frame set in the settlement agreement. Adding additional interest and insurance payments cost the customer that choose buyback millions in dollars
sbh1973
Well-known member
I'm now at +5 business days since receiving my payment. I already paid one additional payment (Novemeber) to VW Credit and my December payment is due in three days. I'm just going to make the payment. But I can just imagine how difficult and time consuming it's going to be before I am reimbursed for the $960.00 that VW Credit will owe me. I'm sure it will be another long battle, lots of phone calls, providing evidence, etc. I hope I'm wrong, but it would be par for the course.
Mr. Furious
Veteran Member
What concerns me about the delay is that there's no reason for them to not send the payment immediately (outside of their already-demonstrated incompetence) other than getting a new payoff amount. And they shouldn't be doing that since they're cutting a check for a specific amount at buyback time.
Now, it's conceivable, if illogical, that they might provide the exact payoff to the bank and then send the difference to the customer, but I can't imagine them inserting another work-intensive step for themselves unless they're seeking another avenue to screw with people. The smart play is to just give too much to the bank and let them sort it out.
Now, it's conceivable, if illogical, that they might provide the exact payoff to the bank and then send the difference to the customer, but I can't imagine them inserting another work-intensive step for themselves unless they're seeking another avenue to screw with people. The smart play is to just give too much to the bank and let them sort it out.
Agreed on all counts.
Mr. Furious
Veteran Member
Well, I'll be OK if it doesn't take more than a month. My buyback is 2/2 and my next payment will be due 3/1, but I have the 10-day grace period to play with. I'll be royally pissed if I have to make my March payment, but hopefully I won't have my first payment for my new vehicle until April.
My credit will take a temporary hit with two loans, but that should disappear as soon as the loan is paid off.
It took a month and a half for them to do something they had ten business days to do according to the settlement. By that scale it should take three weeks for them to do it. Now, logically it should take less because all it involves is sending a check for an already determined amount to a bank whose information they already have, but this is VW we're talking about so it will be delayed as long as they feel they can get away with it.
My hope is that the judge would take a dimmer view of these particular delays, but he seems to think everything is hunky dory and the biggest problem is poor, innocent VW having to defend itself against rapacious customers who are stripping parts.
My credit will take a temporary hit with two loans, but that should disappear as soon as the loan is paid off.
It took a month and a half for them to do something they had ten business days to do according to the settlement. By that scale it should take three weeks for them to do it. Now, logically it should take less because all it involves is sending a check for an already determined amount to a bank whose information they already have, but this is VW we're talking about so it will be delayed as long as they feel they can get away with it.
My hope is that the judge would take a dimmer view of these particular delays, but he seems to think everything is hunky dory and the biggest problem is poor, innocent VW having to defend itself against rapacious customers who are stripping parts.
Last edited:
sdlucky7
Well-known member
Putting in my quick experience....
Just got off the phone with VWCredit... They are advising everyone to make their payments until the payoff is received. Will not affect your credit score unless over 30 days late. Refund of payment overage will automatically occur after payoff is received.
I'm at 10 days post buyback (not business days)... No payoff posted yet and I made a payment to keep my account current.
Just got off the phone with VWCredit... They are advising everyone to make their payments until the payoff is received. Will not affect your credit score unless over 30 days late. Refund of payment overage will automatically occur after payoff is received.
I'm at 10 days post buyback (not business days)... No payoff posted yet and I made a payment to keep my account current.
The only thing that is upsetting, especially because I just had to pay on a car that I no longer physically have, is from now on, any interest received by the bank is just money thrown away.
I'll get the overage back, minus interest.
I'll get the overage back, minus interest.
watch VW know people are making payments on their turned in vehicles. call the bank to get a new payoff then send that amount and keep the rest. thus you would be making payments on a car you no longer own and they know that. this would allow them to keep a few extra bucks.
sneaky but they seem to know how to cheat...
sneaky but they seem to know how to cheat...
Mr. Furious
Veteran Member
The cheat device was easy to hide and not particularly easy to find - it took years for EPA and CARB to figure it out. If people are getting hundreds of dollars less in the settlement than they're supposed to it's going to be obvious as soon as the first payoff is fully processed..
My guess is that VW knows they can drag the buyback process out as long as they want without any penalty, but pocketing hundreds of dollars (each) from car payments people had to make because their process is slow won't fly, even with Judge Breyer.