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

DUBPL8 · Mar 31, 2017

As far as the overpayment issue goes, the loan pay off on mine is from December. So should I go contact Claims and provide them with the updated payoff info to prevent the overpayment mishap?

titleist1 · Mar 31, 2017

Thankfully we fall into the non-drama category with the buyback on 3/9, EFT done on 3/14 and loan payoff to a credit union on 3/17. I was surprised the loan payoff happened as quick as it did.

Glad we got the buyback done because the loan would have been paid off the next month and then the re-title / re-schedule process would have been necessary. Didn't think that was going to be an issue when submitting the papers last Nov.

notAJeep · Mar 31, 2017

DUBPL8 said:
As far as the overpayment issue goes, the loan pay off on mine is from December. So should I go contact Claims and provide them with the updated payoff info to prevent the overpayment mishap?

You can try, but it does not seem to matter to VW. I brought in a copy from that morning of what I owe on the car, and was told that they will split the payment based on the last time they got the payoff from the lender. Which looks to be when the whole process was just started

gulfcoastguy · Mar 31, 2017

Buy back on March 20, get on March 22, loan paid off March 27. The loan company said it might take 30 days before I receive the overage check.

tomg113 · Apr 3, 2017

tomg113 said:
Buyback on Feb. 3rd
VW Credit loan paid off March 15th
Now we wait for the VW Credit refund for 2 payments. I think I remember being told it could be about 30 days till I receive the check.

Well, I received my overage payment from VW Credit today in the mail.
I'm done.

3fordasho · Apr 4, 2017

Buyback March 30th 4pm.
Chase email received April 1st, 10pm
Funds in my bank account Monday Morning, April 3.
VW credit received payoff payment March 31.
Still due ~$600 overage paid to VW credit.

maybe368 · Apr 5, 2017

Turned in car on Saturday, April 1st, took about 15 minutes. They didn't even move the car. I took off the aftermarket parts that I had installed and had her pretty clean for the buyback. I left with a check and my third party loan was paid off today, well within the 3 business day that they said. The extra three payments that I had made were put into the savings account at the same CU. VW seems to have all the wheels greased, good job. For those that care, my attorney did not charge me a dime, so, adios amigos, it's been real...Mark

dbias · Apr 6, 2017

buyback was 3/18. eft to my checking was 3/21. my credit union as of this morning was still not paid off. Called to see what was going on and they said it had been mailed and was accepted on 3/22. BUT they sent it to a bank in Columbus Oh that is obviously not my credit union in Huntington. SMH
Person on phone said she was escalating it and cancelling the check they had sent to the wrong place and call me later.

pknopp · Apr 10, 2017

Will be eight weeks Wed. Just got off phone with no answers. I went back a few pages but didn't someone post a phone number and name they called to get this over with?

Last lady said, she showed last entry as 3/2 and said it would take a couple weeks. I told her that was five weeks ago. She put me on hold. I hung up after 15 minutes.

bennybmn · Apr 10, 2017

Buyback paperwork closed at 7PM Thursday, Chase email waiting for me when I woke up Saturday, money in my (also chase) account when I checked at 10am today (Monday). Did I set a record?

DanB36 · Apr 10, 2017

No, no record--that's about the norm for EFT buybacks. Loan payoffs have been taking longer, though it seems they may be speeding up on average.

3fordasho · Apr 24, 2017

3fordasho said:
Buyback March 30th 4pm.
Chase email received April 1st, 10pm
Funds in my bank account Monday Morning, April 3.
VW credit received payoff payment March 31.
Still due ~$600 overage paid to VW credit.

overage from VW credit received today-April 24. Transaction complete.

lifeminimalized · Apr 26, 2017

Where does VW find these people? Called VWGOA to ask what my payoff was they had on file and if it was possible to have them check with VW Credit and update it since it had been so long since I originally completed my paperwork.

Representative told me he could not update the loan payoff because it is calculated by mileage.

I was so mortified with what he told me I began recording the phone call and had him repeat it.

pknopp · May 1, 2017

3fordasho said:
overage from VW credit received today-April 24. Transaction complete.

Turned mine in 2/15. Still not received mine and it was also through VW credit.

gulfcoastguy · May 1, 2017

gulfcoastguy said:
Buy back on March 20, get on March 22, loan paid off March 27. The loan company said it might take 30 days before I receive the overage check.

Received and deposited the overage check today. That leaves only the Bosch settlement check.

pknopp · May 18, 2017

13 weeks. Finally got the rest of my money.

Joe Mumma · Jun 12, 2017

No check, no documentation

I just hung up with VW asking for my overage due to my CU account and they offered me nothing but escalation of the issue to a 'supervisor' and refused to communicate to me in writing on the issue. I turned the car in on 4/10/17 and it is currently 6/12/17. Considering their process added interest to my transaction it seems far I should be paid interest while they hold my funds. It is clear that if they simply do not respond or act I have no option but to file for relief and damages in court. There is no process offered by VW except to sit back and wait. The computer of the rep showed my claim as closed as does their online portal.

opsx · Jun 13, 2017

silly question: what if when you fill out the vwgoa claim for a car with a loan you dont put in the actual amount you owe - rather put in a little less? this way you dont have to worry about getting overage checks and instead can control the payoff yourself at the end once your loan gets almost paid-off? would that not work? sorry if this has been covered elsewhere in this thread.

DubFamily · Jun 14, 2017

It doesn't matter what you put; that's just an estimate. VW contacts your bank and gets a 10 day payoff before processing your payment.

The problem is their 10 day payoff is generally 1-2 months too early since they are taking too long on the paperwork.

VeeDubLver · Nov 3, 2017

Anyone else having issues where the VW Credit loan still shows as open on their credit report?

Serrakuzz · Jun 9, 2023

While I don't have specific details about VW's process at that time, typically, after a buyback, the car loan payoff occurs within a few business days. The company should handle the payment directly with your lender, ensuring everything is settled smoothly.

ZippyNH · Jun 9, 2023

Serrakuzz said:
While I don't have specific details about VW's process at that time, typically, after a buyback, the car loan payoff occurs within a few business days. The company should handle the payment directly with your lender, ensuring everything is settled smoothly.

Think this thread was dead for YEARS cause the buyback was DONE YEARS ago.....

KevinGary · Jun 10, 2023

ZippyNH said:
Think this thread was dead for YEARS cause the buyback was DONE YEARS ago.....

Mine got bought back in 2022, but mine was probably pretty close to being a one off situation.

TDI Fans – I got $76,098.73 for my 2015 A6 TDI with 146,179 miles

Big props to Audi of America. In what may be the last of Audi’s “diesel buybacks,” I just sold my beloved 2015 A6 TDI with 146,179 miles back to Audi. I received a total of $76,098.73 from Audi/Bosch. I only paid $75,519.72, including sales tax, when I purchased the TDI back in 2014. So I...

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bizzle · Nov 10, 2023

Are these AI bots coming into a 7 year old thread, registering the day of their singular post that advertises a mortgage broker that's completely unrelated to the topic?

Mods, seems like it's time to close this thread...

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

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