Loan paid off but lower than offer

OK, point taken, but they are shorting *some* loan payoff amounts they committed to making in the final offer letter.

So now instead of a + b = c, they're saying (a - d) + b = c (+d at some point in the future).

Why only VW Credit? Speculation here, but the buyback arm of VW recently got some sort of direct connection to VW Credit that allows them to see loan details in real time, so for some reason they chose to go this route. The real time connection was mentioned in the last report from the independent claims supervisor. The Why is unknown to us, maybe just for better cash control and/or to ease the burden of refund checks being issued by VW Credit.

has anyone gotten a "Top off payment" yet ?

From other posts here I've only heard VW acknowledge the make-up payment to the owner maybe two or three times, and you're one of them. They haven't been disclosing this new method during or after buyback, so the few reports of pending "top off payments" has been third-hand (such as from your post). I have yet to read anyone saying they're received the second check. Seems like every time the machine gets running smoothly, VW likes to pour a bag of sand in it!

Update to my previous post.

I did receive a direct check payment from VWOA today via FedEx for the overpayment amount from my making several more car payments since the payoff was obtained for the settlement.

So, my settlement is complete. The only remaining issue is they overpaid VW Credit by $1.04. I won't get that back.

i've got a FED package from JP Morgan Chase in Westerville OH - wondering if that's my "Top Off Payment"

*zepman said:

i've got a FED package from JP Morgan Chase in Westerville OH - wondering if that's my "Top Off Payment"

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Very likely this is your overpayment - mine was from Chase also (although a different office location)

I have had an account at the same location for over 30 years, It has been many different banks, but has been Chase for over 10 years. I am hoping that already having a Chase account is going to help me get a smooth payout. They are always surprised when they get a check from my account with Valley National Bank on it, that was about 3 banks ago. I don't write too many checks. My car goes back on the 1st of April and I sure hope for smooth sailing, but won't cry if it isn't...Mark

I just received my refund check today (wrote a post about it), exactly 30 days after the loan was marked paid in full by VW Credit.

Jimbo70 said:

I just received my refund check today (wrote a post about it), exactly 30 days after the loan was marked paid in full by VW Credit.

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Excellent!

I received the balance through check yesterday. Came via FedEx and had to sign for it.

The check came from "Exception Manual, JP Morgan Chase in Coppel TX"
The Payer is VGOA Auburn Hills.

So it's clear for Others in the same situation, VCI gets paid current payoff amount and VGOA send the difference by check.

Car turned in 3/3, loan paid off 3/7 for current payoff, difference check by FedEx mailed 3/20.

Similar situation to many. Despite numerous requests at buyback appointment to get an updated payoff amount, the rep promised it wasn't a big deal and they would just cut me a check for the remaining balance on my VW credit account.

17 day hold
3 - 5 business days to actually cut the check
sent standard mail
Should be approximately a month after buyback appoint

Going without $1747 for a month is frustrating to say the least. Isn't there some type of law regarding how long a company can hold funds for?

What do you think VW credit would say if I withheld a payment for a month giving them an excuse of "sorry its my policy".

I just sold a house and bought another. They got a payoff amount within 5 days of the actual sale. The check covering the difference was only 10's of dollars on a $500K purchase and that check was refunded with a week. The fact that VW holds $1.8K for weeks on a 17K vehicle is completely unacceptable IMO

I too received the balance through check yesterday. Came via FedEx and had to sign for it.