Terms of Settlement Agreement: Buy End of Lease?

ChatNoirTDI · May 11, 2017

My lease ends shortly on a 2013 Jetta TDI w/premium package. It is in excellent condition, roughly 29,000 miles. Residual about $13.5K. Love the car and am thinking seriously of buying it.

But what if the Gen 1 cannot be fixed? Must VW buy back the car? And if so, at what price? I cannot determine this from reading the Settlement Agreement. Cannot get a clear answer from VW.

Does anyone, here, know? Have any advise?

Regards.

surfstar · May 12, 2017

https://agrahamg.github.io/VWBuybackCalculator/

its the first thing that pops up whenever you search TDI or VW buyback

Sell it to me, if you don't want to buy it

Fourplay · May 12, 2017

Just buy the car off the lease. You can transfer the title to a spouse or relative and have them make a claim, and they will receive the full buyback amount if/when you let VW buy the car back.

ChatNoirTDI · May 12, 2017

surfstar said:
https://agrahamg.github.io/VWBuybackCalculator/

its the first thing that pops up whenever you search TDI or VW buyback

Sell it to me, if you don't want to buy it

Thank you for your kind reply.

I came across the above-cited buyback link when going through the site. However, I was not sure if this buyback is only good for "eligible owners," or if it applies to "eligible lessees"--viz. per Settlement Agreement, if that makes any sense. That is, per the Settlement Agreement, it indicates "eligible owners" have two options--buyback or fix--whereas, "eligible lessees" have the two options of early lease termination or fix (nothing mentioned about buyback, if eligible lessee subsequently purchases the car).

Regards

ChatNoirTDI · May 12, 2017

Fourplay said:
Just buy the car off the lease. You can transfer the title to a spouse or relative and have them make a claim, and they will receive the full buyback amount if/when you let VW buy the car back.

Can you only transfer to a relative, or can I transfer the car to my boyfriend?

Sorry. Hope I don't appear too dense. VW Settlement Info line and dealer are no help. Dealer only wants to sell me a new car

Fourplay · May 12, 2017

ChatNoirTDI said:
Can you only transfer to a relative, or can I transfer the car to my boyfriend?

Sorry. Hope I don't appear too dense. VW Settlement Info line and dealer are no help. Dealer only wants to sell me a new car

You can transfer it to whoever you want, the point is to transfer it to someone who won't abscond with your vehicle when it is time to do the buyback.

If you buy it out of the lease, you're stuck with the car, but will get lessee restitution (like $3k). If you buy it out of the lease and "sell" it to someone else, that someone else becomes an eligible owner and will get the full buyback ($20k+). So make sure the person you transfer it to will give you the money post-buyback. I used my fiance, but anyone you trust will do.

surfstar · May 12, 2017

https://www.dmv.ca.gov/portal/dmv/detail/pubs/brochures/howto/htvr3

Also, yes, you would want to be an eligible owner, to receive that full buyback amount. Transferring as a gift, saves you from paying sales/use tax.

Congratulations on your upcoming windfall of cash

ChatNoirTDI · May 12, 2017

Thanks, Fourplay and Surfstar!

Buyback must be by September 2018, yes?

surfstar · May 12, 2017

Register by September, complete the buyback by 12/31/18

You may simply complete all of the paperwork, and continually push the appointment back if you wish to continue to drive the car. I'd suggest completing the paperwork once you have clear title and registration, to make sure it goes through smoothly, and not waiting until 2018 for that.

clone1008 · May 12, 2017

I recently took Fourplay's advice. I bought out my lease from VW... gifted the car to my fiance submitted the four documents requested today on the claims portal. Now just waiting for the formal offer. Not sure how long that takes but well worth it when you compare a lease buyback net of $3600 vs an owner buyback net of $11,100

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ChatNoirTDI · May 12, 2017

Clone1008: Please keep me informed on how smoothly the process goes for you.

On another subject, is it worth purchasing an extended warranty on this car and, if so, with what company?

DanB36 · May 12, 2017

It is rarely worth buying an extended warranty on any car.

Fourplay · May 15, 2017

clone1008 said:
I recently took Fourplay's advice. I bought out my lease from VW... gifted the car to my fiance submitted the four documents requested today on the claims portal. Now just waiting for the formal offer. Not sure how long that takes but well worth it when you compare a lease buyback net of $3600 vs an owner buyback net of $11,100

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It took me about 3 months from the day I paid my lease off to the actual return of the car.

About 1.5 months of that was processing time on VW's end. I submitted my documents around the beginning of March and was able to make a buyback appointment by early April.

As a bonus, I believe former lessees like us are also eligible for restitution. I have a claim in currently, so we will see. Like you said, it's definitely worth the wait/hassle.

Lessee early termination amount = $3,504
Owner buyback net + former lessee restitution = $13,383

clone1008 · May 15, 2017

Fourplay said:
As a bonus, I believe former lessees like us are also eligible for restitution. I have a claim in currently, so we will see.

Can you explain? I thought the whole purpose of "selling" it to someone else was because I was still considered an eligible lessee when I got the title from VW.

Fourplay · May 15, 2017

clone1008 said:
I thought the whole purpose of "selling" it to someone else was because I was still considered an eligible lessee when I got the title from VW.

Correct.

Which means that since you sold the car, you are now an eligible former lessee. You can claim the former lessee restitution, which is the same dollar amount as the lessee restitution.

This is separate from the claim you filed with your spouse/friend/family member for the full buyback.

clone1008 · May 15, 2017

Fourplay said:
Correct.

Which means that since you sold the car, you are now an eligible former lessee. You can claim the former lessee restitution, which is the same dollar amount as the lessee restitution.

This is separate from the claim you filed with your spouse/friend/family member for the full buyback.

Seriously? How can 2 people be indemnified?

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Fourplay · May 16, 2017

clone1008 said:
Seriously? How can 2 people be indemnified?

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They didn't write the settlement very well. It was corrected in the 3.0L settlement, but it exists as a loophole on the 2.0L.

You don't have to take advantage of it, but it's there.

clone1008 · May 16, 2017

Fourplay said:
They didn't write the settlement very well. It was corrected in the 3.0L settlement, but it exists as a loophole on the 2.0L.

You don't have to take advantage of it, but it's there.

Lol...good to know. Please keep us posted. Where in that process are you?

Fourplay · May 16, 2017

clone1008 said:
Lol...good to know. Please keep us posted. Where in that process are you?

Green check mark - documents complete.

It wouldn't surprise me if it gets rejected (especially with the recently increased claim scrutiny that didn't exist during the initial gauntlet of claim submittals).

That said, based strictly on the settlement documents, I'm an eligible former lessee.

Fourplay · May 19, 2017

Wanted to provide an update - offer letter on my eligible former lessee restitution received this morning, notarized and re-uploaded, and approved!

So it works.

clone1008 · May 19, 2017

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clone1008 · May 19, 2017

Fourplay said:
Wanted to provide an update - offer letter on my eligible former lessee restitution received this morning, notarized and re-uploaded, and approved!

So it works.

Awesome! I just got the green check marks on the first fiancé claim.... so the beat goes on. BTW what documents did they request for that claim?

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Fourplay · May 20, 2017

clone1008 said:
Awesome! I just got the green check marks on the first fiancé claim.... so the beat goes on. BTW what documents did they request for that claim?

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My driver's license. That was it. Super easy.

john-dude · May 26, 2017

Also leasing and it is ending July 2017

We also have a 2013 Golf and lease is ending in about a month. Issue is excess mileage (will be 10k over at .20 mile). This will eat up most of the $3500 offer to lease holders. Would love to buy end of lease/sell to friend and get extra back.....if it is actually possible. Would need to come up the the cash (problem) to buy the car from VW. Any advice will be greatly appreciated! JOHN

clone1008 · May 26, 2017

john-dude said:
We also have a 2013 Golf and lease is ending in about a month. Issue is excess mileage (will be 10k over at .20 mile). This will eat up most of the $3500 offer to lease holders. Would love to buy end of lease/sell to friend and get extra back.....if it is actually possible. Would need to come up the the cash (problem) to buy the car from VW. Any advice will be greatly appreciated! JOHN

John,
I can vouch for Fourplay's advice on lease buyout...it does work. I paid off my lease with VW, gifted the car to my fiance and and received a final offer for $28816. She got the final offer forms signed and notorized and we now have an appointment scheduled for June 20 buyback. It is well worth it if you have the means to buyout your lease. I am so thankful for this forum. I had originally setup a buyback as the lessee and had an appointment set to turn in for $3600. I canceled that claim and went with Fourplay's advice...Thank you

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Fourplay · May 26, 2017

clone1008 said:
John,
I can vouch for Fourplay's advice on lease buyout...it does work. I paid off my lease with VW, gifted the car to my fiance and and received a final offer for $28816. She got the final offer forms signed and notorized and we now have an appointment scheduled for June 20 buyback. It is well worth it if you have the means to buyout your lease. I am so thankful for this forum. I had originally setup a buyback as the lessee and had an appointment set to turn in for $3600. I canceled that claim and went with Fourplay's advice...Thank you

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To add to this, you can also claim the former eligible lessee restitution (and you'll get it - money was in my bank account earlier this week).

surfstar · May 26, 2017

john-dude said:
We also have a 2013 Golf and lease is ending in about a month. Issue is excess mileage (will be 10k over at .20 mile). This will eat up most of the $3500 offer to lease holders. Would love to buy end of lease/sell to friend and get extra back.....if it is actually possible. Would need to come up the the cash (problem) to buy the car from VW. Any advice will be greatly appreciated! JOHN

Take a loan out to purchase it. Or find a friend who can. There's free money to be had!
Or sell it to me and we'll split the profit

alexvtr · May 26, 2017

It sucks that they plugged this loophole in the Canadian settlement...
No other choice but return my leased car and get the sorry money.

clone1008 · May 26, 2017

Fourplay said:
To add to this, you can also claim the former eligible lessee restitution (and you'll get it - money was in my bank account earlier this week).

Fourplay have you found any loopholes in the Bosch settlement for both?

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Fourplay · May 26, 2017

clone1008 said:
Fourplay have you found any loopholes in the Bosch settlement for both?

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No loophole in 3.0L related stuff, but you will get more Bosch money by doing the lease buyback and eligible former lessee claim.

2.0L eligible owners get $350 from Bosch, but only $175 if there was a seller or lessee claim. Lessees get $200.

So, you get a total of $375 from Bosch vs $350 you'd get as an owner alone (or $200 from being a lessee alone).

Terms of Settlement Agreement: Buy End of Lease?

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