Buyback Check or Electronic Bank Transfer

MBellantone

Well-known member
Joined
Sep 24, 2013
Location
Bergen County, NJ, USA
TDI
2014 Jetta Sport Wagen 6sp Man
I'm confused, but that's nothing new.

I just uploaded my notarized docs to the portal and then you're given the choice of electronic bank transfer or check as method of payment.
Hearing the worry in some people's posts about not getting any kind of proof when turning the car in and still waiting for the electronic transfer, I was happy to read this:

"If you select a check, a check will be provided at the time of your buyback or lease termination transaction or, if you selected an emissions modification, a check will be mailed to you within 3 banking days of receiving the modification."

So, as I read this it sounds like if you're doing the buyback you get an immediate check and if you do the mod they mail you a check.

Am I reading this right? If i have to wait for a check for the buyback I'm in the same boat if I'm waiting for an email for the money transfer.

Am I missing something?

Thanks,

MB
 

Rob LaFreniere

New member
Joined
Nov 7, 2016
Location
VA
TDI
2011 Golf
I opted for payment by check. It was given to me at the conclusion of my buy-back appointment.
 

nutfinn

Well-known member
Joined
Feb 13, 2013
Location
Alabama
TDI
2012 Jetta
I did Nutfinn, Thanks... seems like no downside.
If I would have selected a check, I would not have a TDi sitting in my yard right now. Whatever you select, you can't change it. I tried changing from EFT to a check, no can do :mad: This was after my 1st try turning it in, which was today. 2nd try set for 12-27
 

fucanay

Well-known member
Joined
Oct 4, 2016
Location
Bay Area, CA
TDI
2014 Jetta Sportwagen TDI
At what step was selecting check or EFT? I don't recall seeing it and I'm not sure which option I selected.
 

k1xv

Veteran Member
Joined
Apr 4, 2009
Location
southern Vermont
TDI
09 TDI sedan, sold back 12/16. Present cars 2013 BMW X5 diesel, 2015 Corvette convertible
At what step was selecting check or EFT? I don't recall seeing it and I'm not sure which option I selected.
Me too. I wound up with an EFT, which worked perfectly.
 

Mike.

Active member
Joined
Nov 22, 2016
Location
Idaho
TDI
2011 Golf - Returned to VW
At what step was selecting check or EFT? I don't recall seeing it and I'm not sure which option I selected.
I think that was when scheduling your date of pickup, there are so many steps in this process it becomes a blur. A few days before your appointment I got an email reminder and on that email it says if yours is EFT or check. Hope that helps.
 

Eggieztdi

Veteran Member
Joined
Oct 29, 2016
Location
Indiana
TDI
Man. 2015 TDIs
At what step was selecting check or EFT? I don't recall seeing it and I'm not sure which option I selected.
When you schedule your buyback you can select check or EFT. I chose EFT because it says taking check could push the dates back further. I'm doubting that that is true, but was the basis for my decision. You'll be fine with either one.
 

jims2321

Veteran Member
Joined
Jul 22, 2013
Location
Sugar Hill, GA
TDI
2013 VW Jetta TDI 6mt, sold back, replacement 2017 Golf GTI Autobahn
There is no advantage to getting a check over an EFT. In fact there are some disadvantages.

1. Clearing time could be longer. Right now most people from the time they get their Chase EFT email to funds availability is usually less than 24 hours (YMMV depending upon your banking relationship).

2. If the bank can not for any reason scan your check during nightly batch processing, it will require manual keying. This could add additional time before the receiving bank releases funds.

3. Loss or stolen. It hasn't happened yet that I am aware of, but its only a matter of time.

Finally the actually fund availability. Most banks release check deposits over a series of days. BofA for example if your account is less than 6 months old can spread the funds availability over a week. If you had overdrafts this can trigger such restrictions.
 

fucanay

Well-known member
Joined
Oct 4, 2016
Location
Bay Area, CA
TDI
2014 Jetta Sportwagen TDI
I just don't recall seeing the option. Granted I scheduled my appointment first thing this morning, before I'd had my coffee so I was a bit groggy. Of course, there is not even a summary page on the Claims Portal to see even basic information or a way to review past steps. But seeing how everything has gone so far, that is definitely asking too much. I guess I'll just have to wait until the reminder email to find out.
 

vestal

Active member
Joined
May 31, 2016
Location
Alexandria, VA
TDI
2014 Jetta TDI
just did this yesterday, the check/EFT option was on the same page as where I uploaded my notarized offer, step 16 I guess. I selected check. it was a little confusing because I read here that people are getting their checks at turn-in, however, it said mine would be mailed and had me verify my mailing address. could be different dealing with an outstanding loan?

maybe they ask again when you schedule the appointment?
 
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Rico567

Top Post Dawg
Joined
Jun 13, 2003
Location
Central IL
TDI
2013 Passat TDI SEL Premium (Turned in 7/7/18)
For a transaction in this amount (our buyback will be over $27K), I would not consider a check. I'm EFT all the way. We've used EFT quite bit (every month for recurring bills that a credit card won't work for), and it's free, quick, and painless....
 

Basenji

Veteran Member
Joined
Dec 18, 2004
Location
Tidewater, Virginia
TDI
'13 Audi A3 TDI
I did the EFT and it went very smoothly. I got the email from Chase about the transfer in about 28 or so hours after the turn in. I sent the bank transfer information in shortly thereafter and received the funds in about 2 days.
 

kenpoman

Member
Joined
Mar 3, 2012
Location
GA
TDI
2012 Jetta
I chose the check option. I plan to deposit the check from my phone before I leave the dealer.
 

BlueGruff

Veteran Member
Joined
Jun 2, 2016
Location
California
TDI
2013 JSW DSG; 2017 Jetta 1.8T Sedan
I chose the check option. I plan to deposit the check from my phone before I leave the dealer.


I don't know about your bank, but the maximum deposit allowed using a mobile device is $2000 for Chase bank. I think majority of checks paid by VW for buybacks will have amount exceeding $2k.
 

kenpoman

Member
Joined
Mar 3, 2012
Location
GA
TDI
2012 Jetta
I don't know about your bank, but the maximum deposit allowed using a mobile device is $2000 for Chase bank. I think majority of checks paid by VW for buybacks will have amount exceeding $2k.

Ah. I hadn't thought of that. Guess I'll be rushing to the credit union!
 

atomicfront

Veteran Member
Joined
Oct 12, 2016
Location
baltimore
TDI
2013 VW Jetta wagon tdi
There is no advantage to getting a check over an EFT. In fact there are some disadvantages.

1. Clearing time could be longer. Right now most people from the time they get their Chase EFT email to funds availability is usually less than 24 hours (YMMV depending upon your banking relationship).

2. If the bank can not for any reason scan your check during nightly batch processing, it will require manual keying. This could add additional time before the receiving bank releases funds.

3. Loss or stolen. It hasn't happened yet that I am aware of, but its only a matter of time.

Finally the actually fund availability. Most banks release check deposits over a series of days. BofA for example if your account is less than 6 months old can spread the funds availability over a week. If you had overdrafts this can trigger such restrictions.
The advantage of having a check is getting it right away. I am sure if I went into the VW dealer and endorsed it over them they would be willing to accept that as payment for a new car.

Seems most people aren't getting their money from the ETF for three days at the earliest and they have to wait a day or longer for the email saying set-up the transfer. As badly as things are going with the buy backs if the ETF email doesn't come or something goes wrong it will be hard to fix.

If I choose check and they don't have my buy back check they don't get the car. I can make sure it is the right amount before I hand over anything.
 

dpospres

Well-known member
Joined
Sep 26, 2008
Location
Middle River, MD
TDI
2009 Jetta TDI Blue Graphite 6 speed manual (sold), 2012 Passat TDI SE Sunroof NAV, Night Blue Moonrock (bought back 12/13),2017 Audi A3 Quattro Prestige
Turned in Passat yesterday at 4pm. I elected for check as payment. I deposited last night at ATM on the way home. 8am this morning, funds have cleared and are in my account.
 

Ares

Veteran Member
Joined
Oct 15, 2012
Location
Takoma Park, MD
TDI
2013 Passat SE
A few owners have reported buyback amounts lower than the offer letter.

So a potential problem with a check... if the pre-printed check is more than what the Buyback Specialist determines, you get nothing at the buyback. You can leave your car and wait for a new check in the mail, or drive away and reschedule.

The check option can be faster than EFT, but potentially much longer.

If you are buying a replacement car from a dealer, most will let you drive away and float a loan until a check or EFT clears.
 

kenpoman

Member
Joined
Mar 3, 2012
Location
GA
TDI
2012 Jetta
I'm in a position where I don't need to buy a replacement car. I already have an extra car so I'm just selling the VW back and will use the cash for other things. I can wait for the check to clear. I just want to walk away with money in hand.
 

atomicfront

Veteran Member
Joined
Oct 12, 2016
Location
baltimore
TDI
2013 VW Jetta wagon tdi
A few owners have reported buyback amounts lower than the offer letter.
So a potential problem with a check... if the pre-printed check is more than what the Buyback Specialist determines, you get nothing at the buyback. You can leave your car and wait for a new check in the mail, or drive away and reschedule.
The check option can be faster than EFT, but potentially much longer.
If you are buying a replacement car from a dealer, most will let you drive away and float a loan until a check or EFT clears.
So you are saying if our buyback amount is different we will drive away with nothing if we select check? But ETF you drive away with nothing no matter what.
 

PacCoastFwy923

Veteran Member
Joined
Feb 21, 2008
Location
Oakland
TDI
2015 Passat SE TDI 6-speed manual; 2006 mkV Jetta TDI / 5-speed / Pkg 2
No, only if your buyback amount was over estimated.

If it's short, you'll take the check and they'll issue a make-up check that will be mailed within three days.

With EFT you drive away with the promise to pay. Either way, you'll get your money. There have been some hiccups reported, but everyone is getting reimbursed.
 

uncle fishhead

Well-known member
Joined
Jun 29, 2016
Location
Dallas Area
TDI
2012 Golf
All in all, it probably doesn't matter much which option you pick.

But, I did the check. My appointment was at 1:30. I showed up early and drove home from the dealership at about 1:25. Got home and did the deposit around 2PM.

I guess I have a good relationship with my bank....my mobile deposit cleared at 2:21 PM - they processed the check and made all of the funds available in less than 30 minutes.

So by my count, that's way faster than an EFT. Your mileage may vary.
 

Hdzammo

New member
Joined
Dec 2, 2016
Location
SAN antonio
TDI
2013 Jetta, 2014 golf
Opted for check expecting to have to wait some time for check to clear, I told the bank teller how it sucks to have to wait for the check to clear and he said that he could call chase and as long as they confirmed the check that they could release the funds immediately. The funds were released immediately.
 

Jogglebot

Well-known member
Joined
Feb 19, 2013
Location
Indiana
TDI
MK6 TDI
I chose check. My dealership is right by my local Chase, plus I want to see the amount in writing and make sure it's correct before I drive off. And if I decide to get a VW gasser, the money is right there to use.
 

k1xv

Veteran Member
Joined
Apr 4, 2009
Location
southern Vermont
TDI
09 TDI sedan, sold back 12/16. Present cars 2013 BMW X5 diesel, 2015 Corvette convertible
Do the checks say : DEPOSIT ONLY .
Or can I go to a Chase Bank & get cash.
Hmmm. Not telling someone, such as the wife, that you got a bundle of money from VW for the car?

Theoretically, you could cash the check. However, banks will generally not cash very large checks for people without accounts. If they would cash it, they would want lots of ID. And it is likely to be reported to the IRS.
 
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