Offer with loan

Kpenny · Nov 13, 2016

I hear alot about people getting offers tgat are paid off. I was wondering if anyone with a loan has gotten their offer letter yet. -'dnif sonwhos it with and where are you located.

bring · Nov 13, 2016

I took VW up on their 0% financing deal last year (right before scandal hit). Still waiting on my offer email. Guessing they want to keep collecting monthly payments as long as possible.

Airpizz6 · Nov 13, 2016

Just take a look at the 'Buyback Spreadsheet'. All your answers and then some are there.

aja8888 · Nov 14, 2016

Kpenny said:
I hear alot about people getting offers tgat are paid off. I was wondering if anyone with a loan has gotten their offer letter yet. -'dnif sonwhos it with and where are you located.

The answer is NO.

DanB36 · Nov 14, 2016

bring said:
I took VW up on their 0% financing deal last year (right before scandal hit). Still waiting on my offer email. Guessing they want to keep collecting monthly payments as long as possible.

...and what good would that do them, especially at 0% interest? Wouldn't it be better for them that the loan be paid off completely?

TDIsoup · Nov 14, 2016

I think mine is .9% so there'd be little reason to have me waiting either. I guess every little bit counts to them.

derekmw · Nov 14, 2016

I doubt that's the case. not all financed cars are through VW. Many are through banks/credit unions. Probably it has more to due with getting through the easiest batches first - those without liens. That way they can show higher completion rate for now when it counts the most as far as showing proof that they are moving quickly on these buy backs.

saggii · Nov 14, 2016

DanB36 said:
...and what good would that do them, especially at 0% interest? Wouldn't it be better for them that the loan be paid off completely?

Man, don't you get tired correcting people all the time esp responding to the comments that are sometimes rehotrical and sometimes downright stupid ??
Anyways, it is appreciated.

Mark SF · Nov 14, 2016

It might be called VW Credit, but in general vehicle manufacturers set up their credit divisions to be quite separate. It will be a separate company, in their own building, partly owned by VW, for sure. Getting a payoff quote from them will likely take the same amount of time as getting one from a third party bank : a while.

aja8888 · Nov 14, 2016

Mark SF said:
It might be called VW Credit, but in general vehicle manufacturers set up their credit divisions to be quite separate. It will be a separate company, in their own building, partly owned by VW, for sure. Getting a payoff quote from them will likely take the same amount of time as getting one from a third party bank : a while.

Really? I financed through PenFed credit union and I can get a payoff amount right off their website (logging in to my account). With a signed PA, I'm sure VW could get a payoff amount with a simple phone call.

TDIsoup · Nov 14, 2016

aja8888 said:
Really? I financed through PenFed credit union and I can get a payoff amount right off their website (logging in to my account). With a signed PA, I'm sure VW could get a payoff amount with a simple phone call.

That might have actually been the easier option, if they had everyone get them the payoff and upload it. I can get mine in seconds, good for 30 days.

DanB36 · Nov 14, 2016

aja8888 said:
With a signed PA, I'm sure VW could get a payoff amount with a simple phone call.

...except that PenFed (or whatever lender) would have to see the POA, and then confirm that they're talking with the right person. And repeat 200,000 times.

As it happens, the "financial consent" document that those of us with loans uploaded gives them that authorization--it isn't a POA, but it does authorize VW et al. to get this information. But even a 5-minute phone call has to be multiplied by a lot of financed vehicles.

aja8888 · Nov 14, 2016

DanB36 said:
...except that PenFed (or whatever lender) would have to see the POA, and then confirm that they're talking with the right person. And repeat 200,000 times.

As it happens, the "financial consent" document that those of us with loans uploaded gives them that authorization--it isn't a POA, but it does authorize VW et al. to get this information. But even a 5-minute phone call has to be multiplied by a lot of financed vehicles.

I'm sure the VW agent could fax the document to the lender and then set up a call.

DanB36 · Nov 14, 2016

aja8888 said:
I'm sure the VW agent could fax the document to the lender and then set up a call.

Yes, I'm sure they could. Multiply by 200,000. It's going to add time. Why is this a difficult concept to understand?

Yes, I want them to move faster on financed cars. No, the settlements don't give them any extra time to handle that scenario. Yes, they should have had a pretty good idea how long it was going to take when they were negotiating the settlements. But it seems pretty obvious that there will be additional steps needed when there's financing involved, and further obvious that any extra steps will take extra time. I don't think either you or I know what those steps are--we're assuming that they're asking for a payoff, which would be reasonable, but I don't have any reason to think that's the only thing they'd need. What if they need a copy of the title?

aja8888 · Nov 14, 2016

DanB36 said:
Yes, I'm sure they could. Multiply by 200,000. It's going to add time. Why is this a difficult concept to understand?

Yes, I want them to move faster on financed cars. No, the settlements don't give them any extra time to handle that scenario. Yes, they should have had a pretty good idea how long it was going to take when they were negotiating the settlements. But it seems pretty obvious that there will be additional steps needed when there's financing involved, and further obvious that any extra steps will take extra time. I don't think either you or I know what those steps are--we're assuming that they're asking for a payoff, which would be reasonable, but I don't have any reason to think that's the only thing they'd need. What if they need a copy of the title?

No argument on the complexity of handling owners with loans, but it is not rocket science. I personally think that VW did not anticipate the large number of owners that would rush to get their cars bought back and how difficult that would be to meet the agreed upon response timelines.

In any event, loan payoffs will be estimates anyway as they will vary by each passing day. There will have to be a settlement of sorts after vehicle turn in to accommodate actual miles on the car and what the payoff will be on the day of turn in.

chadbag · Nov 14, 2016

aja8888 said:
No argument on the complexity of handling owners with loans, but it is not rocket science. I personally think that VW did not anticipate the large number of owners that would rush to get their cars bought back and how difficult that would be to meet the agreed upon response timelines.
In any event, loan payoffs will be estimates anyway as they will vary by each passing day. There will have to be a settlement of sorts after vehicle turn in to accommodate actual miles on the car and what the payoff will be on the day of turn in.

In my experience, the bank/creditor will slightly overestimate the loan payoff amount by assuming X days for the payment to come in. So they will get slightly paid more than they should depending on how many days they estimate and you will get a check from the creditor for the overpayment. At least that is how it has always worked for me when I have paid off cars or traded them in.

PacCoastFwy923 · Nov 14, 2016

If VW Claims is requesting a specific payoff amount during doc verification, that wouldn't make any sense. They have no idea what buyback date the customer will schedule -- it could be three months from now.

It would make more sense that they're doing a simple verification of the loan status, maybe requesting the interest rate, and then loading up a table that will estimate the daily payoff, just so they have a ballpark figure prior to the buyback. I wouldn't expect they'd go through the formal payoff quote until the customer selects the buyback date.

coolbreeze · Nov 14, 2016

PacCoastFwy923 said:
If VW Claims is requesting a specific payoff amount during doc verification, that wouldn't make any sense. They have no idea what buyback date the customer will schedule -- it could be three months from now.

It would make more sense that they're doing a simple verification of the loan status, maybe requesting the interest rate, and then loading up a table that will estimate the daily payoff, just so they have a ballpark figure prior to the buyback. I wouldn't expect they'd go through the formal payoff quote until the customer selects the buyback date.

^^^^^ This^^^^^^

iadubber · Nov 14, 2016

I have a loan through a credit union, although I have not gotten an offer yet, I just got my documents approved today.

beancounter · Nov 14, 2016

PacCoastFwy923 said:
If VW Claims is requesting a specific payoff amount during doc verification, that wouldn't make any sense. They have no idea what buyback date the customer will schedule -- it could be three months from now.

It would make more sense that they're doing a simple verification of the loan status, maybe requesting the interest rate, and then loading up a table that will estimate the daily payoff, just so they have a ballpark figure prior to the buyback. I wouldn't expect they'd go through the formal payoff quote until the customer selects the buyback date.

+1

It's such a simple thing. Putting it off makes no sense.

Roishe Cheng · Nov 14, 2016

Perhaps the bottleneck isn't all on VW's side (not defending them in the least), but from a supply chain/logistics perspective -- the receiving credit union/loan institution has their own business to get done and now along with tens of thousands of requests to validate data can take some time. This can compound the issue.

2014ncsportwagen · Nov 14, 2016

I have a loan on my TDI as well and have not gotten an offer. Documents were approved 10-26

sdlucky7 · Nov 15, 2016

I have a loan (VW Credit) as well, and have not seen an offer yet. Docs for me were approved on 10/23.

Buddenlee1 · Nov 15, 2016

DanB36 said:
...except that PenFed (or whatever lender) would have to see the POA, and then confirm that they're talking with the right person. And repeat 200,000 times.

As it happens, the "financial consent" document that those of us with loans uploaded gives them that authorization--it isn't a POA, but it does authorize VW et al. to get this information. But even a 5-minute phone call has to be multiplied by a lot of financed vehicles.

I have a vw credit lian. They didnt ask me to send in cocent form. I called repeatedly to see if they needed it instead of waiting around to find out that they do. But they said no they dont need it. I got approved this morn now waiting on eligibility part. So we'll see.

ChimneyJim · Nov 15, 2016

I have a loan through Wells Fargo. I just spoke with the bank and they received a request on 11/4 for payoff. My documents were accepted on 10/18.

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Mr. Furious · Nov 15, 2016

I just checked with my Credit Union, and they have not received a request for my loan payoff (green checkmark 11/7, 10 business days will be next Monday). However, they did say that they can provide that information over the phone, so I won't have the unnecessary delay of VW having to mail the request and then have the amount mailed back.

JimGarb · Nov 15, 2016

I too have a loan through Wells Fargo. I spoke with them yesterday and they haven't received a payoff request yet. My documents were accepted on 10/19.

garment69 · Nov 15, 2016

Just checked with Chase and they have not received any payoff requests. Docs accepted on 10/25.

tkdcmpedude · Nov 15, 2016

My credit union does not have records of inquires on this within their purview. I called the claims line since today marks 20 business days since my documents were approved. She had supposidly said her supervisor received a ticket to call me back personally to discuss exactly where my claim should be since given when my documents were approved something should have already changed. I told her please make sure she does call because I am looking at an expiring registration on the vehicle in the month of Janaury. I am not sure why VW personnel on the phone keeping saying the volume was higher than expected, I am not shocked myself considering the early results this forum showed. Just shaking my head waiting for this to be over.

-tkd

Rooman · Nov 15, 2016

I think they are telling everybody they will have a supervisor call them back. Just saying. It seems like every day the claims line has a "different" line they are giving people. Sorry. I got that same line today when I called about mileage.

I really do hope someone calls you back and I really hope someone calls me back.

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