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

clendaniel

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Joined
Jun 7, 2012
Location
Here.
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2013 Passat SEL
Our turn in was 1/14...EFT to us was complete 1/18. Loan through Citizens was still showing a balance as of 1/27 when the next payment was due. Paid it to be 'safe' (would have been two payments since offer). Checked yesterday and loan balance was now listed as $.03 with my payment and the 'payoff' both listed for 1/27. *** There should have been a ~$1200 overpayment based on figures in receipt from turn in....I guess I now get to spend some time on the phone.

--Ian
 

yehaman

Veteran Member
Joined
Sep 6, 2012
Location
Boston
TDI
2012 Passat TDI SEL
Received my overpayment just now. Was expecting $476...but they sent me $473.76.

Oh, well...I have reached the end!

Thank you, good luck, and take care.....onto the Jag forums.
 

whitegerbera

New member
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Oct 24, 2016
Location
Minnesota
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2012 Jetta TDI
My apologies if this information has already been shared -- I tried to keep up with this thread, but didn't make it through all 25 pages. :) I turned in my VW on 1/13, was paid via EFT on 1/18. My VW Credit loan was due on 1/12, I ended up paying it on 1/20 since it was still outstanding. I emailed class counsel yesterday to find out what was going on with the loan payoff and got this response:

Loans with VW Credit are paid on a monthly basis/ within a month of buyback. If you do not receive your loan payoff by February 20th (5 weeks since your 1/13 buyback) I will raise this issue with my firm colleagues and we will bring it to the attention of VW counsel.
Regarding whether I need to make my February payment (hoping that there was some agreement between the settlement and VW Credit after turning our vehicles), I received this response:

VW says they will not charge late fees, but it may be safest to make the payment and receive a reimbursement (protect credit score just in case VW Credit mistakenly reports late payment).
I, for one, am really frustrated that they are sending VW Credit our information once a month. It makes absolutely no sense why these loans could not be paid off in a more timely manner...
 

chadbag

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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
I wish there was a sticky with all the class counsel email and phone numbers, and other VW related phone numbers etc.
 

chadbag

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Jul 8, 2013
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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
My apologies if this information has already been shared -- I tried to keep up with this thread, but didn't make it through all 25 pages. :) I turned in my VW on 1/13, was paid via EFT on 1/18. My VW Credit loan was due on 1/12, I ended up paying it on 1/20 since it was still outstanding. I emailed class counsel yesterday to find out what was going on with the loan payoff and got this response:



Regarding whether I need to make my February payment (hoping that there was some agreement between the settlement and VW Credit after turning our vehicles), I received this response:



I, for one, am really frustrated that they are sending VW Credit our information once a month. It makes absolutely no sense why these loans could not be paid off in a more timely manner...
It makes no sense. And the answer you get from the lawyers is different every time. I think someone else posted a different answer from them and the claim there was that since VW Credit processes them with priority they should be faster than non VW Credit loans to be paid off even if it takes a few extra days to be sent (yeah, you can laugh now).
 

amstel78

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Joined
Jan 24, 2012
Location
Shohola, PA
TDI
2012 Golf TDI [buyback completed 14/1/2017] 2006 S65 AMG
It makes no sense. And the answer you get from the lawyers is different every time. I think someone else posted a different answer from them and the claim there was that since VW Credit processes them with priority they should be faster than non VW Credit loans to be paid off even if it takes a few extra days to be sent (yeah, you can laugh now).
Have you called Claims and gotten a tracking number yet?

I called this morning and since the system said I had a wait of 30+ minutes, I decided to use the call back service. Well, I got a call back around 30 minutes later only to have the !@#$ing system tell me in a very nonchalant voice that the call back system was being shutdown for maintenance then promptly hung up on me. :rolleyes:
 

PacCoastFwy923

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Feb 21, 2008
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Oakland
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2015 Passat SE TDI 6-speed manual; 2006 mkV Jetta TDI / 5-speed / Pkg 2
It makes no sense. And the answer you get from the lawyers is different every time. I think someone else posted a different answer from them and the claim there was that since VW Credit processes them with priority they should be faster than non VW Credit loans to be paid off even if it takes a few extra days to be sent (yeah, you can laugh now).

Agreed, but that advice was solid: continue to pay you note until the loan is closed, because despite what VW says or does, they could still blow it and report a late payment.

Not to mention, interest compounds on the unpaid principal, and that's going to be paid using VW money that would otherwise be going into our pockets.
 

CTValleyTDI

Member
Joined
Sep 21, 2015
Location
MA and VT
TDI
2014 Passat TDI SE
Buyback 1/6, VW Credit payoff 1/23. We called to delay the 1/9 payment for ten days, but that wasn't ultimately enough of a buffer and they tacked on a late fee.

So, we'll have to see if the late fee comes off of the ~$500 receivable owed to us from VW Credit. Last thing to do will be finding a buyer for my studded snow tires mounted on steelies.
 

amstel78

Veteran Member
Joined
Jan 24, 2012
Location
Shohola, PA
TDI
2012 Golf TDI [buyback completed 14/1/2017] 2006 S65 AMG
I wish there was a sticky with all the class counsel email and phone numbers, and other VW related phone numbers etc.
Hey Chad, called the claims hotline today. Still no tracking number. I'm gonna wait another 10 business days and if no payoff by then, I'm sending in a payment and will wait for the overage check. But yes, this is really stupid of them sending out checks in 1 month intervals, especially since the payoff quote they got for my car was in early December.

Morons. The lot of them.

Sent from my LG-H918 using Tapatalk
 

Circuit

Veteran Member
Joined
Aug 31, 2013
Location
Fremont, ca
TDI
2010 Jetta TDI
Turned in 12/17/16.
Wells Fargo

STILL NO PAYOFF. I've been calling claims every couple days and they have said the check was "lost" between the claims center and Wells. A new check was issued on 1/28/17 and they said it will take 10 days to reach the claims center and then will have a tracking number to Wells.

I've already emailed class counsel and they just told me to "hang in there" ...
 

Birdsg

Member
Joined
Oct 21, 2016
Location
Pa
TDI
Jetta
Any idea how long the overpayment checks from VW credit are taking? Loan paid off 1/17
 

auto_junkie

Member
Joined
Mar 16, 2015
Location
Waukesha, WI
TDI
2015 VW Golf TDI (bought back 1/14/17)
Turned in my 2015 Golf 1/14. Still no payoff to VW Credit. I called the claims hotline 844-98-CLAIM asking for status. They said they issued the payoff check 1/21 but had not mailed it yet. I asked, "so, when are they going to mail it?" They said they didn't have that information, but would escalate the issue and if I have not heard back in a week to give them a call, but to go ahead and make the next payment. I posted a complaint on FTC's website, got an automated reply about things to consider when buying a new car. I will be looking to buy a non-VW replacement vehicle, but I have a working high mileage truck to drive until then, so I am not in a huge hurry. I want the loan paid off before shopping, so I guess VW is helping to make it not a hurry. When VW says they are working "tirelessly" to make things right, it means they are working at a slow pace where they will never get tired.
 
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chadbag

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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
Hey Chad, called the claims hotline today. Still no tracking number. I'm gonna wait another 10 business days and if no payoff by then, I'm sending in a payment and will wait for the overage check. But yes, this is really stupid of them sending out checks in 1 month intervals, especially since the payoff quote they got for my car was in early December.

Morons. The lot of them.
I haven't called. Better things to do at the moment though I will get around to it when I have a spare moment.

Yes, morons all. The Judge needs to come down on them about the delays. He approved the frickin' agreement. He needs to enforce it. At least a little.
 

Buddenlee1

Well-known member
Joined
Oct 27, 2016
Location
Riverside
TDI
2014 beetle
My turn in was 1/18. Still waiting for loan to be payed off. Already recived credit from insurence and checks for gap and maintenance warranty. That was suppose to take at least a month. But already came. Funny how vw just takes their sweet time
 

amstel78

Veteran Member
Joined
Jan 24, 2012
Location
Shohola, PA
TDI
2012 Golf TDI [buyback completed 14/1/2017] 2006 S65 AMG
Turned in my 2015 Golf 1/14. Still no payoff to VW Credit. I called the claims hotline 844-98-CLAIM asking for status. They said they issued the payoff check 1/21 but had not mailed it yet. I asked, "so, when are they going to mail it?" They said they didn't have that information, but would escalate the issue and if I have not heard back in a week to give them a call, but to go ahead and make the next payment. I posted a complaint on FTC's website, got an automated reply about things to consider when buying a new car. I will be looking to buy a non-VW replacement vehicle, but I have a working high mileage truck to drive until then, so I am not in a huge hurry. I want the loan paid off before shopping, so I guess VW is helping to make it not a hurry. When VW says they are working "tirelessly" to make things right, it means they are working at a slow pace where they will never get tired.
The claims people will tell you that they don't have a timeline on when checks get mailed out. They too cut my check on the 21st of January but it's still sitting there along with yours and Chad's. What I did hear from VW Credit is that VWoA is batch mailing these checks in 1 month intervals. Should be any day now...
 

Circuit

Veteran Member
Joined
Aug 31, 2013
Location
Fremont, ca
TDI
2010 Jetta TDI
Turned in 12/17/16.
Wells Fargo

STILL NO PAYOFF. I've been calling claims every couple days and they have said the check was "lost" between the claims center and Wells. A new check was issued on 1/28/17 and they said it will take 10 days to reach the claims center and then will have a tracking number to Wells.

I've already emailed class counsel and they just told me to "hang in there" ...
Turned in 12/17/16
Payment to Wells Fargo 2/6/17

Finally my account reads $0. I called Wells Fargo and confirmed the overage refund has been approved and the check would be sent to me in the next 3-5 business days.
 

BarryG20

Member
Joined
Nov 12, 2014
Location
Colorado
TDI
2015 Golf TDI SEL
Dropped car of on 1/19 stopped by my credit union at lunch today to see if VW ponied up yet or if I was going to have to make another payment. VW had paid not sure what date it was paid off considering the weekend it was probably paid off last week so approx 2 weeks from buyback to payoff.
 

chadbag

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Jul 8, 2013
Location
Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
Finally

Buyback 1/14

Logged in to VW Credit this morning and nothing but logged in again tonight on a whim and it showed 0 more payments and the payment history showed a check payment on 2/3 from VW. Account is not yet marked closed that I can see but I assume their system does that sort of processing by batch once a day.

Finally.

I may and try to see how much interest was charged after the time it should have been paid according to the settlement terms and try and complain. I'll have to see how annoyed I feel about this in a few days and how much effort I want to expend on it for 10$ or whatever it is.

ETA: I just did a rough calculation using simple interest at it would be between $14 and $15 I would get back. (Compounded interest would not be much different for the time period we are talking about and the low amounts). I just submitted a contact form asking for this back from VW Credit. We'll see what happens.
 
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amstel78

Veteran Member
Joined
Jan 24, 2012
Location
Shohola, PA
TDI
2012 Golf TDI [buyback completed 14/1/2017] 2006 S65 AMG
Buyback 1/14

Logged in to VW Credit this morning and nothing but logged in again tonight on a whim and it showed 0 more payments and the payment history showed a check payment on 2/3 from VW. Account is not yet marked closed that I can see but I assume their system does that sort of processing by batch once a day.

Finally.

I may and try to see how much interest was charged after the time it should have been paid according to the settlement terms and try and complain. I'll have to see how annoyed I feel about this in a few days and how much effort I want to expend on it for 10$ or whatever it is.

ETA: I just did a rough calculation using simple interest at it would be between $14 and $15 I would get back. (Compounded interest would not be much different for the time period we are talking about and the low amounts). I just submitted a contact form asking for this back from VW Credit. We'll see what happens.
Yup. Mine paid off too as of this morning. :D
 

auto_junkie

Member
Joined
Mar 16, 2015
Location
Waukesha, WI
TDI
2015 VW Golf TDI (bought back 1/14/17)
Called VW claims today, they actually gave me a FedEx tracking number and it shows the check was delivered to VW Credit yesterday 2/7. Just have to wait for it to process now.
 

auto_junkie

Member
Joined
Mar 16, 2015
Location
Waukesha, WI
TDI
2015 VW Golf TDI (bought back 1/14/17)
The claims people will tell you that they don't have a timeline on when checks get mailed out. They too cut my check on the 21st of January but it's still sitting there along with yours and Chad's. What I did hear from VW Credit is that VWoA is batch mailing these checks in 1 month intervals. Should be any day now...
Thanks for the heads up. Found out today they sent the check 2/3 via FedEx, and it was received yesterday 2/7. Sounds like just waiting for it to process at this point.
 

armedferret

Active member
Joined
Apr 7, 2013
Location
Maryland
TDI
2013 Jetta 6MT, 2013 Golf DSG (wife's)
Turned in 1/28. Loan still isn't paid off. Have email in with the corporate individual (Samantha Sneor) who fast-tracked my appointment to ascertain when in the fark they intend to make good on their obligation to pay it off (obviously worded more politely and professionally). With all the issues I've had dealing with the morons in Michigan at the processing/call center, she's actually been decent and helpful. It's a shame it has to escalate that far, but when you hire bottom-of-the-barrel individuals whose slang accent is so thick they actually sound like they're ESL, I suppose that's to be expected.
 

oldhifi

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Joined
Jun 29, 2014
Location
Kingston, tn
TDI
2013 Touareg TDI Lux
Took my car in on 1-30-17 for buyback, they have not paid off my VW loan as of 2-8-17, I am pissed off, I had to make another payment today..
 

Passat15

Well-known member
Joined
Jan 15, 2015
Location
Virignia
TDI
2015 Passat TDI SE - Sold to VW
Took my car in on 1-30-17 for buyback, they have not paid off my VW loan as of 2-8-17, I am pissed off, I had to make another payment today..
fwiw - I was with VW Credit, Mine took 13 days from buyback to payoff, then 20 days from payoff to receive a check for the "over" amount on my loan.
 

chadbag

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Jul 8, 2013
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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
Took my car in on 1-30-17 for buyback, they have not paid off my VW loan as of 2-8-17, I am pissed off, I had to make another payment today..
What day was your payment due?

They give you a 10 day grace period before a late fee (which supposedly they will refund if it was late due to VW) and 30 days before reported to the credit bureaus.

FWIW: My buyback was 1/14 and it was just last Friday they applied the payment and this Monday evening that they closed the account.

My payment was due 1/30. I did not make it. I was less than 10 days late so no issue on my end.
 

oldhifi

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Joined
Jun 29, 2014
Location
Kingston, tn
TDI
2013 Touareg TDI Lux
What day was your payment due?
They give you a 10 day grace period before a late fee (which supposedly they will refund if it was late due to VW) and 30 days before reported to the credit bureaus.
FWIW: My buyback was 1/14 and it was just last Friday they applied the payment and this Monday evening that they closed the account.
My payment was due 1/30. I did not make it. I was less than 10 days late so no issue on my end.

it's due 2-13-17, and I don't have time to play with it, so I made the payment today 2-8-17
 

chadbag

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Jul 8, 2013
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Utah
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2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
it's due 2-13-17, and I don't have time to play with it, so I made the payment today 2-8-17
Since you don't want the hassle of dealing with it that would be reasonable.

But you could have waited to 2/23 to have to worry about it and technically 3/13 to really worry about it.

Hope it hits soon and you get the money back from VW Credit.
 
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