EFT Transfer

[tgoetzman]

So, sign the title, hand over the keys and trust VW for an email and then wait 3 more (business ?) days ? I'm not sure I am willing to trust VW at this point. May be time for a call to change from EFT to a check.

 

[DanB36]

(like the 3 days an offer was supposed to take?)

There was never, at any point, a "3 days an offer was supposed to take".

 

[FowVay]

At this point I'm changing to have the check handed over. I had initially opted for EFT but I'm not trusting my bank acct info to VW OR Chase bank or some unsecured e-mail acct. Once the title is gone the vehicle is gone. They have power of attorney, the title, the keys, the car... they've taken strong measures to ensure their equity in this deal. What about mine?

 

[DanB36]

VW will get your precious bank account information when you deposit the check anyway. I wouldn't send it (and I doubt they request it) through an email, but it's hardly top secret.

 

[sprinks]

Gave them my notarized offer (sellers restitution), they approved, waiting on email to setup EFT. How long did it take for anyone else? I know to watch inboxes and spam folders.

 

[rfortson]

Gave them my notarized offer (sellers restitution), they approved, waiting on email to setup EFT. How long did it take for anyone else? I know to watch inboxes and spam folders.

Turned in car Tuesday afternoon, got my Chase email Wednesday night, had money in my credit union Thursday morning. Boom!

 

[03fan]

Turned in car Tuesday afternoon, got my Chase email Wednesday night, had money in my credit union Thursday morning. Boom!

Same timeline for my transfer.

 

[sprinks]

There it is, 36H after notarized offer was accepted in the portal. Woo!

 

[TDIinMA]

So that's all you needed was your routing #?

 

[scottb8888]

Do all EFT go through Chase. I signed up for the service posted earlier, I don't need that??

 

[k1xv]

You do not need clearXchange. Your e-mail from Chase will put you on the Chase payments site, and you register there for Chase payments.

ClearXchange is not involved at all in receiving your payment.

I dropped off my car on Saturday afternoon, got the Chase Payments e-mail last night at 8:30 pm, was registered and was sent payment by 9 pm, and this morning, the money is in my checking account and available for withdrawal.

 

[atomicfront]

I find this whole thing funny. People celebrating that they got their money in 3 days after they turned in their car!!! Some people must be so lazy that a trip to the bank to deposit the check is too much effort for them that they are trying to convince others to turn your car over without payment or receipt of payment.

I wonder how they get by in life. No wonder some of you are rushing to turn in cars that are only a couple of years old. No common sense.

 

[k1xv]

The main advantages of EFT are:

1. if the final settlement amount has changed due to mileage or passage of time, you will get the correct payment the first time, not a check, then a second check in the mail, or, if the adjustment is the other way, not getting a check at all, then waiting for one in the mail. Sometimes, things get lost in the mail.

2. Some people, it appears, incur substantial hold times on large checks. In most cases I am aware of, an EFT is available to be withdrawn or used as soon as it hits your account.

If you prefer a paper check, that's OK. Differences in preference is why Howard Johnsons used to sell 28 flavors of ice cream.

 

[atomicfront]

The main advantages of EFT are:

1. if the final settlement amount has changed due to mileage or passage of time, you will get the correct payment the first time, not a check, then a second check in the mail, or, if the adjustment is the other way, not getting a check at all, then waiting for one in the mail. Sometimes, things get lost in the mail.

2. Some people, it appears, incur substantial hold times on large checks. In most cases I am aware of, an EFT is available to be withdrawn or used as soon as it hits your account.

If you prefer a paper check, that's OK. Differences in preference is why Howard Johnsons used to sell 28 flavors of ice cream.

What kind of delay time do you think you will get when your ETF email never shows up? If they don't give me a check they don't get my car. They can reschedule when they get the check for the right amount. I would take the ETF if they took you ETF information beforehand and your money was transferred during the appointment at the dealership. And I could verify transfer. You are dealing with clowns who are known fraudsters and are handling the buyback process terribly. I have zero trust in them.

 

[chadbag]

I would take the ETF if they took you ETF information beforehand and your money was transferred during the appointment at the dealership. And I could verify transfer.

Even if they did take your EFT info before hand and you watched the guy push the button to initiate the EFT, you wouldn't be able to verify on your side as they use ACH which is a batch system and the soonest you'd probably see it in your account is the next morning when your bank or CU processes its first incoming ACH batch from the Fed processor.

 

[camaro888]

Hope this helps someone out:

I'm all done and have my $$$. My times are PST. Here was my exact time line:

I dropped car off 2pm on Friday, 12/2.
Didn't receive the confirmation email until 6pm that day.

Received the EFT email 6pm on Monday, 12/5.
Signed up/put in my bank account info as soon as I received said email.
I woke up at 5:45am the next day, Tuesday, 12/6 and all the $$$ was in my account.

I was exactly $690 "short" of what my offer letter stated vs. what VW paid me. We couldn't get it figured out while at the appointment. So, I just left and said heck with it. Now that I have my $$$$...........I'll try and fight them for the $690 and see what happens. lol

 

[DanB36]

I was exactly $690 "short" of what my offer letter stated vs. what VW paid me.

Check the specifics of your car and turn-in date against https://agrahamg.github.io/VWBuybackCalculator/ and I think you'll find that you were paid the correct amount.

 

[k1xv]

Hope this helps someone out:



I was exactly $690 "short" of what my offer letter stated vs. what VW paid me. We couldn't get it figured out while at the appointment. So, I just left and said heck with it. Now that I have my $$$$...........I'll try and fight them for the $690 and see what happens. lol

You would have been "short" the same amount had you opted for a check. Variance between the offer letter and the actual buyback amount is an issue separate from the check vs. EFT decision.

 

[camaro888]

Check the specifics of your car and turn-in date against https://agrahamg.github.io/VWBuybackCalculator/ and I think you'll find that you were paid the correct amount.

You would have been "short" the same amount had you opted for a check. Variance between the offer letter and the actual buyback amount is an issue separate from the check vs. EFT decision.

Thank you both, much appreciated.