Well, good news... just checked my auto loan account again today for the fun of it, and there it was, a ZERO balance on my car loan. My bank owes me an overpayment, but I'm relieved to say, my journey is now complete (with the small exception of getting my overpayment back, which I'm sure the bank will do).Buyback 12/19, still no payoff of my loan on 1/10. The tracking number I got last week shows my check supposedly was delivered on Saturday 1/7... here we are on Tuesday 1/10, and another automatic car payment is about to hit my account, so it looks like my bank will owe me yet more overpayment whenever they get around to crediting my account with VW's delayed check -- assuming my check was actually in the package I was told about of course. Thanks VW.
And that does seem to answer the fear that VW was only providing a payment for the actual payoff amount at the time rather than what was stated in the offer. That would be beyond the pale even for VW, but until we had people who could verify they weren't pocketing the difference it was a legit concern.Well, good news... just checked my auto loan account again today for the fun of it, and there it was, a ZERO balance on my car loan. My bank owes me an overpayment, but I'm relieved to say, my journey is now complete (with the small exception of getting my overpayment back, which I'm sure the bank will do).
12/20 turn in
Close enough to 5 days I guess...
Just checked and my loan shows the payment VW said they would do effectively closing my loan with VW Credit. Now I just need to wait the 15-25 days per VW Credit to get my overpayment funds back..
12/20 turn in
Close enough to 5 days I guess...
This is the key...VW counted on people continuing to make payments, and VW Credit continues to earn interest. I can understand that I owe interest on the loan while I still had use of the car, but it is unacceptable in any regular trade-in or sale situation to continue to pay interest for days or weeks after you no longer have the car. The court needs to address this. VW could drag their feet and take 3 months to send the payoff, and you have to pay interest, and there are no consequences to VW.Not even remotely acceptable, that's 21 days of interest that VW is collecting. With the same thing happening to thousands of people, that's millions of dollars that VW gets to recoup from their snafu. There has to be some recourse.
In my profession, when people don't pay their court ordered costs on time; they do jail time.
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If it's a month old, you ought to have paid another installment in the meantime, no? Any overage will roll over into your account or be paid to you.This is going to get real interesting for me because they used a month old pay off quote and it will not pay off the loan. The "buyback specialist " had no clue of what to do and just handed me my check and a phone number and told me to call.....
Tell you what we can do to put an end to this, call any buyback specialist and ask them "if you can can cancel your insurance policy once you sign the power of attorney form, hand over the keys and return the plates to the DMV." Ask them what their guidance from VW is. I guarantee you, they will say yes.I'm not sure what you guys are misunderstanding, but that document you signed from VW will not protect you in current time if something happens. It will certainly protect you in any future litigation. When you pull the title prior to a loan payoff, the title holder and lienholder are still listed on the title. Until that process is complete, those names are the vehicle owners. If you want to debate privately, send me a PM, but either you're not understanding, or you're simply incorrect.
No payment deferral. I don't know what happened. They had 3-1/2 weeks between scheduling the appointment and the buyback to happen. They had plenty of time to get it right.If it's a month old, you ought to have paid another installment in the meantime, no? Any overage will roll over into your account or be paid to you.
If you deferred payment for a month, then interest continues to accrue, and you're responsible for paying that. You can take it up with VW for reimbursement, but the bank holds you responsible for settling your account.
Depends on your state. Which "Riverside" are you in? If Riverside, CA, the plates stay with the car unless they're custom plates. All you "need" to do (which isn't critical, but you really are supposed to) is notify the DMV that you've sold the car, which you can do online.I have a question about plates. Ive never had to do this before. So are we suppose to go to dmv and hand them the plates? Do we bring anything else? And if yes can thus be done at AAA also?
I turned my car in on Dec 21 and my loan has yet to be paid off. I called the claims line and they said a check was issued on dec 29mbut i had no tracking number. She put me on hold for about 30 mins while she went to investigate why. She came back and told me that for a number of buybacks that happened in late December, they had to recall the checks and reissue them and that they are working as fast as they can to do that. The reason they recalled them they said had to do with FedEx changing some account number when they went from shipping via air to ground and that the account number was somehow tied to the check. She clearly could not explain the story very well - she was relaying info that another team had provided her. I am giving it one more week and then I am going to have to contact class counsel i guess.