Mine shows paid off with VW credit. Paid off Friday 1-6. My check was in that 12 lb box. Buyback was 12-23. Now I am waiting on $1890 in overage, which covers one payment and my service contract refund. Almost there!
How long after buyback closing is a bank loan paid off?
- Thread starter jtdid
- Start date
usarmy132
Veteran Member
Buyback date 12/23/16. As of 1/10/17 no loan has been paid. Will pay another payment tomorrow for the car I do not have for almost 3 weeks. Time to call VW
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.
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).
Thank you for the great comments and help during this process -- I've only been a member of this forum for a short period (during this VW mess), but I've been a VW owner for years and am grateful for this forum. But now I gracefully bow out and wish you all the best and hope your own process completes soon! It's been a hoot being a VW owner, but now, frankly, I'm done. Currently driving a new Toyota, quite happy to put VW in my rear view mirror. Take care all!
Mine was turned in 12/22. I finally called the hotline to see what the fark was going on. After being placed on hold for 20 minutes I got a tracking number.
Pull it up on Fedex and just my luck.
10:19 am Delivery exception EL PASO, TX
Incorrect address - Street name/number
The package has just been sitting at my local Fedex warehouse since last week with nowhere to go. I checked my copies of the info I filled out and I entered the correct financial information.
I called the hotline again and the operators had no idea what to do. I got the typical, "a supervisor will call you back within 5 business days."
I tried to modify the address on Fedex and only the sender can do it.
I finally reached out to Marissa Oh at the classcouncel office and she has been awesome so far, she said she would look into it. Hopefully this gets resolved and I can finally put this behind me.
Pull it up on Fedex and just my luck.
10:19 am Delivery exception EL PASO, TX
Incorrect address - Street name/number
The package has just been sitting at my local Fedex warehouse since last week with nowhere to go. I checked my copies of the info I filled out and I entered the correct financial information.
I called the hotline again and the operators had no idea what to do. I got the typical, "a supervisor will call you back within 5 business days."
I tried to modify the address on Fedex and only the sender can do it.
I finally reached out to Marissa Oh at the classcouncel office and she has been awesome so far, she said she would look into it. Hopefully this gets resolved and I can finally put this behind me.
Mr. Furious
Veteran Member
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.
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
1/10 payoff
Close enough to 5 days I guess...
12/20 turn in
1/10 payoff
Close enough to 5 days I guess...
Fitzwilly
Member
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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ChimneyJim
Veteran Member
Turn in 12/23
Paid off 1/10
Wells Fargo
Amount the same as offer from payoff quote in November.
Paid off 1/10
Wells Fargo
Amount the same as offer from payoff quote in November.
Hey,hey....I'm right inline with you. 2 hours ago I checked and my loan was outstanding. Just noticed your post and what do ya know,,,,account closed!
Going to wait patiently for my overpayment too. Just one months payment minus $3.00 in interest. I'm cool with that, just want to move on and enjoy my NON -VW new ride....
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.
Just called my bank today and my 2015 VW Passat TDI loan has been paid off as of yesterday and the overage check was just cut and mailed out to me. So this puts an end to my experience of this whole recall. Glad to have it done and over with. Let's hope this never happens again lol
cracklepop
Active member
Turn in date: Dec. 23, 2016
EFT cleared in my bank account: Dec. 29, 2016
Past Due Notice from my bank: Jan. 10, 2017
Called my bank: They haven't received any payment since my name is still on the loan
I AM RESPONSIBLE FOR PAYMENT!
Called VGoA customer "non" service: I was told to call the "Settlement Specialist" and "Counsel"????
Called the settlement specialist at the dealership...... left a message.
Called "counsel" and ......left a message.
This is BS because my credit score/history is in their hands and due to the obvious length of time (beyond the mandated 5 days) to pay off my loan, VW is negligent.
I'm faxing in all of my documents to the bank tomorrow but, will also have to make a payment to protect my credit score.
This is very wrong. Who can we contact to oversee VW with regard to this mandate.
EFT cleared in my bank account: Dec. 29, 2016
Past Due Notice from my bank: Jan. 10, 2017
Called my bank: They haven't received any payment since my name is still on the loan
I AM RESPONSIBLE FOR PAYMENT!
Called VGoA customer "non" service: I was told to call the "Settlement Specialist" and "Counsel"????
Called the settlement specialist at the dealership...... left a message.
Called "counsel" and ......left a message.
This is BS because my credit score/history is in their hands and due to the obvious length of time (beyond the mandated 5 days) to pay off my loan, VW is negligent.
I'm faxing in all of my documents to the bank tomorrow but, will also have to make a payment to protect my credit score.
This is very wrong. Who can we contact to oversee VW with regard to this mandate.
My turn-in date was 12/28, VW Credit got the check from the buyback today. It wasn't a payoff, because there's accrued interest due since the payoff was late.
cracklepop, your credit won't be affected until you're 30 days late. I would hold off on a payment if you're just now at 10 or 15 days.
cracklepop, your credit won't be affected until you're 30 days late. I would hold off on a payment if you're just now at 10 or 15 days.
My buyback and loan payoff is also complete. I wanted to provide my timeline in order to have more examples for everyone:
12/23 - Turn in at dealership. Smooth process, probably took 30 minutes total. Would have been quicker but the buyback person had trouble getting the one screw off my license plate. He struggled for about 10 minutes. I think he ended up stripping it and needed a larger Phillips head.
1/9 - Loan payoff received by Capital One.
17 total days passed between turn-in and payoff.
13 of those days would have been business days, however I believe that number could have been lowered to 9-11 depending on how they handled Christmas Eve, New Year's Eve and observance days for Christmas and New Year's Day.
And if anyone is curious, I purchase a certified pre-owned 2016 BMW 328d xdrive. Couldn't go back to a gasser, so that nixed another VW.
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12/23 - Turn in at dealership. Smooth process, probably took 30 minutes total. Would have been quicker but the buyback person had trouble getting the one screw off my license plate. He struggled for about 10 minutes. I think he ended up stripping it and needed a larger Phillips head.
1/9 - Loan payoff received by Capital One.
17 total days passed between turn-in and payoff.
13 of those days would have been business days, however I believe that number could have been lowered to 9-11 depending on how they handled Christmas Eve, New Year's Eve and observance days for Christmas and New Year's Day.
And if anyone is curious, I purchase a certified pre-owned 2016 BMW 328d xdrive. Couldn't go back to a gasser, so that nixed another VW.
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Turned in 12/20. VW credit loan paid off 1/9. 12 business days. $12 in interest accrued during that time(I requested a payoff quote on that day and compared to the amount actually paid off)
When I get a minute I am going to send an email to counsel. The more of us that do that, the better chance we have of VW getting called out on that bull****.
When I get a minute I am going to send an email to counsel. The more of us that do that, the better chance we have of VW getting called out on that bull****.
Tinman265
Veteran Member
- Joined
- Apr 19, 2005
- Location
- Oswego, IL
- TDI
- 2014 Jetta Sportwagen Sunroof/Nav Platnium Grey Metallic, Titan Black Interior, 6 speed manual. Took the buyback 1-6-17 - Loan payoff 1-17-17
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.....
mafrif
Veteran Member
Car sold back 12/28. Loan paid off 1/11/17. Now I wait for the extra $420 that was overpaid to VW credit to be paid back to me.
I could care less about the $6 of accrued interest.
I could care less about the $6 of accrued interest.
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
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.
Roishe Cheng
Veteran Member
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.
Then, do this, call your insurance company and ask to speak to someone there, tell them the same scenario. Your insurance company will ask you not one thing about your title, but instead will want to know if you have a receipt from the DMV showing you returned your plates.
Not sure what you're worried about, "will not protect you in current time if something happens." What risk scenarios are you playing out in your head?
Even if your name is still on the title before the loan is paid off and something happens to the vehicle after you return it, what immediate liability could you incur?
Tinman265
Veteran Member
- Joined
- Apr 19, 2005
- Location
- Oswego, IL
- TDI
- 2014 Jetta Sportwagen Sunroof/Nav Platnium Grey Metallic, Titan Black Interior, 6 speed manual. Took the buyback 1-6-17 - Loan payoff 1-17-17
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.
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Rotglatt
Veteran Member
Update on my transaction for anyone else trying to figure out theirs and wanting timing information.
Turned in Car 12/27/16
Called VW Claims hotline and got tracking number for check sent to bank
FedEx package tracking shows sent on 1/9/17 and delivered on 1/11/17
Chase Auto Loan shows paid in full 1/12/17
It was a 2lb box, so I'm sure others were in with mine. I would guess they are running batches.
Really glad I didn't send in my payment due 1/11/17 as Chase asked me to. Now I hope to get my overage back in a reasonable period.
EDIT: Chase Auto Finance mailed the overage check to me 1/17/17, was in my mailbox today 1/21/17.
Turned in Car 12/27/16
Called VW Claims hotline and got tracking number for check sent to bank
FedEx package tracking shows sent on 1/9/17 and delivered on 1/11/17
Chase Auto Loan shows paid in full 1/12/17
It was a 2lb box, so I'm sure others were in with mine. I would guess they are running batches.
Really glad I didn't send in my payment due 1/11/17 as Chase asked me to. Now I hope to get my overage back in a reasonable period.
EDIT: Chase Auto Finance mailed the overage check to me 1/17/17, was in my mailbox today 1/21/17.
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Well it looks like the 27th-28th of December people are finally getting their loans paid off. I turned mine in on the 27th and keep checking my credit union account and still no payoff as of close of business today the 12th. I'll give it a couple of more days before making a few calls.
Buddenlee1
Well-known member
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?
BlueGruff
Veteran Member
My buyback closed on 12/30 and VW hotline said a FedEx tracking number was issued on Jan 11. So my loan should be paid off soon, maybe today but hopefully by Jan 17.
DanB36
Veteran Member
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.
tkdcmpedude
Active member
My buyback occurred on 12/29/216, EFT Transfer on 1/3/17, another payment to lender on 1/10/17, and as of today lender received check according to tracking provided by VW Claims Line. Fingers crossed that everything closes out here soon.
-tkd
-tkd
Salsaman06
Veteran Member
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.
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.
FedEx uses the same account number for both air and ground so they made up some crap for you to get you off the phone...