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

[tkdcmpedude]

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

The other morning to my surprise my Credit Union processed the check. This cleared the Golf off my account and they credited me the excess from my extra payment I made of what was the difference. That said I am now officially done. Here is to hoping all of you your fate changes soon.

-tkd

 

[Birdsg]

buy back 12/30

next payment due 1/17

not paid off yet, called to defer the Jan payment

 

[PacCoastFwy923]

not paid off yet, called to defer the Jan payment

At this point in the process, you can look at your loan as just another savings account to stash money in.

Ok, maybe "savings" account isn't the best description.

But it doesn't really matter if you leave the $400 payment in your checking (by deferring the loan) or pay it to the loan. It's your $400 either way, and it's not going anywhere.

Everyone should remember, if you defer payment, the money you lose to interest is greater than if you continue to make your payments. Granted, it's only a few dollars penalty over the short period of time we're talking about,
but every dollar of principal paid comes right back to you once VW pays the loan.

 

[az7000']

12/28 buy back
1/13/17 Loan paid off

 

[PacCoastFwy923]

Sheet, two weeks? Probably got delayed by all the post-New Years heavy returns of unused fireworks and booze shipments.

 

[drshaws]

Turn in: 12/22/16
Wells Fargo paid off: 1/12/17

I made one add'l payment in that window, so we're expecting an overage check from WF. Have yet to call them to inquire on that turnaround time.

 

[DigitalTDI]

Turn in: 12/22/16
Wells Fargo paid off: 1/12/17

I made one add'l payment in that window, so we're expecting an overage check from WF. Have yet to call them to inquire on that turnaround time.

I went through something similar to you. After about a week from online confirmation of my WF loan being paid off, we received a mailed letter stating that my loan was paid in full and shortly after that, we received an overage check.

Don't worry, it should come shortly.

 

[Circuit]

Turn in: 12/22/16
Wells Fargo paid off: 1/12/17

I made one add'l payment in that window, so we're expecting an overage check from WF. Have yet to call them to inquire on that turnaround time.

Lucky guy!

Turn in: 12/17/16

Wells Fargo STILL not paid off. Called claims line and they said they would have to re-issue the check and to call back on Saturday. Sending an email to counsel now.

 

[rml612]

Buyback was on 12/27/16 and still not paid off. Made 12/30/16 payment but no way am I paying Jan 2017 payment.

Called VW Credit today and told them when the buyback occurred, that I paid the 12/30 payment and I have no intention of paying the 1/30/17 payment since I no longer own the car. They said they would note it on my account and that there would not be any penalty or hit on my credit. We shall see, of it gets close to 1/30/17 and no payoff, I'll deal with it then.

It has been 3 weeks since I turned it in and this is VW Credit, you would think they could get their act together here, but I guess not.

 

[feinborg]

They said they would note it on my account and that there would not be any penalty or hit on my credit. We shall see.

I would NOT take their word as gospel for this matter. it is very easy to ding your credit report, and damn near impossible to un-ding it. Pay the payment and wait on the overage check, or suffer a late payment and a lower credit score. They will not help you.

 

[TDINJ]

Buyback 12/29
EFT 01/03
Payoff Check Delivered Friday 01/13 according to VW tracking.
I'm 10 days late on a payment... Was told by my bank payoff will probably go in today.

 

[tim665214]

Buyback 12/27
Just checked and the payoff happened today (01/17)

2nd vehicle buyback was 01/07
no payoff yet.

Both vehicles financed with VW credit.

 

[Buddenlee1]

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.

Thank you. Yes its riverside, ca. I got confused because people were saying turn your plates in... thank you for answering me.

 

[atomicfront]

I would NOT take their word as gospel for this matter. it is very easy to ding your credit report, and damn near impossible to un-ding it. Pay the payment and wait on the overage check, or suffer a late payment and a lower credit score. They will not help you.

If they ding your credit in that situation expect another class action lawsuit. They are the same company. I think they would just be paying a lot more money out to the people they screw over.

 

[Buddenlee1]

Just turned in my 2014 beetle. So we'll see how long it takes for vw to pay vw credit. I also cancelled my maintenance contract they said that takes 4 weeks and to xall if it gets paid off before than so check will come to my house not tbe dealership. So glad its ALMOST over. Still have a payment due on 22nd. Vw credit said call on 30th and go from there

 

[TDIbanker]

I turned in 12/28, VW Credit got the "payoff" 1/11 (was the payoff amount as of 12/16). I had done a deferral for January payment, but it left me owing about $100 in interest. Today my account shows closed and nothing more owed, so VW Credit did reverse the interest off.

 

[jimbo1mcm]

Buyback on 1/5 Check to VW Credit on 1/18. I had paid an extra payment. Now waiting on refund from vw credit.

 

[Fitzwilly]

Anybody get their overage check from VW credit yet? I'm waiting on about $800 / 2 payments


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[starjays]

I sold mine back on 12/28/16. Funds were applied to my Bank of America loan on 1/18/17.

 

[bizzle]

Mine was bought back on Dec. 28th but I'm not sure when the loan was paid off. I was checking about once a week but wasn't too worried about the loan payoff. I checked yesterday and my credit union deposited the overage into my account on the 12th so I'm assuming the buyback happened that week. I can't open my loan docs online because it doesn't exist anymore in my account.

 

[Passat15]

Buyback 1/5, VW Credit showing Closed this morning 1/19. All done.

 

[dmarsingill]

Turned in 12/27. Paid off 1/10. Overage came in mail 1/19

 

[atomicfront]

Turned in 1/11.

Paid off today 1/19 VW credit.

 

[garment69]

Turned in 12/23, still not paid off. No tracking number. Going to have to have to make a second payment next week. Once this is finally taken care of, I should be getting back a total of 3 payments between what my buyoff amount was when I entered it and the amount I will actually owe.

 

[evantful]

Turned in 12/23, still not paid off. No tracking number. Going to have to have to make a second payment next week. Once this is finally taken care of, I should be getting back a total of 3 payments between what my buyoff amount was when I entered it and the amount I will actually owe.

Who is your lender? Also I see people mentioning getting hold of tracking numbers for the payoff paper work, where is everyone going to get that info?
Thanks

 

[garment69]

Chase. I have spoken to VW several times. They keep telling me they are escalating to find out what is going on with my loan payout. For whatever reason, my window of car return has been more problematic. My check wasn't at the dealership when I turned my car in. After several weeks VW switched me to an EFT.

 

[Rotglatt]

Also I see people mentioning getting hold of tracking numbers for the payoff paper work, where is everyone going to get that info?
Thanks

I called the VW claims phone number and gave them my claim number. Spoke to a woman who didn't seem too bright. I asked nicely for the tracking number and her response was "they didn't give you that?" and I said "no, I am calling to get it because no one has given me that." She was able to find it while I was on hold for a few minutes.

My guess is they added this tracking number information when people started calling when loans were not being paid off within 2 weeks. You should be able to call and get it easily. I didn't have to argue or push to get mine.

 

[Mark SF]

Buyback was on 1/4, and my loan with small credit union was paid off on the 20th. The overage was paid to my checking account, at the same bank, immediately. Very happy with the buyback process, apart from the initial delay in getting approval.

 

[DSIre]

Buyback on the 6th. Loan payment from VW received on Jan 20th, and short 3 weeks interest. Why do they request a 10 day payout and pay over a month after the payout quote?

Since it was only $27.90 I paid it just to close out the loan.

But what if I waited? I technically could have waited almost two years. That would have prevented VW from getting the lien release and the title.

 

[Salsaman06]

Chase. I have spoken to VW several times. They keep telling me they are escalating to find out what is going on with my loan payout. For whatever reason, my window of car return has been more problematic. My check wasn't at the dealership when I turned my car in. After several weeks VW switched me to an EFT.

You and I are in the same boat. Turned mine in on 12/21 and still no payoff. After several calls to the claim line over the last two weeks talking to different people each time, this is what I have pieced together. They said there was a group of car turn-ins near the end of December whose loan payoff check had to be "pulled back" due to some account number change that happened with FedEx when they went from air to ground shipments. I didn't quite understand the link to FedEx and it does sound dubious. But each time I called for status every unique individual I spoke with said that they could see VW issued a check on 12/29 but they don't see a tracking number. And they said they are working to get it sent out as fast as they can. After seeing no progress for two weeks I engaged class counsel for help. They sent my complaint to the VW lawyers and confirmed a day later that they are looking into it. So far I have heard nothing else. I am going to call the claims line tomorrow to see if there is a tracking number yet. Otherwise I will contact class counsel again.

Suggest you contact class counsel as well.