That sounds about right then, the rep did mention they got a check at Auburn Hills, MI 10 days ago but that's all she knew.
How long after buyback closing is a bank loan paid off?
- Thread starter jtdid
- Start date
to call it bellyaching is bull****. They have my vehicle they should have paid for it. To simply trust a company that knowingly lied to us all to do the right thing is just freaking stupid on your part. Its pretty obvious its an effort to milk vw credit owners for a bit more interest.
Jimbo70
Veteran Member
Are you a crowd of one? Lighten up Francis.
DanB36
Veteran Member
Yep, that's why they're paying the third-party loans right away, but lagging on the VW Credit loans. And also why VW Credit is back-billing customers for additional interest. Oh wait...
zimmy
Member
My buyback appt is scheduled for March 2nd at 2:30pm, Have a loan through a terrible local bank . 
I guess we'll see how my apt goes, hoping to get about $2300 back on the loan and about $500 refund in Gap Insurance on my 2015 golf. I agree with some of the other fellow owners.
We are being generously payed out but VW is being total dicks about it, and when you watch the shenanigans with what the family is doing in Germany it just makes you shake your head
Personally I believe VW should have refunded the MSRP value for all 2015 models that would have been fair. And for the rest of the owners a set payout amount based on options and model regardless of mileage.
Best of luck to everyone, im just glad its almost over for me
I guess we'll see how my apt goes, hoping to get about $2300 back on the loan and about $500 refund in Gap Insurance on my 2015 golf. I agree with some of the other fellow owners.We are being generously payed out but VW is being total dicks about it, and when you watch the shenanigans with what the family is doing in Germany it just makes you shake your head
Personally I believe VW should have refunded the MSRP value for all 2015 models that would have been fair. And for the rest of the owners a set payout amount based on options and model regardless of mileage.
Best of luck to everyone, im just glad its almost over for me
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
I don't think they're purposely "being dicks about it" and have no idea what shenanigans you're referring to, but they've definitely set up an inflexible system that has trouble coping with situations out of the norm, intolerant of user error (external AND internal), and they massively underestimated demand.
You're not the only one unhappy with the buyback amount vs. MSRP, but keep in mind everyone is free to not participate in this settlement and make their own case for an increased payout.
You're not the only one unhappy with the buyback amount vs. MSRP, but keep in mind everyone is free to not participate in this settlement and make their own case for an increased payout.
Sargeant_002
Member
My 2014 Passat TDi SE went back on January 28th, a Saturday.
I'm STILL trying to get the loan paid off. In another week's time I will be forced to make another monthly payment on a car I will have not had for a month. I'm very frustrated with this process. Be patient and aware, there MAY BE hiccups.
Oh and the kicker is, the first time they attempted to pay off my loan someone dropped the ball and sent it to the wrong flippin bank! So now I'm continuing to lose interest, and if the payoff isn't completed by the 27th I will pay for my payment due the 28th - losing even more in interest to the bank....not to mention VW decided to lower the payoff check amount for the second check that was cut...and they explained it was an updated amount with interest....then WHY did the amount drop VW - hmmmmm? They cannot seem to explain that.
So long story short...when it's finally paid off I'm sure I will still need to chase additional monies owed to me based on the receipt agreement.
Ok - end rant.
Brian-
I'm STILL trying to get the loan paid off. In another week's time I will be forced to make another monthly payment on a car I will have not had for a month. I'm very frustrated with this process. Be patient and aware, there MAY BE hiccups.
Oh and the kicker is, the first time they attempted to pay off my loan someone dropped the ball and sent it to the wrong flippin bank! So now I'm continuing to lose interest, and if the payoff isn't completed by the 27th I will pay for my payment due the 28th - losing even more in interest to the bank....not to mention VW decided to lower the payoff check amount for the second check that was cut...and they explained it was an updated amount with interest....then WHY did the amount drop VW - hmmmmm? They cannot seem to explain that.
So long story short...when it's finally paid off I'm sure I will still need to chase additional monies owed to me based on the receipt agreement.
Ok - end rant.
Brian-
UNsweet
Veteran Member
Have you reached out to class counsel over this?
They are paying less - that shouldn't change from the offer letter. HOW can it change from the offer letter? I would be on that one ahead of time, that doesn't sound right.
VW Troubadour
New member
Turned in our 2014 TDI Jetta Sportwagen on Feb 4th.....received EFT on the 7th...still waiting for VW Credit to be paid off....18 days and counting. Called the claim number and they had no record of our transaction....had to email PDF of email receipt from turn in....***???? They said they would look into it and get back to me......that was last Friday...I think i will contact the settlement attorneys and let them know.....Will never buy another VW!!!!!
Closed on 2013 Sportwagen on January 28th----paid of on the 22nd Feb--I am so glad
I am done with VWA--never again---Made all payments when due--offer came on 23rd of December--so I am getting a confirmed $1,300 Back. Loan was from a S&L.
I am done with VWA--never again---Made all payments when due--offer came on 23rd of December--so I am getting a confirmed $1,300 Back. Loan was from a S&L.
Mr. Furious
Veteran Member
Yeah, that definitely doesn't sound right. When they paid my loan off it was for the same amount as in the original offer letter (as of 12/25) even though my buyback wasn't scheduled until 2/2, which meant I'd made two payments since they got that payoff number.
zimmy
Member
If you have been watching the news or researching VW a little in the past 12 months you would have seen the sketchy stuff going on. I will enlighten you, Multiple CEOs stepping down and resigning. Vw slashing 30,000 jobs from the floor. Vw execs and the porshe family to this day deny they did anything wrong. They have bs their whole way through this
Vw was throwing employees in germany under the bus for talking against the company, The family that still runs VW group lied and said they warned the company when their is proof. I could go on and on about this. Its all over the world, our news doesnt cover it as much as it should.Its naive to think VW has your best interest or they oops forgot that 475,000 people would register right away for the lawsuit. Thats utter bull****! I cant give the largest automaker in the world the benifet of the doubt sorry.
This will go down as the biggest ****show in history...
jhawklver
Veteran Member
Do you think it is VW Credit or VW Corp. paying slowly? There really is no reasoning for it taking as long as it is beyond VW wanting to make these payments cost them the least they can (batch payments) and/or to milk as much out of it as possible while paying billions.
Have a few hundred checks go a few days longer? Not much money. Have a few thousand go a week longer than it could/should take? Maybe good money for us but meh for VW. Have it extend to tens and/or hundreds of thousands, and weeks? It adds up.
I don't trust VW, and even if it isn't an "intentional" thing for them... they are the one with tons of money/resources. Their individual customers aren't. For each customer, overpaying loans by 1-2 months, plus having to wait days for the money to show up in their account, plus maybe having to pay additional months while VW pays off the loan... that can result in a few hundred to a few thousand dollars that could/should be going to replacement. But VW has alread shown they could not care less about their individual customers at almost ever turn in this.
swampyankee
Veteran Member
Took over three weeks for me. Yes I was pissed, but when I thought about the $$ I received, I let up a little. I did call twice and was given a tracking number.
One of the reps I spoke with said they are overwhelmed and doing their best.
One of the reps I spoke with said they are overwhelmed and doing their best.
they are overwhelmed really isnt a viable response. I honestly dont care if they are. They sold a product they knew was illegal. They got caught, they have a federal court order saying 5 business days. Its been 3 weeks and they dont have a check even cut for mine. When i mentioned this to them you get tough luck. Btw to the people that dont think they are milking this to make money on interest or save money doing batches. Your flat stupid. Why would you trust a company thats been proven to lie.
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
On the other hand, why would I trust you? You just called me "stupid."
Since we're talking out of our buttholes, let me postulate that Volkswagen has much more to lose by scuttling the buyback process than they have to recoup by dragging out payments. If the court caught wind of intentional non-compliance, they could assess additional penalties.
VW has proven to be an arrogant company, but they're not stupid.
Since we're talking out of our buttholes, let me postulate that Volkswagen has much more to lose by scuttling the buyback process than they have to recoup by dragging out payments. If the court caught wind of intentional non-compliance, they could assess additional penalties.
VW has proven to be an arrogant company, but they're not stupid.
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I'm at the 12 day mark.......waiting
Jimbo70
Veteran Member
Turned our Passat in on 1/30. VW Credit load paid off yesterday (2/22). Eventually we'll get reimbursed for somewhere around $700 worth of overpayment.
Never had to call, chat, or email VW or counsel. Just follow the instructions, don't overthink it, and be a little patient. While there have been some exceptions to the process and some obvious screw ups by VW for some people, I think the overwhelming majority are going smoothly like ours did.
Never had to call, chat, or email VW or counsel. Just follow the instructions, don't overthink it, and be a little patient. While there have been some exceptions to the process and some obvious screw ups by VW for some people, I think the overwhelming majority are going smoothly like ours did.
atoughram
Well-known member
Thanks
Car turned in on 2/15 - loan still not paid off and next payment on the 28th - But I've got 10 days grace...
swampyankee
Veteran Member
I chose to let it go.... started to get pissed but i also know that if I were to trade mine in without the buyback I would have gotten maybe 8-10K on the trade.
For the sake of a few day's interest being accrued on the loan vs the ~$15K I received in excess of the car's value. I channeled my anger and bought a nice TV and sound system and watched my Patriots win the Super Bowl....
tdismurf
Active member
Turn in date 2/2 Loan payoff 2/23 third party Wells Fargo. That's it for me! Good luck to those still waiting.
jhawklver
Veteran Member
It can be somewhere in between too. IMO, what is happening is that they were likely overwhelmed/slow at first and found out there weren't consequences, and it is now the norm. Given how much money is moved everyday via these means worldwide... and how fast that money shows up... they definitely aren't doing it as fast as possible. At the detriment of the customer.
And arrogance can be its own brand of stupidity. Hell, this company decided to develop and use this cheat CONCURRENTLY with getting a slap on the wrist for other emissions issues... They arrogantly believed since slap on the wrist happened for them and others, it was worth the risk. That arrogant decision turned out to be pretty stupid in the end, to the tune of many billions.
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
Their lawyers presented to the judge that they underestimated the initial demand, but we also have heard from counsel, phone reps, and buyback specialists that they have been increasing staffing to address it. Truthful? Probably.
We could form the conclusion VW didn't estimate that we, the customer base, were "stupid" enough to pass up two years of cost-free driving (and I'd argue in their defense on that one). Except big cash payouts defeat logic. So...
The buyback process involves lots of moving parts: a court-appointed middleman, third party auditors, a large, established US financial institution, and a settlement fund that VW feeds and I presume doesn't have any control over. So I'd find it hard to believe that our friends in German have the ability or willingness to try to exert untoward influence over the process now that it's accepted by all parties and in motion.
If there is a purposeful slowdown, it would involve colluding between the parties, but whom would it benefit? Whomever is holding the pot of money? I'd bet the pot is set up to roll in its own interest, not enrich the bank holding it. But VW wouldn't have to replenish the fund as quickly (I read they're paying into it as it dips to prescribed levels), so that's one aspect that might be to their direct benefit.
Yeah, admittedly some of this is conjecture on my part, but based on enough fact that I don't believe VW has the reins to slow this horse to a trot.
jhawklver
Veteran Member
My "theory" is not that they are reining it in so much as they are not motivated to quicken it to the point it benefits the customers they've put in this position. The biggest and most visual part of this deal is the buyback dollars. That's by and large seeming to go quickly. People are getting their money within days. Where the slowdown seems to be, is in paying off loans. It is clear they are doing it in batches, and paying the amount that was on the original settlement documents, despite that amount being 1-3+ months different and obviously wrong. So riddle me this. They can get the money to your account in a few days, but take weeks or longer to get to the lien holder, and then the lien holder (especially VW Credit) takes weeks or longer to get you the overage. Why the delay? Anyone who has used eft payments realizes it should be faster. This company has bought the car back, has paperwork stating such, and yet is not paying off the loans anywhere close to as fast as they would if you traded in a VW for a new VW.
At a minimum, this company cares little for those who are impacted and could use this money for a replacement vehicle. I have no problem believing this company would use whatever it could to benefit itself over its customers, however slightly.
Again, they pay us within days. Why not issue check to lien holder at the same time? Why not request a more up to date pay off balance before sending the weeks old payment to the lien holder? Doing it quickly would benefit the customer in their search for a replacement. Doing it slowly benefits whom/what entity?
Is it malicious? Eh? Is it another FU to us? I'd say yes - they aren't doing everything they can to make it best for us.
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
I'm in total agreement with lots of that.
Yes, the same computer that's processing the after turn-in EFT should be batting out a payoff check. Someone wrote that the payoff checks are sent to another stage of audit before being mailed. Maybe same as with our minimum 3 week wait time to schedule a buyback appointment (ostensibly so a check can be processed and forwarded to the specialist), there's something special they set up for handling ALL paper checks? I don't know... they said 5 days to get them mailed; you'd think that would be one of the easiest performance targets to meet.
But specifically VW credit? Maybe it's because it's not actually VW making the payoff that this isn't being handled efficiently. But I can't imagine NOT having a process where, at the end of each day, all the buybacks are transmitted to VW Credit for immediate loan closeout, with the promise of funds transfer in the near future. My best explanation is there must be something regulatory preventing that from happening.
But everything else? All the minutia? That makes people so angry that they swear they'll never so much as ride in a Passat Uber as long as they live? Either (1) VW doesn't care, or (2) the entire process is so regimented, prescribed, and locked down, that all this "little stuff" that got overlooked during talks can't be easily fixed. It's puzzling...
...yet I also know from working on the operational side of a highly regulatory environment that when we have rules we're obligated to comply with, loopholes and unforeseen events crop up with ridiculous-seeming unintended consequences and workarounds. I'm in no position to change them, not in the near term.
But VW is in a position to yell loudly, "Hey we're losing customers here and we all need to make an adjustment to this process," and they've been quiet, not so much as a "bear with us." So f*ck man, I don't know. I'm just happy I didn't suffer any trauma.
Yes, the same computer that's processing the after turn-in EFT should be batting out a payoff check. Someone wrote that the payoff checks are sent to another stage of audit before being mailed. Maybe same as with our minimum 3 week wait time to schedule a buyback appointment (ostensibly so a check can be processed and forwarded to the specialist), there's something special they set up for handling ALL paper checks? I don't know... they said 5 days to get them mailed; you'd think that would be one of the easiest performance targets to meet.
But specifically VW credit? Maybe it's because it's not actually VW making the payoff that this isn't being handled efficiently. But I can't imagine NOT having a process where, at the end of each day, all the buybacks are transmitted to VW Credit for immediate loan closeout, with the promise of funds transfer in the near future. My best explanation is there must be something regulatory preventing that from happening.
But everything else? All the minutia? That makes people so angry that they swear they'll never so much as ride in a Passat Uber as long as they live? Either (1) VW doesn't care, or (2) the entire process is so regimented, prescribed, and locked down, that all this "little stuff" that got overlooked during talks can't be easily fixed. It's puzzling...
...yet I also know from working on the operational side of a highly regulatory environment that when we have rules we're obligated to comply with, loopholes and unforeseen events crop up with ridiculous-seeming unintended consequences and workarounds. I'm in no position to change them, not in the near term.
But VW is in a position to yell loudly, "Hey we're losing customers here and we all need to make an adjustment to this process," and they've been quiet, not so much as a "bear with us." So f*ck man, I don't know. I'm just happy I didn't suffer any trauma.
Woody's TDI
Member
Buyback was on Feb 7.
Received EFT on Feb 10.
Loan paid off this morning (USAA)
Best of luck to everyone!
Received EFT on Feb 10.
Loan paid off this morning (USAA)
Best of luck to everyone!
DubFamily
Veteran Member
Same here; car loan was paid off yesterday (Feb 23); buyback was Feb 8.
oldhifi
Veteran Member
MY VW Loan is FINALLY paid off 2/23/17, after buyback to dealer on 1/30/17
and I will get a refund of my last two payments
I sure do miss her, it was a great car..
and I will get a refund of my last two payments
I sure do miss her, it was a great car..
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After 2 out of 5 TDI owners I knew personally (including my husband) had an HPFP failure (which is a giant pain in the a** to deal with), I really wanted to be done with my car. That was my logic. I felt like I was driving around something that could go at any time without warning (which was how is happened with my husband's car). Never mind my husband's 2009 Sportwagen was leaking anytime it rained because the sunroof seals were going bad.
So it's more than just the money as to why people chose the buy back right away.