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

[daesania]

Currently on hold with VW claims again. Day 36. This lady legit tried to tell me that it can take up to 30 business days for payoff. Um no, court docs say within 3 banking days. I am doing my form of a sit in. I'm not hanging up this phone until they hang up on me or its resolved. I've been magically transferred to some "escalation" team line. I'm sure I'll be on hold for awhile, but that's ok, I've got an hour drive ahead of me and unlimited minutes on my cell.

 

[DanB36]

This lady legit tried to tell me that it can take up to 30 business days for payoff. Um no, court docs say within 3 banking days.

Um, no, the court docs say the payoff must be sent within 5 banking days. There would presumably be some period of time while the payment is in transit (after all, the mail isn't instantaneous). Still well under what you're seeing, of course.

 

[krohbar]

what a great idea!

 

[NeverAgainVW]

Currently on hold with VW claims again. Day 36. This lady legit tried to tell me that it can take up to 30 business days for payoff. Um no, court docs say within 3 banking days. I am doing my form of a sit in. I'm not hanging up this phone until they hang up on me or its resolved. I've been magically transferred to some "escalation" team line. I'm sure I'll be on hold for awhile, but that's ok, I've got an hour drive ahead of me and unlimited minutes on my cell.

I am in the same boat! 3 Feb turn in and no payoff. Waiting for a resolution team member to call 5-7 days from when I escalated the issue. Today is day 7!

 

[razorrod]

Turn car on Feb 24 and today March 10th loan is paid off, as look at my account. It was great news.

 

[NeverAgainVW]

Spoke to Brittany today. What a nice girl. I even asked her if she drove a VW and she said no.

Anyway, apparently my claim was escalated again yesterday, assigned to a "resolution team" who will track down my check and send it. If they can't find my check they'll cancel it and send another.

I asked to be put in touch with the magically team but she said there is no way to do this.

So again, I sit and wait, wondering when this will be resolved, unable to get past that awesome defenses of the front desk.

 

[daesania]

Um, no, the court docs say the payoff must be sent within 5 banking days. There would presumably be some period of time while the payment is in transit (after all, the mail isn't instantaneous). Still well under what you're seeing, of course.

The court docs i was looking at said 3. But still, not 30 days.

 

[daesania]

Spoke to Brittany today. What a nice girl. I even asked her if she drove a VW and she said no.

Anyway, apparently my claim was escalated again yesterday, assigned to a "resolution team" who will track down my check and send it. If they can't find my check they'll cancel it and send another.

I asked to be put in touch with the magically team but she said there is no way to do this.

So again, I sit and wait, wondering when this will be resolved, unable to get past that awesome defenses of the front desk.

Apparently not. They transferred me to this magical "resolution team", i sat on hold for 1 hour before I had my dr appt where i /had/ to hang up.

Do you have the number for your buyback ambassador at the dealership? Mine is also helping me track down this payment as well, so maybe yours can also help. The lady local to me said that they have a special number that they call in for to get help, she said she's already handled 2 of the people who were missing payments from the 3rd, so something she is doing is right at least.

 

[daesania]

I am in the same boat! 3 Feb turn in and no payoff. Waiting for a resolution team member to call 5-7 days from when I escalated the issue. Today is day 7!

I reported the issue on the 23rd of feb, more than the 5-7 business days and they still have no update for me.

 

[6DOF]

EFT took 3 business days to get into our checking account. Loan at the credit union took 10 business days to close.

 

[helty]

Buyback on 2/25, VW Credit account closed on 3/10. We'll see how long it takes for them to pay me for the 2 extra payments I made.

 

[Benton]

Car returned 1/24
VW Credit loan paid 2/15
VW Credit web site didn't show $0 balance until 2/17

Now waiting for settlement check: loan payments, low mileage, etc.

VW Credit Settlement arrives 3/11

However... This was a low mileage car. Does that arrive in a separate check from VW America?

 

[kr70]

Buyback was 2/6/17, loan payoff was 3/3/17. They used a December payoff and I made two payments. My loan was due 3/3 and I called to see if I would need to make another payment. They said they had just got payment and it would take 10 business days to get my overpayment. The last step in my VW saga.

Today, received my overpayment, 3/11. finally done.

 

[helty]

Today, received my overpayment, 3/11. finally done.

Overpayment come via EFT or check?

 

[kr70]

overpayment come via eft or check?

check

 

[Benton]

VW Credit Settlement arrives 3/11
However... This was a low mileage car. Does that arrive in a separate check from VW America?

Low miles were in buyback $'s... so I'm done.

 

[phxcliff]

Today, received my overpayment, 3/11. finally done.

"The checks in the mail..." Turn in 1/25, loan payoff (VW Credit) was 2/17. Still waiting for the overage check.

 

[chief poncho]

It's been two weeks since I turned my car in and still waiting for loan payoff!

 

[daesania]

38 days (25 business days) no payoff.

 

[tomg113]

Just got off the phone with VW Credit again. They have not received the payoff check from VW yet. Vehicle turned in Feb. 3rd. I had a payment due March 9th, which I didn't pay. The rep from VW Credit said I "have nothing to worry about". She told me that as soon as they are notified of the buyback the account is put into an "active/protected" status. Which means they will not be reporting late to as credit companies. She again stated that I am not responsible for any more payments. They were told that payoffs are taking about 30 days from bayback dates.

 

[daesania]

They were told that payoffs are taking about 30 days from bayback dates.

except they're not for 99% of buybacks. Most people are 1-2 weeks tops :/

 

[PacCoastFwy923]

Just got off the phone with VW Credit again. ... They were told that payoffs are taking about 30 days from bayback dates.

except they're not for 99% of buybacks. Most people are 1-2 weeks tops :/

And that's what's so perplexing. From the buyback tracking spreadsheet, about 1/2 of the payoff payments are going to VW credit, and 30 days has been typical for them.

Meanwhile, my Unify Credit Union out in California, ranked #86 in the list of the largest 100 credit unions, received and posted my payment after 13 calendar days.

And somehow the independent claims supervisor, in the last report, has data to support that the **average** payoff check is dispatched in one day.

 

[daesania]

And that's what's so perplexing. From the buyback tracking spreadsheet, about 1/2 of the payoff payments are going to VW credit, and 30 days has been typical for them.

Meanwhile, my Unify Credit Union out in California, ranked #86 in the list of the largest 100 credit unions, received and posted my payment after 13 calendar days.

And somehow the independent claims supervisor, in the last report, has data to support that the **average** payoff check is dispatched in one day.

Seems to be random then, just based on responses in this thread. VW credit i see several responses that seem to have only taken about 2 weeks for vw payoff, so its hard to say :/

I'm with USAA, they said they have heard no word from VW.

Regardless, 30 days is entirely too long and goes against the court docs. I'm gonna also follow up with my FTC complaint tomorrow as well.

 

[jhawklver]

Seems to be random then, just based on responses in this thread. VW credit i see several responses that seem to have only taken about 2 weeks for vw payoff, so its hard to say :/

I'm with USAA, they said they have heard no word from VW.

Regardless, 30 days is entirely too long and goes against the court docs. I'm gonna also follow up with my FTC complaint tomorrow as well.

I may have the record for fastest. Turned in my car on 3/9 at 1 pm. My money hit my account today. Decided what the hell and looked at VW Credit... my account is closed, paid by check on 3/10.

I may have gotten lucky and got in right before a "batch" payment, or since I owed a low amount may have gotten lucky? Either way, no just waiting for the overrage refund and I'm done.

 

[daesania]

I may have the record for fastest. Turned in my car on 3/9 at 1 pm. My money hit my account today. Decided what the hell and looked at VW Credit... my account is closed, paid by check on 3/10.
I may have gotten lucky and got in right before a "batch" payment, or since I owed a low amount may have gotten lucky? Either way, no just waiting for the overrage refund and I'm done.

I think only one other person other than me has record for the longest

 

[PacCoastFwy923]

I may have the record for fastest. Turned in my car on 3/9 at 1 pm. My money hit my account today. Decided what the hell and looked at VW Credit... my account is closed, paid by check on 3/10.
I may have gotten lucky and got in right before a "batch" payment, or since I owed a low amount may have gotten lucky? Either way, no just waiting for the overrage refund and I'm done.

Another forum member claimed top spot just a few days ago, yet impressive all the same:

http://forums.tdiclub.com/showpost.php?p=5248454&postcount=538

Car turned in on 3/8 and VW Credit account shows closed today and payment received by check on 3/9.

And I just called VW Credit to find out when over payment check is coming, operator didn't even let me ask a question before she gave me all the information once she confirmed my account. She was nice and I said thank you and didn't want to waste any more of her time cause I'm sure she gets hundreds of calls a day right now.

Somebody at VW is on a hot streak!

 

[tx2017]

I may have the record for fastest. Turned in my car on 3/9 at 1 pm. My money hit my account today. Decided what the hell and looked at VW Credit... my account is closed, paid by check on 3/10.
I may have gotten lucky and got in right before a "batch" payment, or since I owed a low amount may have gotten lucky? Either way, no just waiting for the overrage refund and I'm done.

Mine happened pretty quick too closing 3/3 Friday VW credit loan paid off 3/7 Tuesday but only the current payoff amount, not what was due to me per the offer. In total it was 3 payments less.

I started another thread regarding this discrepancy.

 

[rennocneb]

They are on a hot streak unless your turn in was between 2/2 and 2/4 because i was just told by class counsel not to expect payment within the next two weeks. Its been 38 days. they had 5 business days. they have had over 5 times that and im told at least 14 more days and he wouldnt hold my breath on that either. This is beyond ridiculous. he basically said VW counsel wont even speak to them and reply to emails from class counsel. ive been esclated since Feb 23rd. What are we left to do?

 

[PacCoastFwy923]

Well, there's that list of VW executive buried in a thread here somewhere. You could try that route.

I agree, beyond ridiculous, and this one feels one step short of an intentional act. Keep hammering VW and the attorneys; persistence is your best option.

 

[JettaJedi]

They are on a hot streak unless your turn in was between 2/2 and 2/4 because i was just told by class counsel not to expect payment within the next two weeks. Its been 38 days. they had 5 business days. they have had over 5 times that and im told at least 14 more days and he wouldnt hold my breath on that either. This is beyond ridiculous. he basically said VW counsel wont even speak to them and reply to emails from class counsel. ive been esclated since Feb 23rd. What are we left to do?

Agreed! Our BB was 2/4 and still waiting after multiple calls to VW. No answer from class counsel either. Anyone have the judge's email ? Maybe a more direct approach is in order and if class counsel is not telling them of the violations than it's time for we to speak up.