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

[daesania]

I emailed all 3 exec's listed earlier in this thread to no avail. My lawyer also stated it sounds like this is gonna be weeks, not days til resolved.

How hard is it to cut a f-ing check? Or jesus, give me an EFT and i'll do it.

 

[chief poncho]

If I don't get my loan paid off by the end of the month, I'm calling the state attorney generals office and I'm also reporting the car as stolen.

I recommend any of you waiting 30 days plus do the same. Lets see how VW handles a second class action fraud case from not paying off loans in a timely manner. People with 3rd party loans are responsible for the interest accrued. VW essentially bought my car with the agreement to assume the loan. I knew I should have paid it off. 2 weeks is ridiculous, nevermind over a month for you guys.

 

[daesania]

VW will pay back the interest. There is a panel set up for cases like ours for monetary damages.

 

[daesania]

email is CRC@vwcourtsettlement.com Need names, VIN and claim # included in email (along with the actual monetary loss). Class action lawyer said not to email until loan is paid off though.

 

[rennocneb]

Daesania did your FTC complaint do any good at all?

 

[daesania]

Daesania did your FTC complaint do any good at all?

Not thus far.

 

[daesania]

Updating here in case others were following and didn't see the other thread, but I was informed today by a supervisor that those of us from Feb 3-Feb 5th dates should be expecting an email from VW regarding our non payment of loans. They have finally gotten it through to their heads that this is a widespread issue. Maybe my dozens of emails and tweets and facebook posts got someone to notice.

They will be emailing all affected people sometime today with what happened and how they're going to fix it and when it will be fixed. Its not paid off but its a step that they've admitted there's a widespread issue.

 

[uscnoklahoma]

Less than 2 weeks for me. I turned it in on March 2nd and it was paid off yesterday. Still sad to see it go. There is no other car the size of the passat with a diesel. However, I am adapting to my non diesel cruze and find it acceptable. Its a decent little car and it helps that I won it lol

 

[843tdi]

Turned mine in Feb 9th. Went by the bank today since I knew another payment was due to confirm payoff and they told me it still had not been paid off. So I paid another payment but it sounds like the issue maybe extended past the 2nd-5th dates mentioned.

 

[daesania]

Turned mine in Feb 9th. Went by the bank today since I knew another payment was due to confirm payoff and they told me it still had not been paid off. So I paid another payment but it sounds like the issue maybe extended past the 2nd-5th dates mentioned.

Definitely call and report that.

 

[drocker]

Sorry for this being my 1st post. Only had the Jetta for a little over 2 years with zero issues. I know everyone has their story about the buyback and I being one am truly frustrated.

March 1st. Took car in to the dealer for the buyback. This was painless. I was asked by the salesman if I liked the 2017 Golf R sitting on the showroom floor. I said yes, who wouldn't. He asked what would it take to get me in it. I said, you sign the title over to me and I will let you know when I can make payments. You know since that is what I essentially did with the buyback. He didn't think it was funny. On the way out the door, I called State Farm agent and told her to cancel car insurance on the Jetta.

March 2nd around 10pm. Got email for EFT. Put in my info. Friday morning when I got work, money was in account.

March 7th. Get a letter from the bank stating that my car insurance had been cancelled and that I needed to reinstate the policy. I sent them (the bank) a copy of the papers my wife and I had signed at the buyback. The bank laughed at them and said there is nothing official about the documents we signed such as a notary signature. So I can't cancel my car insurance at this time. Kansas law is you have to have full coverage insurance on you car if you have lien against it.

March 9th. Still no payoff to the Credit Union that I use. Its literally walking distance from where I work. Been banking with them since 2006. So I called the VW Claim hotline. Was told by the gentleman that VW had 10 business days to pay loan off or they (VW) pays a daily penalty. So I would wait till the 15 and see.

March 15th. Still no payoff. I call the VW claim number again. This time I am told that VW has 5 to 30 business days to pay off the loan once "they" get the check. I asked who "They" was and the lady said she didn't know. All she said was that "They" inform her when the check is finally sent out by providing a tracking number. I asked if "They" have the check and she said this group has had the check since march 9th. So 7 days "They" have had the check and it hasn't been sent out. She couldn't explain why there is a hold up. Why is there a need to hold a check for so long. I was told to call back in a week. My bank is trying to be understanding but even they don't understand in todays time why the funds are not being electronically transferred. My loan officer even said that for the last 8 to 10 years that most transactions for payoffs are always EFT. She even said the VW is doing this check mailing thing for a reason and its not to benefit us the consumer.

 

[NeverAgainVW]

Updating here in case others were following and didn't see the other thread, but I was informed today by a supervisor that those of us from Feb 3-Feb 5th dates should be expecting an email from VW regarding our non payment of loans. They have finally gotten it through to their heads that this is a widespread issue. Maybe my dozens of emails and tweets and facebook posts got someone to notice.

They will be emailing all affected people sometime today with what happened and how they're going to fix it and when it will be fixed. Its not paid off but its a step that they've admitted there's a widespread issue.

Thanks for the heads up. Part of my biggest frustration here is the simple lack of communications from VW on any of this. The only way I can find out ANYTHING is calling the stupid customer service desk.

Still waiting for payoff, almost 45 days later...

 

[daesania]

Thanks for the heads up. Part of my biggest frustration here is the simple lack of communications from VW on any of this. The only way I can find out ANYTHING is calling the stupid customer service desk.

Still waiting for payoff, almost 45 days later...

Same. Never got the email but someone posted a copy of an email that was addressing the delays but it was ONLY to VW credit owners, not those of us with private lenders. I've got a call into a supervisor for an update, she was going into a meeting and said she'd call back.

 

[COA3TDi]

I am on the flip side of this. Turned the car in on 16FEB, the loan was paid off 1MAR2017, and I have yet to receive the rest of the amount via electronic payment.

 

[Kukaless]

I am on the flip side of this. Turned the car in on 16FEB, the loan was paid off 1MAR2017, and I have yet to receive the rest of the amount via electronic payment.

I also had a very quick turnaround. Makes you wonder why such a disparity.

Turned in Passat: 3/4/17 – 10-minute process if that.
Email from VWGOA: 3/4/17
Email from JP Morgan Chase: 3/6/17
Accepted EFT: 3/6/17
EFT hit my bank: 3/8/17
Loan paid off: 3/14/17 – Loan overage payment deposited into my account by my bank(local credit union). 4 days before my next due date.

Loan paid off in 10 calendar days for me.

 

[NeverAgainVW]

Received today, while on the phone with the claims line

It recently has come to our attention that payoffs to certain lenders for buybacks that were completed in February 2017 were not completed as intended. Most of those affected had buybacks completed between February 3rd and February 5th.

We are contacting you because the payoff of the loan associated with the vehicle ##############, which you sold back to Volkswagen as part of the TDI Settlement program on 2/3/2017, was among the payoffs that were not completed as intended.

Payment in full to your lender will be made next week. Additionally, a letter will be provided to your lender confirming that the failure for payoff earlier is the full responsibility of Volkswagen Group of America.

You will be sent a copy of the payoff check and letter for your records to the mailing address associated with your claim, with our apologies for any inconvenience that this issue may have caused.

Thank you,
TDI Settlement Support
Volkswagen Group of America

 

[chief poncho]

3/1 turn in and still waiting for loan payoff. I used the chat line and was informed no tracking number for payoff check was received yet, so no additional information was available. 10 business days is plenty of time for this to happen, nevermind 13. I'll be watching closely.

 

[tomg113]

Buyback on Feb. 3rd
VW Credit loan paid off March 15th
Now we wait for the VW Credit refund for 2 payments. I think I remember being told it could be about 30 days till I receive the check.

 

[rennocneb]

vw credit says 15 but i hear 30. really thats utter bull**** had we waited 30 days to pay a payment the repo man would have been after us

 

[pknopp]

Turned mine in on Feb 15th. Still no refund check. If not soon I will be calling.

 

[oldhifi]

Finally got my overpayments from VW credit yesterday 3/18/17, so everything is done..

 

[JettaJedi]

vw credit says 15 but i hear 30. really thats utter bull**** had we waited 30 days to pay a payment the repo man would have been after us

Tuesday it will be 45 days since buyback and no payoff.

 

[NeverAgainVW]

Tuesday it will be 45 days since buyback and no payoff.

Did you get this email?

"It recently has come to our attention that payoffs to certain lenders for buybacks that were completed in February 2017 were not completed as intended. Most of those affected had buybacks completed between February 3rd and February 5th.

We are contacting you because the payoff of the loan associated with the vehicle ############, which you sold back to Volkswagen as part of the TDI Settlement program on 2/3/2017, was among the payoffs that were not completed as intended.

Payment in full to your lender will be made next week. Additionally, a letter will be provided to your lender confirming that the failure for payoff earlier is the full responsibility of Volkswagen Group of America.

You will be sent a copy of the payoff check and letter for your records to the mailing address associated with your claim, with our apologies for any inconvenience that this issue may have caused.

Thank you,
TDI Settlement Support
Volkswagen Group of America"

 

[daesania]

Day 45. Loan still unpaid.

 

[JettaJedi]

Did you get this email?

"It recently has come to our attention .....

No, we did not, possibly this went out to VWcredit loans only ?

We have been able to finally reach a settlement attorney but have had to explain in detail about the issue (3 months of loan and interest overpayments - in a few days it will be 4 - over $1200, insurance payments since buyback date, etc...) - so it appears not everyone at the firm is aware of the ongoing issue. The attorney has been responsive so far, but no remedy has occurred yet.

 

[Duramaxdude]

My Buy back was march 1st, and loan pay off check to local credit union was delivered today. Took longer than i wanted but quicker than a lot of you guys. Good luck!


Sent from my iPhone using Tapatalk

 

[JettaJedi]

A new poll has been created to help identify how many loans are still outstanding after 30 days.
http://forums.tdiclub.com/showthread.php?t=475342

 

[DUBPL8]

Reposted from another thread:

Would it be better to just pay off the remaining balance of the loan on your own instead of waiting for VW Credit to do so? That way you receive the FULL amount that VW offered you?

 

[PacCoastFwy923]

Reposted from another thread:

Would it be better to just pay off the remaining balance of the loan on your own instead of waiting for VW Credit to do so? That way you receive the FULL amount that VW offered you?

Better? In general, not really. If you pay off your loan after you've started the submittals for buyback, you'll need to restart the process. Granted, that process is running faster than a few months ago, so it's not a significant delay.

The new submittal will require the title. Some states don't provide the owner with a title until the lien is paid, so there's a potential DMV delay. Other states with a two-copy title system have caused VW hangups because the owner's copy of the title lists a lienholder, which at least one forum member here had to work through.

Lastly, if you pay it off but don't change the paperwork, and VW sends a check to your lender, in at least one instance recently the bank refused the check (rather than roll it over to the owner) because they wouldn't accept payment to a closed loan account.

Point being there are potential hiccups no matter which way you choose. For the great majority, VW's process has worked, albeit usually slower than hoped or intended. Nothing is wrong with paying the loan early, but it doesn't guarantee an error-free buyback.

 

[DUBPL8]

Better? In general, not really. If you pay off your loan after you've started the submittals for buyback, you'll need to restart the process. Granted, that process is running faster than a few months ago, so it's not a significant delay.
The new submittal will require the title. Some states don't provide the owner with a title until the lien is paid, so there's a potential DMV delay. Other states with a two-copy title system have caused VW hangups because the owner's copy of the title lists a lienholder, which at least one forum member here had to work through.
Lastly, if you pay it off but don't change the paperwork, and VW sends a check to your lender, in at least one instance recently the bank refused the check (rather than roll it over to the owner) because they wouldn't accept payment to a closed loan account.
Point being there are potential hiccups no matter which way you choose. For the great majority, VW's process has worked, albeit usually slower than hoped or intended. Nothing is wrong with paying the loan early, but it doesn't guarantee an error-free buyback.

Appreciate the detailed clarification to my inquiry, thanks again!