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

j-bone

Well-known member
Joined
Nov 17, 2014
Location
CT
TDI
No more TDlIes
Well, here's a fun one...

I had originally scheduled my appointment for 12/21. However, after recalculating buyback on my mileage, it worked out in my favor to keep the car parked one more month and gain an additional $420 back in mileage.
So I cancelled the original 12/21 appointment online on the 15th and rescheduled to the next available - 1/25...
However, today when I went into my VW Credit account, the account is showing as CLOSED with $0 balance! They paid off my loan and I haven't visited a dealer yet to turn in my car or even sign any docs!

Pure speculation, but I guess if you want your loan paid off before you turn in your car, just reschedule your turn-in. Their process is so broken that they will pay if off as if you had kept your original appointment, at least they did on mine.
When was the loan paid off ?
Very similar to my experience.
Seems like they are mailing checks ahead of time and not expecting the appointment to be canceled.
 

Cincy_TDI

Veteran Member
Joined
Jul 30, 2013
Location
Cincy
TDI
Passat SE TDI
Did everyone drop insurance on their turned in TDI? Normally if you still have an outstanding loan, you need insurance...

Day I turned in my car, VW gave me a receipt for the car it is in their possession. I cancelled insurance on the vehicle.
 

beancounter

Well-known member
Joined
Oct 19, 2016
Location
Rancho Cordova, CA
TDI
2014 Sportwagen 2013 Beetle Conv
Just called Credit Union still not paid off. I turned in car on 12/19. Already made extra payment.
I have another car stuck on step 17.

Class action counsel and FTC missing in action.
 
Joined
Nov 30, 2016
Location
East Bay Area
TDI
Golf
At long last, my TDI turn in journey is nearly complete! My loan with VW Credit was finally paid in full today. It's only taken 16 days since the original turn in date of 12/19/16 at 2:00 p.m. PST! When I checked today first thing in the morning, the account was still open and it showed a January payment was due on the 23rd. I checked just now around 4:00 p.m. PST and the account was closed!! I reviewed the payment history and the amount per the settlement letter was paid today. I said in the first sentence, "almost complete" since the settlement letter loan payoff did not include my November 2016 payment or the December 2016 which I made on December 30, 2016 to avoid late fees. My journey will be complete once VW Credit pays me back for VW Settlement's overpayment! Will let you know when I get my money back!
 

TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
Same here. If it's wrecked in VW's possession, that's their problem. They have my title, it's no longer my car.

Nope, this isn't true. They don't have the title until the loan is paid in full. Until then, the title and registration is in your name, and you are legally and financially responsible for the car.
 

Roishe Cheng

Veteran Member
Joined
May 25, 2013
Location
South Bronx, NYC
TDI
2013 Passat
Nope, this isn't true. They don't have the title until the loan is paid in full. Until then, the title and registration is in your name, and you are legally and financially responsible for the car.
You said LEGALLY and FINANCIALLY responsible. Big differences.

Financially, yes.

Legally, NO.

Their document very clearly says that on the date of signing, "I no longer have possession of or any interest in the referenced vehicle."

I no longer HAVE POSSESSION. Not my car anymore. I don't care about the status of the title (that's also their problem). I have a signed document that I can hold up in a court of law showing that on this date I washed my hands. Regardless of what's going on in the back end between VW and my bank, the car is no longer mine. There is more than enough inference there for any judge to see that you couldn't be held responsible.

Key statement: "Date of signing."

I signed, handed over keyfobs, plates were removed, insurance was canceled. If someone joy rides with it from the dealership and crashes it and kills a cadre of people, the dealer is responsible. They chose to drive a car without plates and/or insurance and why should MY insurance cover irresponsible actions and I suffer the consequences in terms of payout or higher rates. Think about what you're saying here. You want the owners who turned their cars in, once they leave still be LEGALLY responsible for damages to said vehicle or damages caused by same?

So what you're saying is essentially YOU should be responsible if a truck crashes into a fenced VW lot and mashes up your car? Why should that even go on your claim? What are you holding onto coverage for? The dealer has more than enough insurance to cover damages.

The financial part, there is no disagreement there, I need to keep paying until VW pays the bank off, however this wasn't about financial, it was about insurance.

 
Last edited:

phxcliff

Active member
Joined
Oct 15, 2015
Location
Chandler, AZ
TDI
2013 Passat TDI SE (Turned in 1/25)
When was the loan paid off ?
Very similar to my experience.
Seems like they are mailing checks ahead of time and not expecting the appointment to be canceled.
It shows the loan was paid on 12/30, but my account didn't update the online info until 1/2.

I'm wondering, since I haven't signed the POA, will VW send the title to me?
 

TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
No, I agree that in court, VW would lose, and badly. I'm simply referring to the absolute fact that until the loan is paid and the account is closed, that vehicle is still legally yours and your lienholder. You'd have to read my posts to understand, but we're in agreement. This just shows how messed up this is, not that it already hasn't been.
 

csl223

Veteran Member
Joined
Nov 16, 2013
Location
Florida
TDI
2013 Beetle TDI, 6sp Manual
You said LEGALLY and FINANCIALLY responsible. Big differences.

Financially, yes.

Legally, NO.

Their document very clearly says that on the date of signing, "I no longer have possession of or any interest in the referenced vehicle."

I no longer HAVE POSSESSION. Not my car anymore. I don't care about the status of the title (that's also their problem). I have a signed document that I can hold up in a court of law showing that on this date I washed my hands. Regardless of what's going on in the back end between VW and my bank, the car is no longer mine. There is more than enough inference there for any judge to see that you couldn't be held responsible.

Key statement: "Date of signing."

I signed, handed over keyfobs, plates were removed, insurance was canceled. If someone joy rides with it from the dealership and crashes it and kills a cadre of people, the dealer is responsible. They chose to drive a car without plates and/or insurance and why should MY insurance cover irresponsible actions and I suffer the consequences in terms of payout or higher rates. Think about what you're saying here. You want the owners who turned their cars in, once they leave still be LEGALLY responsible for damages to said vehicle or damages caused by same?

So what you're saying is essentially YOU should be responsible if a truck crashes into a fenced VW lot and mashes up your car? Why should that even go on your claim? What are you holding onto coverage for? The dealer has more than enough insurance to cover damages.

The financial part, there is no disagreement there, I need to keep paying until VW pays the bank off, however this wasn't about financial, it was about insurance.

Agree completely, did my buyback today and my insurance is now cancelled. If something happens to the beetle now they can go ahead and try to sue me haha :D
 

Cincy_TDI

Veteran Member
Joined
Jul 30, 2013
Location
Cincy
TDI
Passat SE TDI
Called the 800 TDI line this AM since my VW Credit loan has not been paid off yet. They gave me a FedEx tracking number for my docs and payoff. Tracking the package it is a 4lb package so it apparently has more than just my docs. it is not due for delivery until Friday afternoon. Go figure they shipped it the cheapest way possible.

TDI Turn in was on 12/20.

looks like we may be getting closer to the end...
 

Smallz

Active member
Joined
Nov 20, 2016
Location
WA
TDI
2015 VW Passat
Called the 800 TDI line this AM since my VW Credit loan has not been paid off yet. They gave me a FedEx tracking number for my docs and payoff. Tracking the package it is a 4lb package so it apparently has more than just my docs. it is not due for delivery until Friday afternoon. Go figure they shipped it the cheapest way possible.

TDI Turn in was on 12/20.

looks like we may be getting closer to the end...
Just looked up the number I got from VW claims and it is a fedex tracking number as well. They had told me it was a EFT tracking number should of known better lol. Glad you posted this as I looked mine up and it is set for shipping today and delivery on the 9th.
 

tonymtdew

Member
Joined
Nov 21, 2015
Location
York, PA
TDI
2014 Passat TDI SEL Premium
Just looked up the number I got from VW claims and it is a fedex tracking number as well. They had told me it was a EFT tracking number should of known better lol. Glad you posted this as I looked mine up and it is set for shipping today and delivery on the 9th.
I called the claims number twice yesterday and they said that they could not provide me the tracking number and that I would need to call the class counsel. ***
 

DanB36

Veteran Member
Joined
Jul 13, 2003
Location
Savannah, GA
TDI
2014 Q5 Prestige TDI, Monsoon Gray
make the payment VS defer.. it is your credit rating...
No impact on your credit one way or the other--if the lender agrees to defer a payment for a month, you're still paying as agreed. But do one or the other, don't just fail to make the payment.
 

ajjl2015

Member
Joined
May 20, 2015
Location
Tennessee
TDI
2015 Jetta S 6M
Had my buyback appointment 12/29, I spoke to a VW Credit rep this morning and he said they were told that VW would send them the payoff amount 3 to 5 business days after the transaction. I asked about making a payment since my next payment is due 1/7 and he said not to worry about it for the time being, he said they don't assess a late fee until after 11 days late and don't send any info that could affect your credit score until after 31 days late.
 

jtdid

Well-known member
Joined
Dec 5, 2016
Location
Maryland
TDI
Golf SportWagen TDI
Just got off the phone with with VW 800 claims number (1-844-98-CLAIM) trying to find out the status of my loan payment and hopefully get a tracking number like some other people have been able to get.

The person I talked with was very polite, but told me she could not get the tracking number for the loan payoff. She then gave me a number at Chase to call, since she said that Chase was also handling paying off the bank loan. The number she gave me was 1-855-267-0484, which I confirmed with her twice.

I then called 1-855-267-0484 which has NOTHING to do with Chase or VW, but rather is a place called "Pinehurst" which seems like a resort or golf course of some kind.

So I was about to call VW back to talk with them again about the wrong number, but then, a few minutes later, the agent I spoke with earlier called me back! She said she did some more research on my account and found a tracking number for me. Before she gave me the tracking number I reconfirmed the 1-855-267-0484 phone number and she said, "that's the number they told us to give." She apologized for that, then gave me the tracking number, which looked like a FEDEX tracking number.

I then typed the tracking number into FEDEX's website, and it says that the scheduled delivery for the package is Monday 1/9.

I'll post an update on what happens...
 

fredthe

Veteran Member
Joined
Jul 18, 2012
Location
Bowie, MD
TDI
2013 Passat SEL Premium DSG, 2015 Golf Sportwagon SEL DSG
Did everyone drop insurance on their turned in TDI? Normally if you still have an outstanding loan, you need insurance...
Here in Maryland, you are required to insure the car as long as it is registered. Once you turn in the plates you can cancel the insurance, they don't care if you still own it. If you cancel the insurance without cancelling the registration (typically evidenced by returning the plates) it's a $150 fine.

YMMV
 

TDIbanker

Member
Joined
Jan 5, 2017
Location
Tennessee
TDI
2013 Jetta
Had my buyback appointment 12/29, I spoke to a VW Credit rep this morning and he said they were told that VW would send them the payoff amount 3 to 5 business days after the transaction. I asked about making a payment since my next payment is due 1/7 and he said not to worry about it for the time being, he said they don't assess a late fee until after 11 days late and don't send any info that could affect your credit score until after 31 days late.
My fellow Tennessean is correct. Nothing happens to your credit if you go past the 10 day grace period as long as you don't go over 30 days past due. You will get a late fee, but no credit ding. Your credit isn't affected until you go past 30 days delinquent.

I got an extension/deferment from VW Credit in September thinking the buyback was coming soon, and they gave me another one today. I just told them the truth, I don't want to make a payment on a car I don't have. According to the rep I spoke to, they will approve 2 extensions in a rolling 12 month period.
 

no-blue-screen

TDI Nut
Joined
Feb 9, 2006
Location
Maryland
TDI
TDI
This is so aggravating. I called VW claims on 1/4/2017 that they told me "lein holder payment received" was the status as of 12/29/2016 at 9pm. They contacted VW for a tracking number and told me that I should call back as they don't know how long it will take VW to respond to them.

I did my buy back on 12/23/2016. I too am receiving late fee due to VW not sending the payment to the lien holder.

I tried calling again today and the lady I spoke with refused to talk to me because my wife's name is the primary owner on the title even though I am a co-owner.

I am trying to get a tracking number out of them and the lady did volunteer that it can take between 30-90 days for them to pay off the lien holder. I wasn't going to argue at that point and just figured I would call back. 30-90 days is not acceptable. VW stated an amount they were going to pay my lender which is already more than is owed on the vehicle. I too am not going to make payments on a vehicle that has been legally transferred back to VW.

Lastly I am trying to get them on chat because the phone system doesn't seem to be working properly on the claims hotline (call is never transferred ...just dead air).
 

Fitzwilly

Member
Joined
Aug 23, 2013
Location
Coburnville
TDI
2012 Golf TDI 4dr
I called the claims number regarding my payoff through VWCredit and they told me the check was FedEx'd today and gave me a tracking number. When I asked what took so long she told me due to the holiday blah blah blah and it was still in the time frame allowed by the court. I turned the vehicle in 12/23, today/tomorrow would be 8/9 business days later; court ordered 5. Either way, I've made 2 payments since they got the payoff and VW owes me close to 900, let's see how far I get with arguing that they need to refund any interest dating back to 12/23.


Sent from my iPhone using Tapatalk Pro
 

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
No, I agree that in court, VW would lose, and badly. I'm simply referring to the absolute fact that until the loan is paid and the account is closed, that vehicle is still legally yours and your lienholder.
The rub there is that even your insurance company would agree with this logic, and would refuse to pay the claim of a joyriding buyback ambassador or a strung-out delinquent driving into the pre-school.


Called the 800 TDI line ... Tracking the package it is a 4lb package
They had told me it was a EFT tracking number should of known better lol.
I've always wondered how much an EFT weighs!
 

TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
The rub there is that even your insurance company would agree with this logic, and would refuse to pay the claim of a joyriding buyback ambassador or a strung-out delinquent driving into the pre-school.
I've always wondered how much an EFT weighs!
And precisely what my insurance company also said, which is why I've kept it insured. I don't think people understand that yeah, you would prevail in court, but in the short term eyes of the law, that vehicle is still legally and financially yours. Still no payoff on mine. Returned 12/17
 

no-blue-screen

TDI Nut
Joined
Feb 9, 2006
Location
Maryland
TDI
TDI
Well I got some good news after my chat. The person I spoke with on Chat told me they had a tracking number for me. I checked on the FedEx website and it was sent priority overnight and that it is scheduled to be delivered before 10:30am tomorrow.

Two weeks after turn in folks. I am glad the situation is almost resolved. Now hopefully they pay the correct amount to my lender which would mean I get a little more cash back. However they are doing it ...it seems the payments to lien holders come from VW america HQ and not through chase.
 

Roishe Cheng

Veteran Member
Joined
May 25, 2013
Location
South Bronx, NYC
TDI
2013 Passat
The rub there is that even your insurance company would agree with this logic, and would refuse to pay the claim of a joyriding buyback ambassador or a strung-out delinquent driving into the pre-school.
I've always wondered how much an EFT weighs!
Once a business takes care, custody and control of your vehicle (which in this case VW is), they are 100% responsible for its safety. Even if the business took reasonable care, if your car is damaged, it is their insurance, not yours, that you can have process the claim and pay to fix it.

And precisely what my insurance company also said, which is why I've kept it insured. I don't think people understand that yeah, you would prevail in court, but in the short term eyes of the law, that vehicle is still legally and financially yours. Still no payoff on mine. Returned 12/17
Did you speak to an insurance CSR or an actual insurance claims agent. I've been through this before, had a car stolen from a dealer's lot (was supposed to be worked on, but they kept it in storage at the showroom lot) in Newark, NJ - recovered 2 days later by East Orange PD, crashed and stripped. Not only did the shop's insurance pay but my insurance company told me not to pay a dime and there would be no subrogation involved. And this was with me having a spare key and no power of attorney handing over ownership to the dealer (as we are doing as part of the buyback process).

Dealers are licensed/bonded/insured. You gents are really worrying about nothing here and spreading FUD on this matter.
 
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