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

[grawk]

Buyback on the 8th, vw credit shows paid off on the 23rd

 

[phxcliff]

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


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I was told by a VW Credit rep that they hold the overage checks for 15 days before sending them out.

 

[amstel78]

Turned in 1/11.
Paid off today 1/19 VW credit.

8 days? That's gotta be a record.

 

[kuklaki]

Turned in Jan 5, payoff now posted on non-VW credit bank. It's officially over.

 

[TosaTDI]

My 2012 Golf TDI was bought back on 1/7. I also received an email receipt while I was sitting at the dealer completing the buyback. I'd guess that if you don't receive an email receipt while at the dealer something has gone awry with your buyback. Chase email received 1/9 with funds showing up in my account the next day 1/10. I am seeing a final payment received by VW Credit that matches the amount on my settlement form and my account is shown as closed on 1/23. Of course I had a monthly payment due on 1/23 which I paid as I don't trust any of the comments about not making a payment on a vehicle tied up in the buyback. Not saying anyone here is making anything up, I just don't trust what someone is being told by VW or VW Credit.
Last step will be a check for the overpayment and cancellation of the extended warranty so I can pay off the loan on the new 2017 GTI. Sorry to hear about those getting caught up in the process. I am located in the Milwaukee area and was able to get a Saturday buyback appointment scheduled within 3 weeks of all of my paperwork getting approved.
Good luck to all working through the process. Hang in there and you'll get through it.

 

[lorindol]

overage check received

My loan was paid off with VW Credit on 1/2/17. Just received a check yesterday for the overage amount from the payment I had made in December. So now it's completely finished.

 

[rml612]

Turned my car in on 12/27/16, loan with VW credit was paid off on 1/19/17, over 3 weeks. They owe me about $415 from my December payment. This nightmare is almost over. Good luck to everyone else.

 

[ejmat]

January 6: Car turned-in
January 23: Loan with Audi Finance (i.e., VW Credit) repaid

 

[BlueGruff]

Dec 30 - buyback closed
Jan 13 - BofA loan paid off
Jan 24 - overpayment check received

 

[Fitzwilly]

I was told by a VW Credit rep that they hold the overage checks for 15 days before sending them out.

My Buyback was 12/23
Loan payoff was 1/6
Got my overage check yesterday 1/24
Finally done with VW and very happy with my Toyota.


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[evantful]

Buyback: 1/5/2017
Loan Payoff: 1/24/2017

Fifth Third Bank

 

[Squanto Bodeen]

Buyback 12/19/2016
VW Credit Loan paid off 1/3/217
Overpayment check received today 1/25/2017

 

[thorpatterson_ritz]

wanted to share that my vw loan thru vw was finally paid off after 21 days. I got so pissed off at VW I wrote the VW claim and below is response I obtained today.

My name is Lisa Petak, and I am an attorney at Keller Rohrback. The managing partner at my firm has been named to the Plaintiff Steering Committee, and we represent owners of TDI Volkswagens. The committee has just assigned more lawyers to assist claimants, and I hope I can help.

First off, I’m sorry that the buy-back process has been so frustrating. You are not alone in your frustration, and I assure you the court is aware of the concerns of the class.

VW is batching all payoffs to VW Credit with multiple claimants, so they will often take longer to be sent -- but will be processed more quickly once they arrive. For those with loans through servicers other than VW Credit, VW has 5 banking days from the buyback date to send payment, and those loan payoffs are 100% paper checks overnighted to banks. Some banks are slower than others to process the payoffs once received, however.

VW Credit is waiving any late fees from the date of the buyback. This raises a question about interest, and that is still being resolved by VW; however, because VW Credit processes loan payoffs much quicker than other banks -- even after the batching delay -- the net payoff time should be about the same as other banks because the processing is quicker.

Moreover, VW Credit customers do not need to make any payments to VW Credit after they complete their buyback appointment and receive their receipt. Due to the monthly batch process, a claimant may receive payment reminders after they complete their closing and can disregard these as long as they have completed their closing and have a receipt. VW Credit will refund directly to claimants any excess in the loan payoff amount paid by VW to VW Credit due to a claimant’s loan payments between final offer letter and Buyback appointment, pending any necessary validation by VW Credit.

If you have any specific questions regarding your payoff, you should contact VW Credit directly. However, if your loan is through another servicer, please let me know and I'll see what we can do.

Best,
Lisa

Lisa Faye Petak
Keller Rohrback, LLP

VW “Clean Diesel” MDL No. 2672 | Plaintiffs Steering Committee
info@vwclasscounsel.com

 

[PacCoastFwy923]

...VW Credit customers do not need to make any payments to VW Credit after they complete their buyback appointment and receive their receipt. Due to the monthly batch process, a claimant may receive payment reminders after they complete their closing and can disregard these as long as they have completed their closing and have a receipt.

Best,
Lisa Faye Petak
Keller Rohrback, LLP
VW “Clean Diesel” MDL No. 2672 | Plaintiffs Steering Committee
info@vwclasscounsel.com

Wow, well, that's about as close to "in writing" as I can expect to see. But it's not coming directly from VW. I wonder how "my lawyer told me not to pay" goes over in front of a judge.

 

[inthewoods]

And I'm officially done...

Returned to car on 1/10, and GAP rebursment hit the bank last week.

I was getting a little antsy so I called the claim line and found out the payment was mailed 1/25.

Today I received notice from FedEx the check was delivered (1/27) and within a few hours the loan was paid off!!!

Called the bank and the overpayment check is being placed in the mail today.

 

[HarBro]

Turned in car 1/6
Loan paid today 1/27

14 business days.

What really grinds my gears is the interest accruing from 11/28, the date the buyback amount was set, till today.

 

[PacCoastFwy923]

What really grinds my gears is the interest accruing from 11/28, the date the buyback amount was set, till today.

In my case, when the calendar flips to February, the value of my car magically shoots up $600.

So the $120 I've lost to the bank in interest since we stopped driving the car end of September, and a couple hundred in insurance, is at least turned into a modest bonus due to the wait.

 

[twistedcricket]

Paperwork finalized, 12/15/16
Buyback Appointment, 1/13/17
Loan Paid, 1/27/17
The lady who handled my buyback said it would be 7-10 business days. Depending on how you calculate dates vs when the bank transactions go through, it was 10. I wasn't going to be concerned until Monday

Finally. Done.

 

[Mr. Furious]

Paperwork finalized, 12/15/16
Buyback Appointment, 1/13/17
Loan Paid, 1/27/17

Who was your loan with?

 

[senez]

Potentially a record fast payoff?

I turned my VW in on 1/24. Balance remained on loan when I checked Friday.

Checked this morning, 1/30, and it reads $0.

This was with BB&T. That's crazy fast, to me.

 

[amstel78]

Still waiting for payoff.

Turned in on 14 January.

Spoke to VW Claims - they said a check was generated on 21 January but no tracking number. They "promised to escalate."

Next payment due 1 February.

 

[chadbag]

Still waiting for payoff.

Turned in on 14 January.

Spoke to VW Claims - they said a check was generated on 21 January but no tracking number. They "promised to escalate."

Next payment due 1 February.

Me too. My "JSW #2 with lien" buyback was 1/14 and as of yet the account is still open. VW Credit. Payment is due today. I'll use the grace period to let it go another week or two.

 

[amstel78]

Me too. My "JSW #2 with lien" buyback was 1/14 and as of yet the account is still open. VW Credit. Payment is due today. I'll use the grace period to let it go another week or two.

I called VW Credit this morning again. They again reiterated that customers need not pay for those who participated in the buyback and no longer have their vehicles. That said, she said the turnaround on checks getting received from VWoA has been averaging 10-15 working days so she advised to wait at least 1 more week. There's a 30 day grace period as well, so they don't report until after 1 month of non-payment. If I still see nothing by the end of this week which makes 15 working days, I'll submit a payment for February and wait for the overage check to be returned.

Your check is probably sitting in a stack along with mine since we both turned in on the 14th.

 

[chadbag]

I called VW Credit this morning again. They again reiterated that customers need not pay for those who participated in the buyback and no longer have their vehicles. That said, she said the turnaround on checks getting received from VWoA has been averaging 10-15 working days so she advised to wait at least 1 more week. There's a 30 day grace period as well, so they don't report until after 1 month of non-payment. If I still see nothing by the end of this week which makes 15 working days, I'll submit a payment for February and wait for the overage check to be returned.

Your check is probably sitting in a stack along with mine since we both turned in on the 14th.

I hope they hurry up. I should be getting close to $450 back from overage due to paying in December after they had gotten payoff info and I could use that for something coming up in February (we are trying to buy a house lot that would close mid Feb and due to appraisal I may need to come up with a small amount extra).

 

[opelgt21]

VW Credit Loan Pay-off: 9-Jan-2018 COB.
I am finally done

VW Credit Refund: 30-Jan (Check date 25-Jan)

I feel like this whole process was like the extended directors cut of LOTR, too long to take in one sitting.

Hope VW starts to speed up the BB for everyone else.

 

[Vectorer]

Is there a notable difference in time from turn-in until remittance for those with clean titles when compared to those with liens to clear?

A pal turned in his TDI locally last Thursday (1/26) at 1500L. Clean title; no note. EFT completed early this morn (1/30).

 

[chadbag]

Is there a notable difference in time from turn-in until remittance for those with clean titles when compared to those with liens to clear?

A pal turned in his TDI locally last Thursday (1/26) at 1500L. Clean title; no note. EFT completed early this morn (1/30).

I turned in two JSW. One had a clean title I had, no lien. One had a loan on it at VW Credit. In terms of the EFT to me there was no difference. Both happened at the same speed once you factored out weekends/holidays. The one with a lien from VW Credit still has not been paid off at VW Credit, but I got my money.

 

[DanB36]

The payment to the owner comes in the same amount of time whether or not you have a loan.

 

[Cincy_TDI]

Took 19 days to receive my VW Credit overpayment check.
Turned in 12/20
Paid off 1/11
Overpayment received 1/30
Asked State of Ohio for refund on taxes paid on vehicle, filed paperwork 12/21 received open case notification on 1/8 and information stated 30-60 days processing on case. So done with VW process just one piece to go.

 

[chasingleprechauns]

It took 39 days for my loan to finally clear. Turned car in 12/22 and the loan was zeroed out yesterday. The delay was attributable to VW not sending all required paperwork to my credit union when the first check was cut -- the POA that was signed during turn in. Our second VW is still pending payoff, but we are only 20 days since we turned that one in. Credit union told me they returned the check to VW yesterday because, again, the POA was not sent with the original check.