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

[Mr. Furious]

I'm at 15 business days since turn in and they haven't generated a check yet and can't tell me when they will...

Sounds like my conversations when I was still waiting for an offer letter.

"Hi, do you know when I'll get an offer letter?"

"We have fifteen business days upon document approval to generate an offer letter."

"It's been 20 business days."

"..."

 

[Mr. Furious]

I just lit them up on the phone. I didn't raise my voice, but I'm tired of their "oh poor us, we're backed up" shtick. I could not possibly care less. I was angry enough about it when I was waiting for an offer letter, but this has the potential to mess with me financially.

I shouldn't have to make payments on two vehicles, especially considering that I don't own one of them anymore. When the rep said that VW doesn't have control over the fact that I have to make payments on my replacement vehicle, I asked if I was supposed to use Uber for $50 or so per day until they got around to paying off the loan. They don't get it, and they don't care.

I guess it doesn't matter. They're not going to be held to the terms of the settlement on loan payoffs, just like they're not being held to them for generating offers.

And yeah, I can make the March payment on my VW loan in addition to my new one if I have to. I shouldn't have to.

 

[carlrx7]

Turned in on 2/1 still awaiting loan payoff as of 2/11

Loan paid off today 2/14. Excess when into my credit union account! Happy camper!

-Carl

 

[Mr. Furious]

Loan paid off today 2/14. Excess when into my credit union account! Happy camper!
-Carl

I'm glad for you, man. The person I spoke with on the phone said that they seem to send a lot of stuff out on Fridays; maybe (and this is purely a SWAG) yours went out on 2/10 and mine simply missed the cutoff and it will go out this Friday.

Either way, I don't trust VW any farther than I can comfortably spit out a rat, so I'm not going to believe anything until my Credit Union tells me they've applied the check to my loan.

Like I said to the ambassador when I'd completed my buyback and she said that I was finally done - "I don't see any chickens walking around here yet."

 

[Jimbo70]

Loan paid off today 2/14. Excess when into my credit union account! Happy camper!

-Carl

Good on you. Our return was completed on 1/30, and as of 2/14 our VW Credit loan hasn't been paid off yet. I'm not remotely concerned, though I do sort of feel like when you're at a restaurant and someone seated after you gets their food before you do.

 

[Mr. Furious]

Good on you. Our return was completed on 1/30, and as of 2/14 our VW Credit loan hasn't been paid off yet. I'm not remotely concerned, though I do sort of feel like when you're at a restaurant and someone seated after you gets their food before you do.

It sounds like they're batching at least VW Credit checks and maybe also those of some larger lenders so they can save a couple of bucks on shipping. Smaller lenders can't be batched, so they're more likely to be on an ad hoc basis.

Although... maybe they have a schedule for larger lenders and fit the ad hoc requests in the gaps. Like, they devote 100% of capacity to VW Credit the first Friday of the month, Chase the second, Wells Fargo the third, and everybody else the fourth. That would fit in with their apparent overall plan to screw with people as much as possible as well as provide the aforementioned shipping cost savings.

Or maybe they're just doing it by the seat of their pants.

 

[oldhifi]

Good on you. Our return was completed on 1/30, and as of 2/14 our VW Credit loan hasn't been paid off yet. I'm not remotely concerned, though I do sort of feel like when you're at a restaurant and someone seated after you gets their food before you do.

turned in my VW on same day 1/30 and no VW credit payoff yet..2/16

just called the claim number, no info of any check being sent..I wish I had joined the Class Action Lawsuit by a Nashville lawyer..

 

[Jimbo70]

turned in my VW on same day 1/30 and no VW credit payoff yet..2/16

just called the claim number, no info of any check being sent..I wish I had joined the Class Action Lawsuit by a Nashville lawyer..

Why let some lawyer make coin while you end up with free oil change coupons or some other such thing that the class usually ends up with? You can almost guarantee that anything gained by joining such a suit would be minimal. It is a pain in the butt waiting for the loan payoff (I'm on the same timeline as you) but you've already done the hard part.

 

[phxcliff]

I called the claims line again this morning to see if they had a update on my VW Credit payoff.
The rep I spoke with told me they (the reps) had just received a memo that said that VW Credit payoffs were running way behind schedule. But, when she looked into my account she found a tracking number and said the check had been sent on Tuesday (2/14).
I looked up the fedex number and it shows the "package" was delivered today!

That's 3 weeks and a day since turn-in (1/25). I'll give a couple days for the payment to be processed, then start the timer on my overage refund. VW Credit holds overages for 15 days before processing and mailing them out, so looking at the calendar, I should have an overage check in hand and be done with this process by the middle of March.

 

[Jimbo70]

I called the claims line again this morning to see if they had a update on my VW Credit payoff.
The rep I spoke with told me they (the reps) had just received a memo that said that VW Credit payoffs were running way behind schedule. But, when she looked into my account she found a tracking number and said the check had been sent on Tuesday (2/14).
I looked up the fedex number and it shows the "package" was delivered today!

That's 3 weeks and a day since turn-in (1/25). I'll give a couple days for the payment to be processed, then start the timer on my overage refund. VW Credit holds overages for 15 days before processing and mailing them out, so looking at the calendar, I should have an overage check in hand and be done with this process by the middle of March.

That is good to hear. Things seem to be taking a bit longer than anticipated, but they're getting done. My monthly payment isn't even due until the 24th, so I'm not concerned. It is kind of like waiting for the pot to boil though.

 

[SOCALGAL]

I just lit them up on the phone. I didn't raise my voice, but I'm tired of their "oh poor us, we're backed up" shtick. I could not possibly care less. I was angry enough about it when I was waiting for an offer letter, but this has the potential to mess with me financially.

I shouldn't have to make payments on two vehicles, especially considering that I don't own one of them anymore. When the rep said that VW doesn't have control over the fact that I have to make payments on my replacement vehicle, I asked if I was supposed to use Uber for $50 or so per day until they got around to paying off the loan. They don't get it, and they don't care.

I guess it doesn't matter. They're not going to be held to the terms of the settlement on loan payoffs, just like they're not being held to them for generating offers.

And yeah, I can make the March payment on my VW loan in addition to my new one if I have to. I shouldn't have to.

DH just got an over due notice today, our buyback being on the 2nd the next payment owed was on the 5th. The last hump to get over...

 

[PDX_TDI]

Good on you. Our return was completed on 1/30, and as of 2/14 our VW Credit loan hasn't been paid off yet. I'm not remotely concerned, though I do sort of feel like when you're at a restaurant and someone seated after you gets their food before you do.

same boat as you ; returned car on 1/20 and VW Credit loan still is not paid off....I just hope they dont report this to the credit bureaus, automatically.

 

[Jimbo70]

same boat as you ; returned car on 1/20 and VW Credit loan still is not paid off....I just hope they dont report this to the credit bureaus, automatically.

When is/was your next payment due?

 

[phxcliff]

same boat as you ; returned car on 1/20 and VW Credit loan still is not paid off....I just hope they dont report this to the credit bureaus, automatically.

Have you called VW Credit and let them know you turned the car in so they can notate your account appropriately?
As a lender, they don't know when you turned or plan to turn in your car. I believe they just get a check for your account and that's the first they know you turned in your car. Unless you tell them, they may assume that you are keeping it and are truly late on your payment, and would report it accordingly.
I could be wrong about the level of communication and information sharing between claims and credit, but it won't hurt to be proactive in communicating with VW credit about your status.

 

[PacCoastFwy923]

...I could be wrong about the level of communication and information sharing between claims and credit...

Yet unbelievably, you're not.

Because, just imagine:

VW claims: Hey FYI we bought back the car.
VW credit: Great, thanks, we'll just keep compounding interest until it's paid. Who are you again?
VW claims: VW claims. ...oh, and uh, the check's in the mail?
VW credit: *click*

 

[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.

 

[ekam]

Trade in: Thursday 2/9
EFT in my bank: 2/13
Check Mailed to my lender: 2/16

In some cases it looks like they are getting faster...

 

[Mr. Furious]

My loan was paid off today, 15 days (11 business days) after turn-in. My CU automatically put the difference in my savings account.

 

[goodbybluesmoke]

Loan repayment lag

Turn in on 1/28/17;
email from Chase 1/31;
money in BA account 2/2;
balance of credit union loan finally repaid 2/17; overage transferred directly into credit union account. I'm done!!! Really happy the loan wasn't with VW credit.

My son, who turned his in 1/21, finally zeroed VW credit loan 2/16, is still waiting the long wait for $1200 overage check owed to him.

 

[Jimbo70]

Turn in on 1/28/17;
email from Chase 1/31;
money in BA account 2/2;
balance of credit union loan finally repaid 2/17; overage transferred directly into credit union account. I'm done!!! Really happy the loan wasn't with VW credit.

My son, who turned his in 1/21, finally zeroed VW credit loan 2/16, is still waiting the long wait for $1200 overage check owed to him.

"Still waiting" is a bit unrealistic considering 2/16 was two days ago. As mentioned elsewhere, he has a good two weeks to go on that.

 

[daesania]

Turn in date 2/3
EFT email 2/6
Loan - still unpaid.

Contacted VW yesterday, they said it is taking up to 30 days to mail checks as "chase" is behind on it. I was not aware chase had anything to do with mailing checks to my loan.

Meanwhile $35.36 of interest just hit my account for the month.

 

[PacCoastFwy923]

Turn in date 2/3
EFT email 2/6
Loan - still unpaid.
Contacted VW yesterday, they said it is taking up to 30 days to mail checks as "chase" is behind on it. I was not aware chase had anything to do with mailing checks to my loan.

I would imagine Chase's services have been contracted to handle the keeping and transfer of funds, whether compensation or payoff, check or EFT. Disbursing millions of dollars in small payments is not really a job you'd task your average accounting department with.

 

[Locoelectrician]

13 calendar days for me. Car was financed through a local credit union.

 

[daesania]

I would imagine Chase's services have been contracted to handle the keeping and transfer of funds, whether compensation or payoff, check or EFT. Disbursing millions of dollars in small payments is not really a job you'd task your average accounting department with.

Apparently they do about as well as VW! According to VW claims department, its currently taking 15-30 days for loan payoff. Ain't that swell.

 

[PacCoastFwy923]

Well, there's one thing I *DON'T* understand.

Because Chase is handling the EFTs efficiently, why are the checks dragging arse? And not just the delayed payoff checks, but the scads of "lost" buyback checks that never made it to the dealerships around the holidays.

I wonder if there's an extra level of audit taking place before a check is cut? Or maybe the checks are something other than Chase?

In any case, you'd think those would be out the door lickety split.

 

[rennocneb]

Vehicle turned in: 2/4/17
Email for EFT: 2/6/17 at 11:29pm Eastern
EFT: 2/8/17
Still waiting on VW Credit loan to be paid off. Best part i called to get a status update and dealt with 3 people. 2 of which were insanely rude. They basically said 5 to 30 days to cut a check using their exact language "cause we backed up real bad on paperwork and stuff" sounded like she had about an 8th grade education at best.

When i asked but doesnt the court order say you have 5 business days i got in return "it been extended to 10 days now sir, due to our backup". To which i ask "So a federal judge amended the order to allow 10 business days now?" the reply was simply No but basically we will do what we want what are you going to do about it.

I really do not believe in lawsuits, but sadly its all these people understand. i do believe it might be time for another class action for the interest we are all paying as we wait forever for them to do what should be an instant EFT at vehicle turn in.

 

[Jimbo70]

Apparently they do about as well as VW! According to VW claims department, its currently taking 15-30 days for loan payoff. Ain't that swell.

15 to 30 would be fine with me. It means I won't have to make another loan payment that I'll eventually get back anyway.

Seriously though, the bellyaching from the "this is taking too long" crowd is getting old. I feel bad for those whose paperwork has been screwed up in the process, or for those who didn't have a check waiting for them at their return appointment; the legitimate complaints. Having gone through the entire process and waiting since 1/30 for my loan to be paid off myself, I have zero sympathy for people on the same step as me who are constantly calling to complain. It'll get done.

 

[Mr. Furious]

Because Chase is handling the EFTs efficiently, why are the checks dragging arse? And not just the delayed payoff checks, but the scads of "lost" buyback checks that never made it to the dealerships around the holidays.

I can't vouch for the veracity of the statement, but the phone rep told me that payoff checks get cut and then sent to VW for processing to their final destination. It sounded like it was happening in the same physical location as the rest of VW's document processing efforts (Auburn Hills?). Thus, while Chase may be responsible for creating and printing the checks for loan payoffs, VW is the one who actually sends them out.

 

[yadent]

Turn in date--1/25/17
Check received--1/25/17
Loan pay-off VW credit---2/17/17
Posted on VW credit account page--2/20/17
Now waiting for over-payment check of $970.00 from VW credit

 

[daesania]

15 to 30 would be fine with me. It means I won't have to make another loan payment that I'll eventually get back anyway.

Seriously though, the bellyaching from the "this is taking too long" crowd is getting old. I feel bad for those whose paperwork has been screwed up in the process, or for those who didn't have a check waiting for them at their return appointment; the legitimate complaints. Having gone through the entire process and waiting since 1/30 for my loan to be paid off myself, I have zero sympathy for people on the same step as me who are constantly calling to complain. It'll get done.

So scroll on and don't read it. I've had nothing but mistakes made along the way with the entire process, so this is just the final nail in the coffin.

But, since you feel like quoting me to talk about people" bellyaching", this is literally the only post i had about the loan, and I called /one/ time to inquire why it had been 15 days when I was told at the buyback 3 days. Hardly complaining, but you know, its easier to claim to call people dramatic than find out the truth.