faultymechanics
Veteran Member
I just got my loan paid off today too! Any idea how fast the refund turnaround is for the overage? I paid 3 payments into my loan while waiting. So I should get 1,335 back.......eventually.
How long after buyback closing is a bank loan paid off?
- Thread starter jtdid
- Start date
I just got my loan paid off today too! Any idea how fast the refund turnaround is for the overage? I paid 3 payments into my loan while waiting. So I should get 1,335 back.......eventually.
DubFamily
Veteran Member
Depends on who your bank is; but generally allow 2-3 business days to process the loan, and then snail mail time for the check to arrive.
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
I didn't have that excuse. Our 2015 had only 22,000 miles on it and could have easily gone the distance under full warranty coverage, so we're guilty of a poor financial decision, but my wife wasn't happy with the car. VW should have bet money that I'd be typical of the customers who postpone the buyback.
oldhifi
Veteran Member
The lady said I should get it by middle of March, I will post when I get it..
I wouldn't say that. My loan is not with VW credit and we just hit the 3rd week mark today.
Yay. Almost 40 more bucks in interest generated to usaa on behalf of VW.
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
See? That right there is what happens when you forget the /s !!! 
If /s is sarcasm, then yes, it was lost on me. Dealing with the flu, so I'm not as on my wits as normal.See? That right there is what happens when you forget the /s !!!
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
I got my flu shot late, just two weeks ago. The nurse said it takes about 10 days after injection to become effective. "Huh, how about that!" I thought, "That's less time than it takes for VW to send a payoff check!!" Get well.
JettaJedi
Veteran Member
- Joined
- Aug 28, 2002
- Location
- Port Charlotte, FL, USA
- TDI
- 2003 Jetta Wagon GL 5 spd, 2003 Jetta TDI GL 4dr 5 spd, 2017 Golf TSI Wolfsburg Edition
same situation here. car was dropped off at dealer on 12/23, buyback completed on 2/4 and as of 2/28 loan is not paid off. VW sbould pay up the extra interest on 3 months of overpayments, and extra insurance payments fot a car no longer legally owned by us. calling the claims line was useless "check is in the mail" conversation but credit union has not received the check. maybe class counsel needs to take a look at this issue.
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DanB36
Veteran Member
I'd say so. Have you contacted them? Because they won't know about it otherwise.
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
By all means, remove that vehicle from your policy.
chadbag
Veteran Member
- Joined
- Jul 8, 2013
- Location
- Utah
- TDI
- 2x 2013 JSW (1 manual BOUGHT BACK 12/20/16, 1 DSG BOUGHT BACK 1/14/17), Audi A3 e-tron gas-plugin-hybrid, gas Volvo V60
So finally got the overage back from VW Credit.
I need to call them about the excess interest*
Buyback on 1/14
VW Credit received check on 2/3
VW Credit account marked close on 2/7
Overpayment received from VW Credit 2/27
* My normal payment was on the 30th of each month. The statement from January showed a total of $21.xx in interest for January (up through the 30th). The final 2017 interest after the account was closed was $36.xx. That makes no sense as over a 30 day period in January the total interest was only $21.xx. Another 8 days should not have generated an additional 14-15$ . Ignoring the fact that the payment should have been sent, received, and applied a lot faster.
Interestingly, I also received a check from Volvo finance yesterday for an overage. Our V60 was financed through Volvo Finance since it was an Overseas Delivery and no local bank or CU will finance a car that does not yet exist in the US with US title. The interest rate sucked at Volvo. As soon the title was issued and we could go forward, I moved to refinance through my CU (at 1.74% with direct deposit). That loan "closed" on 2/15. They had a 10 day payoff from Volvo and they sent the check within a day or two. Volvo had it last week and as of last Tuesday that account was inactive. Less than a week later I had my overage (since it did not run the full 10 days to get it closed out). Compared to VW and VW Credit. There was no 2 week buffer. The overage was sent asap. I got it the same day as the VW credit one, which had been bought back a month earlier than the new loan closed.
I need to call them about the excess interest*
Buyback on 1/14
VW Credit received check on 2/3
VW Credit account marked close on 2/7
Overpayment received from VW Credit 2/27
* My normal payment was on the 30th of each month. The statement from January showed a total of $21.xx in interest for January (up through the 30th). The final 2017 interest after the account was closed was $36.xx. That makes no sense as over a 30 day period in January the total interest was only $21.xx. Another 8 days should not have generated an additional 14-15$ . Ignoring the fact that the payment should have been sent, received, and applied a lot faster.
Interestingly, I also received a check from Volvo finance yesterday for an overage. Our V60 was financed through Volvo Finance since it was an Overseas Delivery and no local bank or CU will finance a car that does not yet exist in the US with US title. The interest rate sucked at Volvo. As soon the title was issued and we could go forward, I moved to refinance through my CU (at 1.74% with direct deposit). That loan "closed" on 2/15. They had a 10 day payoff from Volvo and they sent the check within a day or two. Volvo had it last week and as of last Tuesday that account was inactive. Less than a week later I had my overage (since it did not run the full 10 days to get it closed out). Compared to VW and VW Credit. There was no 2 week buffer. The overage was sent asap. I got it the same day as the VW credit one, which had been bought back a month earlier than the new loan closed.
Today marks 2 business weeks since I turned it in, and no pay off. Another payment is due on March 5th, not a huge deal I know I'll get the money back eventually. I just think it's silly that VW is dragging their feet, and it seems like it's in their best interest to do so.
20 bucks in interest over say 50,000 accounts, just for easy numbers sake, is 1 million in the bank.
20 bucks in interest over say 50,000 accounts, just for easy numbers sake, is 1 million in the bank.
I called VW claims today, to get an update. This one claims she has no idea of this tracking number the last person spoke of, but she says they're still waiting on a check from JP Morgan.
She's escallating my case to her supervisor, who apparently will not call me with any update.
She's escallating my case to her supervisor, who apparently will not call me with any update.
VW doesn't benefit from my loan being paid off since its a privately held loan with my bank. But, 2 weeks, buckle up and get ready to wait, I'm almost at 1 calendar month.
conejo_a_cuatro
Veteran Member
- Joined
- Jul 13, 2004
- Location
- Bryn Mawr, PA
- TDI
- 2001 Golf GLS Silver, 2011 JSW Manual - Bought Back. Now 328d Wagon.
Yeah, My bank called me yesterday, left a message about how they want me to provide proof of ownership of the vehicle. They're obviously angry that they don't have a title, but I still have an outstanding loan. I told them to call VW, it's all in their hands now.
Funny, I just logged into my VW Credit account and my account shows closed. So I guess it went rather quickly for me.
That's niceFunny, I just logged into my VW Credit account and my account shows closed. So I guess it went rather quickly for me.
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
Yippee! 13 calendar days to my credit union. That's including two weekends and a federal holiday. Not five days, but not awful. I'm complete.
Blackbug1
Veteran Member
2-10-17 Turned car in
2-14-17 Received my money from Chase
2-28-17 Loan with my bank paid off
CAN YOU SAY, IT IS OVER!!!!
2-14-17 Received my money from Chase
2-28-17 Loan with my bank paid off
CAN YOU SAY, IT IS OVER!!!!
ctnatureboy
Veteran Member
15 business days for me
MBQ
Veteran Member
Don't forget to get your overage payment back if you have any.
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
Received today from VW Credit re:refund of overage payments---- "The payoff for your 2015 Volkswagen Passat has been received and was processed on 2/17/17. Our records indicate that the title (or lien release) is being sent to the Brand in 48-72 business hours. A refund in the amount of $968.84 will be sent to you. Please allow a 15-20 day hold time from the date the payoff was received, 24-48 hours for processing, and 7-10 days for the refund to be received via mail."
Mr. Furious
Veteran Member
Same with me, more or less. The deposit went into my savings account immediately, but wasn't made fully available for a few days. It must be because it was a physical check, because there was no hold on the EFT.
kr70
Well-known member
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.
my buyback was 2/4 im in the same boat. Check hasnt been cut. They cant get me any answers and class counsel is useless so far. Call me back when its past 5 weeks is the answer i got. The agreement states 5 days and he says wait 5 weeks yep seems about right for a guy thats supposed to represent my interests right?