Offer with loan

theseus12

Active member
Joined
Jun 28, 2016
Location
Lutherville, MD
TDI
2013 Jetta TDI
It is my understanding from the forum that if your documents were approved prior to settlement that you use Nov. 1st as the start date. If true, anybody that had there documents approved prior to Nov. 1st should have already received an offer letter. Since mine was approved Nov 2nd, I would expect an offer today. Based on my conversation with them last night, I doubt I will receive it today. I can contact the lawyers but what is the consequence to VW? Nothing definitive.
 

tkdcmpedude

Active member
Joined
Jul 13, 2016
Location
Manteca, CA
TDI
2015 Golf S
There's hope folks! Just wanted to chime in here because this community has been immensely helpful in keeping up to date with the buyback process. I'm one of the individuals who has a privately financed loan and has already set up my turn-in date.

I've added my info to the spreadsheet as well.

Hopefully the rest of us with loans will start seeing some movement shortly!
Yeah there is hope. Looking at your information I am hopeful something turns a page on my end soon.
 

garment69

Well-known member
Joined
Jun 13, 2013
Location
New York
TDI
2013 Passat SEL w/DSG
There's hope folks! Just wanted to chime in here because this community has been immensely helpful in keeping up to date with the buyback process. I'm one of the individuals who has a privately financed loan and has already set up my turn-in date.

I've added my info to the spreadsheet as well.

Hopefully the rest of us with loans will start seeing some movement shortly!

Definitely encouraging!
 

tkdcmpedude

Active member
Joined
Jul 13, 2016
Location
Manteca, CA
TDI
2015 Golf S
I'm with you (10/20 approval, green 15 with checks) and i called yesterday and the rep told me that i should have an offer no later than Friday. The misinformation is all over the place which is why I'm so pissed off at VW. They simply don't care, because if they did, their PR rep could put out a simple statement explaining why people with paid off vehicles are getting preferential treatment.
But they choose option B, radio silence.
I can't believe I almost decided to stay with VW and buy another car with them.
Yeah I think that is what is making me so frustrated is the lack of consistency in the path of the processing. Then when you call to ask you see the inconsistency through forums like this. Which I am proud TDIClub exists because it helps us find out if we are getting consistent answers.

-tkd
 

TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
Yeah I think that is what is making me so frustrated is the lack of consistency in the path of the processing. Then when you call to ask you see the inconsistency through forums like this. Which I am proud TDIClub exists because it helps us find out if we are getting consistent answers.
-tkd
I love this forum, and am extremely grateful it exists.
 

ericy

Veteran Member
Joined
Aug 24, 2004
Location
Rehoboth Beach, DE
TDI
2015 Golf TDI (wife's car)
Sure. The issue, however, comes in when people who have loans do not have their transactions processed within the timelines agreed upon in the settlement. If Joe, who does not have a loan gets his offer letter in five business days and Bob, who does, gets his in ten, then there's no issue. If Joe gets his in ten and Bob is still waiting after fifteen, then there's a problem.
The problem is that it seems that there are some weasel words in there for people who have loans. Something along the lines of "it may take some extra time to contact the lender". And from VW's perspective I can see how they wouldn't want to be tied to a specific amount of time that this would take since it is a 3rd party. But for this "extra time" to become several weeks is quite another matter.
 

DanB36

Veteran Member
Joined
Jul 13, 2003
Location
Savannah, GA
TDI
2014 Q5 Prestige TDI, Monsoon Gray
The problem for VW is that those weasel words aren't in the settlements. According to those documents, they have 10 business days + 10 business days, period. The question is going to be, what will motivate them to meet those requirements, or punish them for failing to do so?
 

skinnyb

Veteran Member
Joined
Sep 19, 2009
Location
Western, NC
TDI
2013 JSW TDI
My frustration is having to still make payments on a car that is parked to avoid going over into another mileage threshold... I was really hoping to be done by the time my next payment is due (December 5) but the way it looks now I have e resigned myself to paying that one and hoping to not make the Jan 5 payment... My registration expires in January too...

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skinnyb

Veteran Member
Joined
Sep 19, 2009
Location
Western, NC
TDI
2013 JSW TDI
Mine expires in February and my tires won't pass inspection.
Yeah mine won't either... Especially since I sold my good alloys and put my stock wheels back on... They are not only bald but have been sitting in storage for over 2 years.

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TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
My frustration is having to still make payments on a car that is parked to avoid going over into another mileage threshold... I was really hoping to be done by the time my next payment is due (December 5) but the way it looks now I have e resigned myself to paying that one and hoping to not make the Jan 5 payment... My registration expires in January too...

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Disclaimer: I'm not suggesting you do this.

However, remember there's a thirty day period where your payment is due, and you won't be affected, credit wise. So hypothetically, if your payment is due December 5th, you can calculate a few days in advance of the January 5th date and still pay the note with no issues, except for maybe a late fee (I've always paid my notes well in advance so I'm not even sure VW assesses a late fee). You better make sure though that the payment clears in advance of that final 30th day.

I'm actually consider this right now, just to avoid paying an extra note. And yes, I know I would get it back eventually because it would be considered an overage, but I don't want VW holding any of my money hostage, especially looking at their current inefficiency and misinformation with these buybacks.
 

skinnyb

Veteran Member
Joined
Sep 19, 2009
Location
Western, NC
TDI
2013 JSW TDI
I thought about doing that but I didn't want to risk having my credit get dinged... I have the money to make the payment so it isn't an issue. It is a matter of principle to me, I would much rather get it done and over with. Now the registration, I will really be pi$$ed if I have to re-register it before it is done cause state taxes have to be paid in NC before that. Luckily I have until February 15 as a grace period for that...
 

iadubber

Veteran Member
Joined
Nov 7, 2015
Location
Iowa
TDI
JSW
In the long run all you are losing out on is interest if you make a payment, no? Your balance goes down, and your payout stays the same from 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
In California we can "register" a vehicle as non-operational (i.e.not registered), as long as it's not left parked on the street.

Anyone know off hand if buyback is contingent on current registration?
 

Mr. Furious

Veteran Member
Joined
Jul 19, 2012
Location
North Carolina
TDI
None
In the long run all you are losing out on is interest if you make a payment, no? Your balance goes down, and your payout stays the same from VW.
It depends. If you're upside-down on the loan then you're losing out on every payment, since all VW is going to do is pay the loan off. In my case, I'm so close to the end of my loan that I'd lose like $4 per month in interest, so at least that aspect isn't a big deal.
 

kuklaki

Well-known member
Joined
Nov 7, 2015
Location
Georgia
TDI
2011 Audi A3 S-line//Non-TDI: 2016 Audi e-tron
For those of you who have loans (not lease), call your lender and see if they can defer a payment. Many finance companies will do that for you in a hardship situation. This should buy you a little extra time for the buyback without worrying about late fees, collection calls, or getting your credit dinged.
 

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
It depends. If you're upside-down on the loan then you're losing out on every payment, since all VW is going to do is pay the loan off. In my case, I'm so close to the end of my loan that I'd lose like $4 per month in interest, so at least that aspect isn't a big deal.
Paying the loan vs waiting does not mean you lose money on interest (if I understand the comments correctly). Most banks compound daily and any "payoff" amount is a guesstimate with that daily compounding included. If you get your payment in quicker than they estimate you will, you will get a check back due to your payoff actually being slightly lower than estimated since the interest was compounded over fewer days. (This has happened to me).

Making the payment TODAY will actually save you money vs waiting until the end of the payment period as you will be compounding interest over a lower balance for the rest of the period.

Now, with most interest rates most car loans have, and the low balance you say you have, and the short time period, it probably won't be more than pennies.

ETA: For making the payment now vs end of the month and the difference it would make, the actual current balance does not matter, since it is only the compounded interest for the actual payment amount that matters, and a balance of $100 or $10000 does not change the $350 payment amount.
 
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az7000'

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Joined
Jul 7, 2014
Location
Flagstaff, AZ
TDI
2012 Jetta TDI (gone), 2014 Passat TDI (gone), 2014 Touareg TDI (Amazing!)
We were waiting for number 2 to have docs accepted. I called yesterday and I just say I am Kristie (my wife) and they took a TON of information and called me sir... Supervisor to call in 3 days as the system is down, email to her today. Coincidence??
 

atomicfront

Veteran Member
Joined
Oct 12, 2016
Location
baltimore
TDI
2013 VW Jetta wagon tdi
My frustration is having to still make payments on a car that is parked to avoid going over into another mileage threshold... I was really hoping to be done by the time my next payment is due (December 5) but the way it looks now I have e resigned myself to paying that one and hoping to not make the Jan 5 payment... My registration expires in January too...

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Well you have a 2013 why aren't you driving it? If you make another payment you get more money back from VW. I don't understand why you have a predicament.
 

ChimneyJim

Veteran Member
Joined
Jul 4, 2012
Location
Northern Illinois
TDI
'15 SportWagen SEL
Email from Ankura today had most of the standard responses. They did respond to my concern that those with lien holders aren't getting the same service.

"In regards to your concern about the processing of claims with vehicles financed through lienholders, Volkswagen is processing these claims in the same fashion as all other claims. The time it takes to process your individual claim may vary within the allotted 20 total business day time period."


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Mr. Furious

Veteran Member
Joined
Jul 19, 2012
Location
North Carolina
TDI
None
...within the allotted 20 total business day time period."
I am loath to give these jabronis the benefit of the doubt, but I wonder if the "20 total business day" thing is a result of them conflating the two ten-day periods specified in the settlement - that is, ten days after the initial submission to make sure all necessary documents are there, and then ten days to determine eligibility and provide an offer.
 

usarmy132

Veteran Member
Joined
May 12, 2012
Location
NW subs Chicago
TDI
2012 Passat
I am loath to give these jabronis the benefit of the doubt, but I wonder if the "20 total business day" thing is a result of them conflating the two ten-day periods specified in the settlement - that is, ten days after the initial submission to make sure all necessary documents are there, and then ten days to determine eligibility and provide an offer.
Make it 25 days since they count from Nov 1st. :)
 

theseus12

Active member
Joined
Jun 28, 2016
Location
Lutherville, MD
TDI
2013 Jetta TDI
I am loath to give these jabronis the benefit of the doubt, but I wonder if the "20 total business day" thing is a result of them conflating the two ten-day periods specified in the settlement - that is, ten days after the initial submission to make sure all necessary documents are there, and then ten days to determine eligibility and provide an offer.
Yes they are definitely conflating the days which means that we should not expect anything until Dec 2nd. That is in violation of the ftc consent order. time to call the lawyers.
 

Mr. Furious

Veteran Member
Joined
Jul 19, 2012
Location
North Carolina
TDI
None
Yes they are definitely conflating the days which means that we should not expect anything until Dec 2nd. That is in violation of the ftc consent order. time to call the lawyers.
What I'm hoping is that the people who are doing the actual processing understand the agreed-upon timelines (the ones that the PSC attorneys are citing, where the clock starts November 1st and there are 10 business days for each of the two steps) and it's the drones running the call center that are confused.
 

beancounter

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Joined
Oct 19, 2016
Location
Rancho Cordova, CA
TDI
2014 Sportwagen 2013 Beetle Conv
I just called Travis Credit Union and inquired about payoff requests. They have not been contacted. She said they always make a notation if someone has. I have been at Step 15 with green checkmarks on two cars since 10/19.
 

skinnyb

Veteran Member
Joined
Sep 19, 2009
Location
Western, NC
TDI
2013 JSW TDI
Well you have a 2013 why aren't you driving it? If you make another payment you get more money back from VW. I don't understand why you have a predicament.
I have 109,950 miles and don't want to go into the next mileage bracket. Plus I am so OCD, I would feel obligated to get an oil change too... Just simpler for me in my mind to park it. I also have removed all my aftermarket parts including tires and wheels... The stock tires that went back on are completely bald and again due to OCD, I cannot bring myself to drive it 750-1000 miles a week.... Plus the wife's TSI Passat which I am inheriting gets 35 plus mpg so it hasn't been too bad.

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TDIsoup

Veteran Member
Joined
Oct 28, 2016
Location
Texas
TDI
2013 Passat
Email from Ankura today had most of the standard responses. They did respond to my concern that those with lien holders aren't getting the same service.

"In regards to your concern about the processing of claims with vehicles financed through lienholders, Volkswagen is processing these claims in the same fashion as all other claims. The time it takes to process your individual claim may vary within the allotted 20 total business day time period."


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That's a lie, as anyone can see reading the chart here. They are processing paid off loans first.
 
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