What is missing from buyback - A bridge loan

Yankinwaoz

Veteran Member
Joined
Jun 17, 2005
Location
San Diego, CA
TDI
2012 Passat SE
I went to the FTC website and computed my buyback offer. Fine. What if I opt for the buyback? That opens up another can of worms.

I'm pretty sure that VW isn't going to hand you a check until you go to the dealer and surrender the car. Then what? I'm giving up my car for a check. But I can't drive a check home. Or to work. I need to buy a replacement. The problem is timing.

VW should have a bridge loan program for us. Lets say 30 days, interest free, secured by the TDi car. They give me my check, and take a lien on the TDi. Then I have 30 days to use that money to buy a replacement. Or they come and repossess my old TDi.

Unless the household has an extra car to help them transition out of the old TDi, this is going to be painful.

I suspect that they want you to leave with another VW instead of a check that day. So why should they make it easy for you to buy another brand?
 

FVWVWF

Veteran Member
Joined
Sep 18, 2011
Location
Canada
TDI
Sold - 2012 TDI Highline Manual
Im planning on getting another VW....so might as well place an order now seeing that it takes 3-4 months to get what you want.
 

TDI smile

Veteran Member
Joined
Jul 11, 2012
Location
Edmonton, Alberta (b4 BC - LOWER MAINLAND = Chilli
TDI
2002 TDI (ALH) with 513,000 km. First Owner and very happy... No Problems, never left us stranded on the Highway. Average useage is about between under 4 ltr. and 5 ltr. Normal longdistance travel: 4.1/100
I went to the FTC website and computed my buyback offer. Fine. What if I opt for the buyback? That opens up another can of worms.

I'm pretty sure that VW isn't going to hand you a check until you go to the dealer and surrender the car. Then what? I'm giving up my car for a check. But I can't drive a check home. Or to work. I need to buy a replacement. The problem is timing.

VW should have a bridge loan program for us. Lets say 30 days, interest free, secured by the TDi car. They give me my check, and take a lien on the TDi. Then I have 30 days to use that money to buy a replacement. Or they come and repossess my old TDi.

Unless the household has an extra car to help them transition out of the old TDi, this is going to be painful.

I suspect that they want you to leave with another VW instead of a check that day. So why should they make it easy for you to buy another brand?
Why not buy a BENTLEY? It's a VW.
 

GoFaster

Moderator at Large
Joined
Jun 16, 1999
Location
Brampton, Ontario, Canada
TDI
2006 Jetta TDI
I don't see the need for any such thing. Pick out and order your other vehicle in advance ... qualify for the lease or loan on that car independently on its own merits ... the day you pick up that car you turn in the VW and that pays off the loan on that car (if present) and you apply any remaining balance against your new loan. I don't see the problem.

If someone is on such thin financial ground that they need an additional loan to cover the difference ... they shouldn't be buying a brand new car.

I've only ever had two vehicle loans in my life. One loan was from my dad (to buy a USED vehicle), who I paid off when I got a real job after school, and another was to buy the USED vehicle that replaced the aforementioned but now much-more-used vehicle and I paid that loan off in six months because I hate owing people money.
 

CSR Penfab

Veteran Member
Joined
Oct 12, 2015
Location
Eastvale CA
TDI
2016 Touareg Lux Tdi
Get your shopping done upfront. When the time comes to turn in your Tdi, rent a car for $35 a day and then execute your next purchase. That's what I'll be doing.
 

ZippyNH

Veteran Member
Joined
Apr 22, 2015
Location
Southern NH
TDI
2015 JETTA TDI SE
I went to the FTC website and computed my buyback offer. Fine. What if I opt for the buyback? That opens up another can of worms.
I'm pretty sure that VW isn't going to hand you a check until you go to the dealer and surrender the car. Then what? I'm giving up my car for a check. But I can't drive a check home. Or to work. I need to buy a replacement. The problem is timing.
VW should have a bridge loan program for us. Lets say 30 days, interest free, secured by the TDi car. They give me my check, and take a lien on the TDi. Then I have 30 days to use that money to buy a replacement. Or they come and repossess my old TDi.
Unless the household has an extra car to help them transition out of the old TDi, this is going to be painful.
I suspect that they want you to leave with another VW instead of a check that day. So why should they make it easy for you to buy another brand?
Lol....only a Californian would ask for that....
Sorry....but it made me laugh..if $$ is so tight....buying a new car might not be a good idea is your finances are so illiquid you can't float a load for 30 days or so.....not trying to make you feel bad, but at some point you need to expect to take care of yourself...and not hope a nanny state does it....just my opinion....but you what they say about opinions...
 

da_jokker

Veteran Member
Joined
Jun 25, 2014
Location
Sacramento, CA
TDI
2009 Jetta
Not sure if this is an option, never done it myself, but I have heard that on a car loan you can make a lump payment and have the monthly balance re-calculated.

So basically, go buy your new car with little to no money down. Once you get the check from VW, pay a lump on your car, and have them adjust.

if that doesn't work, you could always re-fi.
 

TDI2000Zim

Veteran Member
Joined
Jul 23, 2010
Location
NJ
TDI
VW hat meinen '14 Passat TDiSE getötet.
I don't mind the buyback, as long as I get to buy a new VW TDI with the cash.
 

Yankinwaoz

Veteran Member
Joined
Jun 17, 2005
Location
San Diego, CA
TDI
2012 Passat SE
Lol....only a Californian would ask for that....
Sorry....but it made me laugh..if $$ is so tight....buying a new car might not be a good idea is your finances are so illiquid you can't float a load for 30 days or so.....not trying to make you feel bad, but at some point you need to expect to take care of yourself...and not hope a nanny state does it....just my opinion....but you what they say about opinions...
I don't have $20k in cash laying around I can use to pay cash for a replacement car. Wish I did. Otherwise I would loan it to myself then pay myself back from the VW check.

As far as timing, I was thinking of looking at the used market, private sellers, who aren't going to hold a car for me unless I pay for it. Hence the timing concern.
 

jjk58

Well-known member
Joined
Aug 23, 2008
Location
sNH
TDI
2009JettaSedanDSG/2014JSWDSG
I don't have $20k in cash laying around I can use to pay cash for a replacement car. Wish I did. Otherwise I would loan it to myself then pay myself back from the VW check.
As far as timing, I was thinking of looking at the used market, private sellers, who aren't going to hold a car for me unless I pay for it. Hence the timing concern.
OK, so you take financing from the new dealer and pay it back with the vw money within the first/second payment... the cost is minimal and possibly virtually zero given the 0% or 0.9% offers out there...
 

rotts4u

Veteran Member
Joined
Aug 21, 2011
Location
California
TDI
None
Why not do this.
1. Wait until the settlement money is flowing.
2. Determine what car you want to buy locate one etc
3. Put deposit of $500 or give them a visa card.
4. Have the sellback papers etc all filled out and ready with VW.Audi
5. Drive car to dealer on the weekend and pick up your check.
6. Have your friend wife etc drive you to new car dealer consumate the deal on new car. Sign over check or deposit it and use as down payment etc.

If you finance the whole car and then later make a big payment on principle only the loan payment amount will not change but the NUMBER of payments goes down. The only way to to lower the payment amount would be to REFINANCE IT. If you refi in 90 days you can usually get new car rates.
 

Yankinwaoz

Veteran Member
Joined
Jun 17, 2005
Location
San Diego, CA
TDI
2012 Passat SE
I saw on the proposal that VW has up to 90 days to act on your election once you register it. I hope that means that they won't make you surrender the car immediately, then wait 3 months for the check to get mailed.
 

BuyMeBackSoon

Veteran Member
Joined
Jun 3, 2016
Location
Or
TDI
2013 golf
Nothing wrong with OPs idea. However if your going to buy a new non VW then the seller should work something out with you to get your business. If you are doing a private transaction you need to get creative. I'm betting VW and all the other brands will be aggressively going after our cash. Expect ads shortly.
 

nayr

Veteran Member
Joined
Mar 26, 2013
Location
Denver, CO
TDI
2014 Audi Q7
Get your shopping done upfront. When the time comes to turn in your Tdi, rent a car for $35 a day and then execute your next purchase. That's what I'll be doing.
If you have it this far planed out why bother renting a car or arranging transport guys? Your buying a brand new car, find your car and arrange to have a sales guy from the competing dealer pick you up when you turn your TDI in..

Ive had both dealerships pick me up from the airport before, and private sellers.. the'll gladly grab you from a VW lot as you dump off your diesel.

Its not that much of a hassle, if you dont do your loan through the car dealership the'll give you an extended test drive so you can go to your bank and get the deed done.. same with individuals, dont fall for the someone is going to buy it away trap.. so what if they do, you looking for a really rare replacement or something? When I hear this from a car sales man and I find another lot.. if they sell so easy then he dont need my money.

Your spending a **** ton of money buying a car, the least they can do is let you drive it a bit before you buy it... this is basic sales service for automobiles unless your dealing with some shady used car dealer, dont demand anything less.. if your buying from an individual, use an escrow service to put a little cash down if you have too.
 
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AronGlover

New member
Joined
Jan 29, 2021
Location
new york
TDI
2.0
If you want to take out a loan, be careful about choosing a mortgage company. Because I was in a similar situation myself. I needed a loan to buy a house because my business was no longer profitable because of the pandemic. I was afraid to take out a loan because I knew about the existence of fraudsters and various fake trust companies that profit from inexperienced people. I started Googling about all sorts of mortgage companies and came across Mortgage Advisor Nottingham . I turned to them and they helped with the choice of the house, about the registration of all the necessary documents. Now my family and I live in a big house and I do not regret that I took out a loan.
 
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