What is missing from buyback - A bridge loan

[Yankinwaoz]

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]

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]

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]

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]

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]

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]

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]

I don't mind the buyback, as long as I get to buy a new VW TDI with the cash.

 

[Yankinwaoz]

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]

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...

 

[czeetah]

Why not buy a BENTLEY? It's a VW.

Do they have one with a 12 cyl TDI?

 

[rotts4u]

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]

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]

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]

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.

 

[AronGlover]

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.

 

[DivineChaos]

Are you going to take out a loan?

This thread is almost 5 years old. It is a dead topic.