Will my buyback amount really be based on my loan amount three payments ago?

[Ennis]

My appointment is Saturday 2/18. Offer letter dated 12/10 had a total amount of my loan of $12,927.09, 0% loan through VW Financial. Have made three almost $400 payments since (made the last one substantially early to allow time for it to be reflected before my appointment), but my confirmation email received today has the same $12,927.09.

Not the end of the world, and I assume I will eventually get the money, but is this really how it works? How hard can it be to update a data file every once in a while, especially for VW loans?

Interested in people's experiences. Apologies if covered, I did search a little before posting, didn't see this exact question.

Unrelated - My replacement is a super manly baby blue Toyota Solara convertible, with tan top and interior. Ridiculous car but gifted from my 75 y/o mother who no longer drives, pristine condition with 39k babied miles (example - timing belt done at 30k). Building a house, so will try and tolerate driving it for year or so and put my $12k towards the house, plus my 9 y/o daughter digs riding with the top down (been really warm in Denver).

But interested on experience with the first question.

 

[PacCoastFwy923]

We're off by about $1,000. No biggie, but yeah, agreed, a bit ridiculous.

 

[gulfcoastguy]

It's not simple because lawyers are involved. My understanding is yes. There will be an adjustment made if the actual turn in mileage is either over or under the mileage that you reported plus their allowance of a bit over a thousand miles a month since you filed on the portal. VW will pay your loan company the amount that is on your written offer. If that is over the amount that you owe then your loan company will send you a check for the overage. It's all easier if you select EFT rather than check from VW.

 

[mjc]

I got an email Monday morning from vw with a higher number than first given to me, by 1k. Dropped of car Tuesday and picked up there check right then for the higher amount.

Sent from my QTAQZ3 using Tapatalk

 

[psrumors]

If VW doesn't make an adjustment for an updated payoff I'll be waiting for a little over $2k between making a couple of payments and my extended warranty cancellation. It is what it is but it sure would be nice to get it all at once.

 

[j2112morris]

If you financed with VW Credit, any overpayment will take about a month for you to receive it after your turn in. VW takes 3-5 days to mail a check to them, VW Credit is swamped with payouts so it took nearly 2 weeks for the payoff to be applied to my account. Then, VW Credit holds the payoff amount (and any overpayment) for 10 days "until the check clears" then in 3-5 days they mail you the overpayment. I thought this was completely ridiculous until I realized while VW needed to hire people to help with processing the settlement, it didn't make since for VW Credit as, as soon as they were trained, the "bubble" of payoffs would subside and then would need to lay people off. Just a heads up from my experience.

Drive safe.

 

[jhawklver]

If you financed with VW Credit, any overpayment will take about a month for you to receive it after your turn in. VW takes 3-5 days to mail a check to them, VW Credit is swamped with payouts so it took nearly 2 weeks for the payoff to be applied to my account. Then, VW Credit holds the payoff amount (and any overpayment) for 10 days "until the check clears" then in 3-5 days they mail you the overpayment. I thought this was completely ridiculous until I realized while VW needed to hire people to help with processing the settlement, it didn't make since for VW Credit as, as soon as they were trained, the "bubble" of payoffs would subside and then would need to lay people off. Just a heads up from my experience.

Drive safe.

IMO it is also a good way for VW to do what's in their interest over its customers one last time (and yes, I know they are separate companies). Overpaying and then taking a month to pay back isn't much money on one loan. Take that times thousands, or tens/hundreds of thousands... and the interest on that money adds up.

So instead of us having it to help pay for replacement at the time we buy, they get to keep it another 3+ weeks...

 

[PacCoastFwy923]

I'd hope there would be at least one VW bean counter on board who knows the meaning of, and can assign a dollar value to, customer goodwill.

Some of this they can't control (for instance the sheer volume of claims, and resulting backlog). But there are a lot of little things such as same day loan payoffs through VW Credit, portal-accessible mileage tables, and realistic submittal status timelines, that may have kept many unhappy customers in the fold.

 

[Mr. Furious]

Overpaying and then taking a month to pay back isn't much money on one loan. Take that times thousands, or tens/hundreds of thousands... and the interest on that money adds up.

The old Superman III scam. Meanwhile, the Dieselgate forum looks like this half the time:

 

[PacCoastFwy923]

That's not far from the truth. Just a few weeks ago, this joint was humming!