VW TDI Settlement - buying a TDI now

stickguy

those people are new at this, so figure they will have a few bugs to work out. But that sounds like it should have been an easy concept. Or, that rep just isn't going to make it.

at least the buybacks are actually happening finally!

xwesx

stickguy said:

those people are new at this, so figure they will have a few bugs to work out. But that sounds like it should have been an easy concept. Or, that rep just isn't going to make it.

at least the buybacks are actually happening finally!

Hah, yeah, no doubt. I laughed out loud after reading Henry's post.

My poor car. I need to take a photo of it for everyone's benefit. I usually start it every couple weeks just to charge up the battery and turn the fluids, but I'm a little afraid that, at these temperatures, it isn't going to start if I try it now. I hope the time I schedule for my turn-in appointment ends up being relatively warm (for the middle of winter in interior Alaska!)....

qbrozen

Yesterday marked the 10th day since my docs were approved. Really keeping my fingers crossed for today. I have a few things that need to fall into place today and tomorrow to allow me to go acquire an EX35 on Saturday.

henryn

Things are slow at work, and I have reading over at TDIClub. It looks like things are progressing, but very slowly. Still hearing stories about snafus, people showing up for appointments and the buyback specialist not having them on the list, etc. And still hearing about one day per week, and very few appointments on that "one day per week". It sounds like they are not really ramping up yet.

xwesx

I received my offer letter today. The restitution amount is $100 lower than the "100%" level, if using the calculator with which we started out this whole conversation. In addition, the listed vehicle value is approximately $500 lower than expected for a 2013 Passat SEL with 47,500 miles.

I am going to follow up with them (hopefully talk to a real person) before I sign the offer, as I don't want to lock myself into anything on assumptions. I am sick today as well, so I won't be going anywhere to get it notarized today.

However, this is still progress!

qbrozen

I mean, congrats for you, but I'm still offerless.

xwesx

qbrozen said:

I mean, congrats for you, but I'm still offerless.

Yours is coming! You were right behind me on the document acceptance as well.

Keep the faith!

xwesx

At least, I seem to recall that being the case. Perhaps you can use the exact times as a metric?

I received the document acceptance confirmation on 11/14 @ 2104 hrs (AKST), which was 11/15 @ 0104 EST.

The offer package came in on 12/1 @ 0359 hrs (AKST), or 12/1 @ 0759 EST.

qbrozen

Mine was 0450 ET on 11/15. So 3:45 hours behind you. It is now 1434 ET, nearly 7 whole hours after you got your offer. ;b

but I'm pretty sure that means nothing as many people who got approval after me already have their offers.

xwesx

qbrozen said:

Mine was 0450 ET on 11/15. So 3:45 hours behind you. It is now 1434 ET, nearly 7 whole hours after you got your offer. ;b

but I'm pretty sure that means nothing as many people who got approval after me already have their offers.

Ah, it is hopeless! Just give up and sell it private party.

breld

@qbrozen - you can still go shopping Saturday, right? I mean, it's not like you were gonna have money in hand from the buyback anyway, and despite not receiving the offer yet, I think you can be confident it's just a matter of time at this point.

henryn

Interesting. My documents were "accepted" on 11-14-2016 at 1:27 p.m. CST. Nothing since then.

kyfdx

My documents were accepted on 11/14, and offer came on 11/27. (Exact to the penny, on the calculations).

Offer/release signed/notarized and returned on 11/28. Now, waiting impatiently.

qbrozen

the wife wants me to have cash in hand; however, I am pretty sure I can convince her to let me jump if I have the official offer in hand. There is a vehicle for sale that I'd rather not let slip through my fingers. There is another piece the puzzle that has nothing to do with any of this, and that is my renter actually paying me tomorrow, as promised, the past-due rent he owes.

stickguy

Q, I wonder if the fact you have a lien on yours makes a difference, vs. owning outright? Just guessing.

Of course you would be last. The only guy here not doing it as an investment, who needs to replace with a new car.

qbrozen

folks on the other board seem to think those with liens are definitely delayed.

corvette

qbrozen said:

folks on the other board seem to think those with liens are definitely delayed.

Emission compliance is hard for VW, math is hard for VW, compound interest is hard for VW...

That does make me glad I didn't buy 10 TDIs on credit for purposes of flipping them. 

qbrozen

corvette said:

Emission compliance is hard for VW, math is hard for VW, compound interest is hard for VW...

VW should just take their ball and go home. No more crazy Americans and all their "rules."


Makes ME glad I didn't borrow from Tommy the Fish to buy 10 TDIs for purposes of flipping them.

henryn

http://forums.tdiclub.com/showthread.php?p=5188680#post5188680

Class members who successfully uploaded all of their necessary documentation as of Nov. 1 should be getting a notification that their claim is complete by Nov. 15 (10 business days from Nov. 1). They’ll then receive an offer letter 10 business days later, meaning they should anticipate offer letters in the first week of December, if not earlier.

It’s possible that claims may take longer to process if it requires VW to verify an existing loan amount from a bank or credit union. This is obviously frustrating but I hope this helps to clarify the timeline for you. If you have any further questions regarding the settlement you can reach me directly at 415-956-1000 ext 2324 or directly at this email.

Kind Regards,

Cameron Saunders
Lieff Cabraser Heimann & Bernstein, LLP
VW “Clean Diesel” MDL No. 2672 | Plaintiffs Steering Committee
info@vwclasscounsel.com

28firefighter

@qbrozen I've heard the same thing re: liens. It seems that a lot of folks have been called because they needed to clarify account information OR ask some to call the bank and authorize a payoff quote.

Still nothing here either - I forgot to calculate the holiday last week. 10 days from acceptance for me will be Monday/Tuesday next week. Should be interesting.

kyfdx

So.. on Wednesday, VW put out a communication to it's dealers, that basically said:

(paraphrasing)

We've purposely restricted the number of appointments up until now, to make sure the roll-out goes smoothly, and that dealers aren't overwhelmed with possible customers. We've learned a lot in these first few weeks, and as of yesterday (the 29th), we've started adding to the number of appointment times, starting with December 12th. Buyback customers that had later dates, that want to move up, may re-schedule.

Also, one thing I noted while reading the document. The lead time to book an appointment is 14 days. This gives them time to prepare and deliver the packet to the return specialist at the dealership. So, once you are completed approved and eligible to book an appointment, 14 days is the earliest you will be offered. (at least, how I read it).

breld

So...chances of closing this thing out prior to 2017? Getting slimmer, huh?

andres3

henryn said:

Did anyone else get an offer via snail mail from Mini? Was in my mailbox today, $500 off only for owners of VW / Audi. Did not mention TDI or buyback, just owners of a VW or Audi.

I got it; read it this morning. It expired 11/30/16 if you read the fine print. Dumb postcard; doesn't specify in addition to other promotions.

breld

Hmmm - price seems pretty low, assuming it has a clean history. With all the 2.0 TDI opportunities gone, who wants to hedge their bets on a similar deal on the 3.0's?

Touareg TDI Executive

kyfdx

breld said:

So...chances of closing this thing out prior to 2017? Getting slimmer, huh?

If you don't get approval for the last step (scheduling) by next Friday, probably out of luck for making it this year.

breld

Scratch that - price seems way too low. KBB trade is $31k.

xwesx

breld said:

Scratch that - price seems way too low. KBB trade is $31k.

Yeah, I agree. There has to be an undesirable history on that.

henryn

breld said:

Hmmm - price seems pretty low, assuming it has a clean history. With all the 2.0 TDI opportunities gone, who wants to hedge their bets on a similar deal on the 3.0's?

Touareg TDI Executive

Well .... if it was in Houston ... And if I had any idea when I might get out of this Passat ... then I might be interested. I do like diesels, this Passat impresses me every day. On the other hand, the electrical gremlins with the A/C compressor are definitely making a BAD impression.

henryn

With today being December 2, I'm thinking buyback by Dec 31st is becoming more unlikely every day. Which is a shame, it would be nice to shop for end of the year bargains...

stever

I bet you could find a a dealer willing to take an assignment of your claim. They do that often enough with tax returns.

henryn

stever said:

I bet you could find a a dealer willing to take an assignment of your claim. They do that often enough with tax returns.

I've never done that. I like to spend money that I already have.

And unlike some, I mostly like driving the Passat. I just worry about getting in a wreck, or VW going bankrupt, or sunspots disrupting the EFT. Yeah, I know, I worry too much.

Just because you're paranoid doesn't mean that they're not out to get you!

stickguy

Henry, same here. When I floated my plan to the wife, it included keeping it until summer 2018. But pretty sure if I had bought one, by now I would be a nervous wreck waiting to sell it back!

qbrozen

Thinking about hitting up the dealer tonight anyway. My renter is giving us problems and I expressed to the wife that, if we get into a court battle, I may not be able to get financed. She agrees. So I think that means I should jump while I can.

stickguy

I never wanted to go near renting. I think I was right. I don't tolerate fools all that well.

stickguy

And by renting, I meant being a landlord.

qbrozen

It is awful. I just have not been able to sell the house, so it is what it is. I am getting to the point, however, that I'd almost rather just surrender it to the bank and let them deal with the renters.

stickguy

That is drastic, and will do a major hit to your record. But good luck with it. I guess the key is getting the right renters. And never being close to upside down on a house! You can sell anything if lower the price enough.

xwesx

Send them an eviction notice. Set the exit date as 12/25.

In addition, you can get a judgement and lien against other property they may own, as well as black-marking their credit history. This is all extra work for you, but, still, I would think it is in the best interest of your renters to get themselves squared away (and, at the same time, move to a place they can reliably afford).

stever

It's easier to repo a car than evict someone.

Unless they are living in your van.

qbrozen

I'm definitely not upside down on the house, but the problem comes with all the fees and expenses attached to it. Knock off the Nj transfer tax, 5% realtor fee, repairs, permits, and closing costs... it is harsh. I owe about 75% of what the house is worth, in my best estimation, but I don't have the ability to let it sit on the market unused for 6 mos. So, for a quicker sale, I'd have to price it at maybe 85% of what it is worth just to break even.

stickguy

Sometimes being done, even if you walk away with little or nothing, is it's own reward.

xwesx

stever said:

It's easier to repo a car than evict someone.

Unless they are living in your van.

My grandmother worked real estate (both sales broker and property management), and had to evict more tenants than I can remember. It usually took about three months, and I'm not sure whether that was a mandated period of time or just because she would do everything she could to work with them on the rent. Normally, it was a progression.... first month the rent was late (rent is up-front, so that's the start of the three-month block), second was late or partial or none, thirty-day eviction notice posted the day after rent due on the third month, ten-day eviction notice posted after twenty additional days, and then my grandmother there with law enforcement on the day after the eviction deadline. I only witnessed one of those (LE show up), but the folks were given thirty minutes to remove themselves and any of their property they wanted to keep. The condition of the house and property in those situations was always so very disgusting.

If the occupants caught up on their rent during the eviction process, she reset the clock and it started all over again. I remember one place where we served notice every month I worked for her that summer. It was like her serving the eviction notice was, to them, receiving their rent bill! Hahahaha.

Eviction was never a pretty thing, but it sure improved the cash flow for the owners!

A couple of times she evicted people because of the condition of the home, even though they were caught up on rent.

breld

qbrozen said:

I'm definitely not upside down on the house, but the problem comes with all the fees and expenses attached to it. Knock off the Nj transfer tax, 5% realtor fee, repairs, permits, and closing costs... it is harsh. I owe about 75% of what the house is worth, in my best estimation, but I don't have the ability to let it sit on the market unused for 6 mos. So, for a quicker sale, I'd have to price it at maybe 85% of what it is worth just to break even.

Well, best of luck with that and hope it gets resolved quickly and relatively painlessly.

Not the same circumstances, but as most of you know, we moved into a new house this past summer and had fully expected to have our old house sold quickly given the market conditions. Well, for one reason or another, we missed a bubble in the market and our house has been sitting for several months. But we are scheduled to close on it one week from today, after 4 months of double mortgage payments, double utilities, etc.

corvette

That market must be slower than mine. Here, if it's in decent shape and is even somewhat realistically priced, it will be under contract within a few days.

My significant other is trying to do a short sale on a house she owns in another state.

xwesx

Travel allowance is a no-go.

But, I did receive confirmation that positive mileage adjustments will take place at the buyback appointment. I was also directed to this information on the portal FAQ:

-------------------------
Your payment is contingent upon completion of your closing transaction for a Buyback, Lease Termination or Approved Emissions Modification. Once you have completed your closing transaction, the timing of your payment depends on the remedy you chose, whether there was a mileage adjustment at the closing transaction, and the payment method you selected.

If you chose a Buyback, a check will be available at your closing transaction and an Electronic Fund Transfer (EFT) will be submitted within 3 banking days of your closing transaction.
If at the time of your Buyback, your vehicle is subject to a mileage adjustment, an Electronic Fund Transfer (EFT) in the revised amount will still be submitted within 3 banking days. A mileage adjustment will not affect the timing of an Electronic Fund Transfer (EFT) payment.
If at the time of your Buyback, your vehicle is subject to a positive mileage adjustment (in other words, your vehicle mileage at the time of your Buyback transaction is below the mileage range that you entered into the Online Claims Portal), you will receive a check at your Buyback transaction and an additional check for the amount of the mileage adjustment will be mailed to you within 3 banking days of the closing transaction.
If at the time of your Buyback, your vehicle is subject to a negative mileage adjustment (in other words, your vehicle mileage at the time of your Buyback transaction is above the mileage range that you entered into the Online Claims Portal), your transaction cannot be completed and you will need to reschedule your appointment, you may do so using the Online Claims Portal or by calling 1-844-98-CLAIM.
If you chose an Early Lease Termination, a check will be available at your closing transaction and an Electronic Fund Transfer (EFT) will be submitted within 3 banking days of your closing transaction. If your vehicle is subject to a negative mileage adjustment pursuant to the lease contract, a check will not be provided immediately and instead Volkswagen will mail a new check within 3 banking days of the closing transaction.
If you chose an Approved Emissions Modification, a check will be mailed to you or an Electronic Fund Transfer (EFT) will be submitted within 3 banking days of your closing transaction.
If you are an Eligible Seller or former lessee, once you return a signed offer letter package, including a release signed in the presence of a Notary Public, and Volkswagen reviews the offer letter package for completeness, a check will be mailed to you or an Electronic Fund Transfer (EFT) will be submitted within 3 days.
---------------------------

As such, I expect that I should get $600 more than the original offer of $27,077 once I have the appointment. This includes an added $500 for vehicle value and $100 for restitution.

qbrozen

Ford dealer emailed me to let me know the EX sold. I would have been there last night but the damned kids screwed up the plans. SIGH

henryn

By the time the dealer got around to telling you, it had probably been gone for several days anyway. Maybe not much consolation, but ...

qbrozen

Eh. I had already convinced myself it did not have nav like he claimed.

i am at a hyundai dealer now. Just drove a 2012 with 23k miles. Waiting for them to tell me they can't honor the internet price.

stickguy

My son commented after all the chasing around after an A3, that one thing he learned through the process, is to never trust online inventory listings. Wildly inaccurate.

henryn

The listings are unbelievably, unforgivably inaccurate. And any advertised price that actually looks halfway reasonable (on a used car), is going to result in $1k to $2k in extraneous add-ons or fees.

I remember when there actually were honest, or at least semi-honest car dealers. That seems to have disappeared in the new millenium.