VW Diesel Owners Get up to $10K Each, Total Bill Hits $14.7B - Club Touareg Forums
Thread Tools Display Modes
post #1 of 1 Old 06-28-2016 Thread Starter
Sponsored Editorial Content
Touareg: Still looking
Join Date: Jan 2014
Second Vehicle: Still looking
Posts: 75
Thanks: 0
Thanked 3 Times in 3 Posts
VW Diesel Owners Get up to $10K Each, Total Bill Hits $14.7B

Details on exactly how Volkswagen will pay back customers and the U.S. government over its diesel emissions scandal have been finalized.

To settle with owners, Volkswagen has put together a pool of $10.033 billion to cover the cost of buybacks, emissions fixes and cash settlements. The brand has also agreed to pay the US government $2.7 billion for environmental mitigation costs and another $2 billion is being spent on research into zero-emissions vehicles.

That brings the total cost of Volkswagen’s diesel scandal in the US to $14.7 billion. This is also the largest consumer auto industry class action settlement in U.S. history.

In September of 2015, it was discovered that Volkswagen has installed a defeat device in many of its diesel vehicles, allowing its cars to pass emissions tests while spewing illegal levels of pollution into the air.

Owners of Volkswagen or Audi vehicles equipped with the 2.0-liter diesel engine will have two options: A buyback of the car for the price it was worth in September 2015 (before the scandal broke) or Volkswagen will fix the car.

VW is still trying to come up with an emissions modification process that is approved by both the EPA and CARB for these cars, though if a solution is not found, the buyback program will still be available. Some owners will be able to cancel leases without penalties while some car loan obligations will also be waved.

Regardless of whether the owner chooses the buyback or the fix, Volkswagen will also be sending a cash settlement. VW says that most owners will receive between $5,100 and $10,000 each, based on a formula which probably depends on how long the vehicle has been owned.

'This historic agreement holds Volkswagen accountable for its betrayal of consumer trust, and requires Volkswagen to repair the environmental damage it caused,' said Elizabeth Cabraser, Court-appointed Lead Counsel and chair of the 21 member Plaintiffs’ Steering Committee (PSC), which negotiated the settlement on behalf of class members. 'To achieve relief for consumers so swiftly on such a large scale is unprecedented.'

Read more about the VW Diesel Owners Get up to $10K Each, Total Bill Hits $14.7B at AutoGuide.com.
AutoGuide.com is offline  
Sponsored Links

Quick Reply

Register Now

In order to be able to post messages on the Club Touareg Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Please enter a password for your user account. Note that passwords are case-sensitive.


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:


Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

For the best viewing experience please update your browser to Google Chrome

VW Touareg News Delivered to your Email!

Stay up-to-date with Touareg news in your inbox.

unsusbcribe at anytime with one click

Close [X]