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Volkswagen has agreed to buy back, terminate leases or provide approved emissions modifications for nearly 475,000 affected vehicles.
There are two options for the affected Volkswagen car owners: a buyback by VW, or modifications to keep your vehicle up to regulation standards.
The estimated amount Volkswagen will pay for your vehicle, based on its trade-in value as of September, 2015 plus additional compensation.
If you decide to keep your vehicle and VW repairs it, this is the estimated restitution amount for vehicle owners as determined by the settlement.
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Volkswagen have recently agreed to a $14.7 billion settlement for customer buybacks, early lease terminations, and restitution payments over the emission cheating scandal. This settlement will allow owners of affected diesel vehicles the repurchase price of their vehicle as of September 18, 2015 (when the scandal was first exposed), and an additional $5,100 - $10,000 depending on the vehicle’s model, mileage and year. Affected VW owners will have until May 2018 to decide. This comes in addition to the $1,000 goodwill package already extended by VW to affected owners.
The Latest on the VW Diesel Settlement
The US court has granted final approval for the proposed Volkswagen settlement, in which the automaker will spend up to $10 billion to owners and lessees of VW and Audi 2.0 liter diesel cars that were impacted by its false advertisement of emission levels. Over 311,209 owners out of the affected 475,000 vehicles have registered for the offer to date.
Here is an overview video on the settlement process:
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