VW $14.7 Billion Diesel Settlement Approved; Buybacks Begin in November
Volkswagen will begin buying back cars next month now that a federal judge has officially approved its $14.7 billion settlement with three federal agencies, the company said today.
Nearly half a million Volkswagen and Audi TDI owners and lessees?including those who owned or leased on or before September 18, 2015, and sold or turned in their cars on or before June 28, 2016?may receive between $12,500 and $44,000 depending on model, age, trim, and region. TDI lessees will receive a cash value between $2600 and $4900. Complete details for the payments on every affected model can be found here. A total of $10 billion has been allocated to TDI drivers, including any who choose to keep their cars and wait for an emissions modification. By and large, however, most drivers have opted to give up their cars for greater payouts. Eligible TDI drivers can visit VW’s court-settlement website for consumers to sign up.
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The Sound of Settling: VW to Pay U.S. Dealers $1.2 Billion
The remaining portion of the settlement goes to the Federal Trade Commission and various electric-car and diesel cleanup programs administered by the Environmental Protection Agency. It does not include any Volkswagen, Audi, or Porsche diesel models with the 3.0-liter V-6 engine. That settlement is still pending. It also does not include a separate $1.2 billion settlem...
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