A judge has today approved a landmark $10 billion settlement that will enable 500,000 consumers across the country to sell back their tainted diesel-powered cars to Volkswagen.
The $10 billion order secured by the FTC will make consumers whole by remedying the losses they suffered due to VW’s deceptive “Clean Diesel” ad campaign.
For most hard-working Americans, a car represents the most significant purchase after their family home.
Hundreds of thousands of consumers were harmed by VW because it deceptively advertised its diesel cars with claims that they were environmentally friendly and unfairly sold cars fitted with illegal emission test defeat devices.
U.S. consumers who bought model year 2009-2015 2.0 liter VW and Audi “Clean Diesel” cars are entitled to compensation, and will now be able to sell their vehicles back to the company based on their retail value before VW’s deception became public.
While the FTC took the lead on compensation for the car buyback program, the Justice Department and the Environmental Protection Agency negotiated a $4.7 billion judgment against VW that will mitigate vehicle pollution and be invested in green vehicle technology to remediate the harm to the environment caused by these vehicles.
Today’s federal court approval of the FTC’s order rightfully puts consumers back in the driver’s seat, and they should be aware of the important following points as they take steps to obtain redress.
Eligible consumers can choose to have VW buy back their TDI “Clean Diesel” vehicles at generous prices that account for all their losses, or have their vehicles modified if the EPA approves a modification.
To make their choice, consumers should visit VW’s Claims website at www.vwcourtsettlement.com. Consumers have until September 1, 2018 to register a claim and receive compensation.
Those who want a buyback can return their vehicles to the VW or Audi dealer of their choice, and the company must buy back a vehicle no more than 90 days after a consumer’s application is completed and approved.
After returning their vehicles, many consumers will receive compensation payments on the spot, and no consumer should have to wait more than three business days for a redress payment.
It is also important to note that consumers are not obligated to purchase another VW or Audi with their refund checks, and dealers cannot negotiate the amount of money a consumer receives.
In the majority of cases, compensation will range from $12,500 to $44,000 depending on the model and certain adjustments, including mileage and trim packages. Consumers can verify the redress amounts for their specific models on VW’s Claims website.
The FTC and a court-appointed monitor will be watching closely as consumers return their vehicles to ensure that VW adheres to the settlement.
Smart companies do not deceive American consumers, as they know it does not pay.