With the announcement of the VW settlement in its diesel scandal that emerged in September 2015, owners of the affected vehicles now can focus on their choices of compensation and one key question:
Where do the owners of the nearly 500,000 vehicles in the United States eligible for a settlement start?
According to details of the settlement announced June 28, here’s a list of what vehicles are included and what owners should do:
Eligible vehicles: Volkswagen, Beetle, Beetle Convertible 2013-2015, Golf 2-Door 2010-2013, Golf 4-Door 2010-2015, Golf SportWagen 2015, Jetta 2009-2015, Jetta SportWagen 2009-2014, Passat 2012-2015; Audi – A3 2010-2013, 2015.
A settlement to address some 80,000 affected 3.0-liter vehicles sold by Volkswagen in the United States is still pending.
Volkswagen will pay cash compensation of at least $5,100 to each owner. In addition, owners may opt for a buyback by Volkswagen or wait for VW to develop a fix that can win regulatory approval.
More options for VW diesel owners
For cars whose owners sold them after the scandal hit, the cash payment will be divided between the previous and new owners.
Lessees will receive 10 percent of the car’s base value plus $1,529.005. Another option: Lessees can have their leases terminated with no fee.
Under the buyback option, owners who purchased vehicles before September 18, 2015 will get the vehicle’s pre-scandal value, adjusted for options and mileage. The value will be determined based on the Clean Trade-In Value in the September 2015 edition of the NADA Used Car Guide.
Some owners may want Volkswagen to fix to their cars to make them compliant with environmental regulations. That fix may not be available until May 1, 2018, if at all. If no fix becomes available, those owners can then choose the buyback option. Owners choosing the fix will receive the same cash compensation as those who opted for the buyback.
How modification’s will affect a vehicle’s performance is unknown. If and when a fix is approved by regulators, Volkswagen will send owners disclosures that will detail the effect on emissions levels, reliability, durability, fuel economy, noise vibration and harshness, vehicle performance, drivability, and other vehicle attributes.
VW owners information options
Owners do not need to choose between a buyback or a modification until they are notified whether a fix is available.
Regardless of which option is chosen, owners must submit a claim to http://www.VWCourtSettlement.com by September 1, 2018. Owners may begin submitting information to Volkswagen on July 26, 2016.
The earliest compensations will begin in October 2016. Volkswagen will begin buybacks no earlier than October 2016.
For additional information, visit: www.VWClassSettlement.com, call 1-844-98-CLAIM or write VW Court Settlement, P.O. Box 214500, Auburn Hills, MI 48326.