Find the Best Car Deals Near You ⤵
Quick Facts: VW's $15B Settlement
June 30, 2016
This week, Volkswagen agreed to pay about $15 billion to begin rectifying the diesel emissions scandal. There are still some details that need to be ironed out, but Consumer Reports has a nice summary of everything so far. I went ahead and highlighted the key facts below:
- VW will buyback, terminate leases, or fix affected vehicles.
- Covers 475,000 vehicles that contain 2.0 liter diesel engines
- Settlement DOES NOT cover 87,000 vehicles containing 3.0 liter diesel engines (those will be decided in a separate settlement)
- 2013-2015 VW Beetle
- 2010-2015 VW Golf
- 2009-2015 VW Jetta
- 2012-2015 VW Passat
- 2010-2013; 2015 Audi A3
Buyback & Lease Termination Options
- VW will buy back the vehicle at retail replacement value or higher (between $12,500 and $44,000 depending on model, mileage, etc)
- If the vehicle is leased, VW will offer a full termination as soon as vehicle is returned to dealer.
- VW will pay off any third-party loans, up to 130% of the amount the consumer is entitled under the buyback (this is to help cover anybody that is upside down on their loan)
- Buyback and lease termination offers will be available 15 days after settlement has been approved, and will remain open for at least 2 years.
- Fixes for the vehicles have not been ironed out yet. The remedy must be approved by the EPA prior to being made available to owners.
- VW is expected to announce fix options starting in November.
- If you choose to have your vehicle fixed, you will also receive between $5,000 and $10,000 for diminished value. (keep in mind the vehicle will have lower performance characteristics such as lower mpg and engine power)
Signup for The Weekly Newsletter
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The AuthorGregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
Latest Weekly Car Buying Tips
- Best Memorial Day Car Deals May 25, 2023
- Best Car Deals by Category May 25, 2023
- Worst Cars to Lease Right Now May 25, 2023
- Real Prices of Midsize SUVs May 25, 2023
- Top 100 Cheapest Lease Deals May 18, 2023
- Cars With the Largest Rebates May 18, 2023
- Real Prices of Large SUVs May 18, 2023
- New Cars You Should Wait to Buy May 18, 2023
- Best Bang for Your Buck Lease Deals May 11, 2023
- Best Electric, Hybrid Lease Deals May 11, 2023
- New Cars with the Most Available Inventory May 11, 2023
- Real Prices of Pickup Trucks May 11, 2023
- Best 0% Finance Deals May 2023 May 04, 2023
- Biggest Discounts on New Cars May 04, 2023
- Price Comparison of Subcompact SUVs May 04, 2023
- Lease Deals with Loyalty & Conquest Rebates May 04, 2023
- Real Prices of Compact Cars Apr 27, 2023
- Cheapest Luxury Lease Deals Apr 27, 2023
- Top 100 Cheapest New Cars for 2023 Apr 20, 2023
- Best Car Deals Around the Country Apr 20, 2023
- Which Cars Better to Lease or Buy Apr 20, 2023
- Real Prices of New Compact SUVs Apr 20, 2023
- Real Prices of Midsize Cars Apr 06, 2023
I welcome your car buying questions. Email Me and I'll be glad to answer them!