Your Options Under the Volkswagen $14.7 Billion Emission Scandal Settlement
Volkswagen (VW) has reached a settlement in its emission scandal lawsuit with the federal government. The settlement, which will cost VW approximately $15 billion, is restitution for defrauding emissions tests for select diesel engine vehicles sold in the United States. At press time of September 2016, the preliminary agreement still needs to be approved by the courts. Once approved, VW will mail affected consumers an explanation of the terms of the settlement and of their rights to comment, object, or opt out of the program. Here’s what the settlement could mean to you.
Your Options Under the VW Settlement
The settlement covers certain 2.0 liter diesel vehicles leased or sold between 2009 and 2015. Verify if your model is covered by entering your vehicle identification number into VW’s emission scandal website. The site also has other information regarding the terms of the settlement.
Under the agreement, you have these options:
- If you're leasing your vehicle, you could terminate the lease without paying fees for early termination.
- VW could modify your vehicle so it meets emission standards once a fix is approved. However, this may not happen until May 2018.
- VW will buy back your vehicle at its pre-scandal value, based on its mileage and options. The payments are estimated to be between $5,100 and $10,000.
- VW will pay lessees half of what it would pay an owner of an identical car.
- If you sold your vehicle or bought it from a private individual, VW will pay each of you half of the eligible cash payment.
The VW website provides instructions on how to register for a settlement option if your vehicle is included in the settlement. Current owners and lessees answer a few quick questions to determine eligibility.
Former owners of eligible vehicles as of September 18, 2015 who sold their vehicles before June 28, 2016, had to register for settlement consideration by September 16, 2016. However, pending final settlement approval, an extension may be offered. Individuals with active lease agreements on eligible vehicles as of September 18, 2015 still have time to review the VW site for settlement potential.
If you opt out of the settlement, you're not entitled to sell back your vehicle, but could require VW to fix your vehicle for free.
Are you confused about your options under this settlement, or considering filing a lawsuit against Volkswagen? Were you injured by another defective product? Call me today at 888.716.8021 to schedule a free consultation to learn about your legal options.
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