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VW Settlement
Old 08-16-2016, 05:03 PM   #1
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VW Settlement

Anyone else part of the VW Court Settlement?

Paperwork came today for me. There were no surprises and it seems as the news media has reported it.

If I'm understanding everything correctly I can drive my car until Sept 2018. Return it then and get a cash settlement equal to the Sept 2015 price on it along with some penalties.

For me the math works out real well. I basically end up paying 8k to drive the car for 5 years.
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Old 08-16-2016, 05:27 PM   #2
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I'm affected. I have a 2014 Passat that I am turning in with 27,000 miles on it. They are giving me $29,700 and I paid $25,500 for it two years ago. I already registered at the site and after October when the court finalizes this, I should be turning in the car shortly thereafter.
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Old 08-16-2016, 05:38 PM   #3
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They are giving me $29,700 and I paid $25,500 for it two years ago.
An 8% annual return. Nicely done!
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Old 08-16-2016, 05:43 PM   #4
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What happens to the turned in cars?
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Old 08-16-2016, 06:04 PM   #5
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Destroyed or fixed and sold, if they have a fix.
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Old 08-16-2016, 06:17 PM   #6
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I am not part of the settlement. I have a VW Toureg but it was not the diesel. Shucks!
Glad VW is making it right for those that are part of the settlement.
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Old 08-16-2016, 06:36 PM   #7
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Is it time to buy stock in VW yet?
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Old 08-16-2016, 06:42 PM   #8
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Is it time to buy stock in VW yet?
Maybe not just yet....
https://www.wired.com/2016/08/oh-goo...n-volkswagens/
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Old 08-16-2016, 07:39 PM   #9
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aim-high: I have filed an online claim for my 2014 VW Sportwagen TDI. I simply wanted to get in line for a buyback and not miss any deadlines; I had yet to read the Q&A in the package I received last week in connection with the court settlement. But I read it just now.

I think you are correct, and it amazes me that I apparently can drive my VW until September 2018, at which time I will be paid between $26,657 snf $29,117 for my car, which cost me less than $31,000 including sales tax. (Paid cash.) In September 2018, I will have owned my car for more than 4 1/2 years, and will have paid at most a few thousand dollars to drive it that long - provided it's in "clean trade" shape and that I don't exceed 12,500 miles per year.

And because it is a damage award, it should be federal-tax free; hopefully PA-tax free also.

Wow. I'll take that deal.
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Old 08-16-2016, 07:46 PM   #10
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aim-high: I have filed an online claim for my 2014 VW Sportwagen TDI. I simply wanted to get in line for a buyback and not miss any deadlines; I had yet to read the Q&A in the package I received last week in connection with the court settlement. But I read it just now.

I think you are correct, and it amazes me that I apparently can drive my VW until September 2018, at which time I will be paid between $26,657 snf $29,117 for my car, which cost me less than $31,000 including sales tax. (Paid cash.) In September 2018, I will have owned my car for more than 4 1/2 years, and will have paid at most a few thousand dollars to drive it that long - provided it's in "clean trade" shape and that I don't exceed 12,500 miles per year.

And because it is a damage award, it should be federal-tax free; hopefully PA-tax free also.


Wow. I'll take that deal.
Word of caution. If you total the car (wreck) before you turn it in for the buyback, and the insurance company pays you and salvages the car, you won't get to sell it back. I doubt very much your insurance company will pay you what VW is offering.
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Old 08-16-2016, 07:48 PM   #11
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An 8% annual return. Nicely done!
This will be the only car I have ever made a profit on with a sale!
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Old 08-16-2016, 08:14 PM   #12
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Do you have to sell back the car? What if you like it?
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Old 08-16-2016, 08:46 PM   #13
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I'm in that. a 2012 TDI Golf with 58K miles. the site said I would get $6K if I got it fixed, or $22K if I did the buy back thing. Given that my insurance company has the car value at $13K, I can not afford to drive the car. It will sit in the garage until November when the buyback happens. I paid $26K for the vehicle, so this is like a drove the car for free for 4 years. This fits in with my downsizing for retirement. We traded in the Honda fit for a VW Toureg (gas) and when we get rid of the Golf TDI, we will only have one car.
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Old 08-16-2016, 08:49 PM   #14
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Do you have to sell back the car? What if you like it?
If you like it they will fix it and pay you something as a makeup for the TDI's costing more at purchase than the gas cars. For my Golf TDI, they will give us $6,000. but compared to the buy back price, and given the uncertainty of what the States will do regulatory-wise, it is sort of insane not to do the buy back.
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Old 08-16-2016, 09:08 PM   #15
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If you like it they will fix it and pay you something as a makeup for the TDI's costing more at purchase than the gas cars. For my Golf TDI, they will give us $6,000. but compared to the buy back price, and given the uncertainty of what the States will do regulatory-wise, it is sort of insane not to do the buy back.
Interesting, thanks.
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Old 08-16-2016, 09:28 PM   #16
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Interestingly, VW has not indicated that they will do the same for the Canadian owners as of yet. Although they indicated earlier this year that the deal would be the same as for the U.S., no announcement has been made and according to sources, they have no plans to announce a deal (or lack of) until December, 2016.

EPA has no jurisdiction in Canada and the Canadian environmental laws are rather loose with very few numerical standards for diesel emissions. To my knowledge, Canada authorities have not initiated any formal action against VW for these diesels.

Also, there has been no U.S. announcement for the 3.0 liter diesels in the Toureg or Audi models. This deal is for the 2.0 liter TDI's only.
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Old 08-16-2016, 09:35 PM   #17
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Do you have to sell back the car? What if you like it?
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If you like it they will fix it and pay you something as a makeup for the TDI's costing more at purchase than the gas cars. For my Golf TDI, they will give us $6,000. but compared to the buy back price, and given the uncertainty of what the States will do regulatory-wise, it is sort of insane not to do the buy back.
We have an older gentleman friend who is German and owns a newer Passat TDI was leaning toward just keeping it and driving it, however I can see risk if his state decides the car can no longer be registered or inspected because it pollutes too much.
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Old 08-17-2016, 03:59 AM   #18
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Word of caution. If you total the car (wreck) before you turn it in for the buyback, and the insurance company pays you and salvages the car, you won't get to sell it back. I doubt very much your insurance company will pay you what VW is offering.
Actually there is a provision for that as well. There is a certain window where I think this is correct. It's a small window.
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Old 08-17-2016, 04:03 AM   #19
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One interesting article I read indicates that VW needs to have a certain percentage of the cars off the road by the end of the settlement period. The presumption in the article was that if they do not get many takers they will up the price.

Regardless, I will happily drive my car until the end date and then turn it in.
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Old 08-17-2016, 06:51 AM   #20
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aim-high: You appear to be right once again on the concept that there is a small window of time, outside of which a totaled VW will not affect an owner's right to the settlement payment. (Darn, you are good.):

Question 11 of settlement FAQ brochure (page 10): "Can I receive benefits if my car was totaled after September 18, 2015?" Answer: "If you owned an Eligible Vehicle that was functioning and operable as of September 18, 2015, but was subsequently totaled (and the title was transferred to an insurance company), you will be eligible for benefits under the Class Action Settlement as described in this notice.... There is one exception: if your car is totaled after June 28, 2016, but before the [class action] opt-out date (September 16, 2016), you are excluded from the settlement class...."

So the exclusion-from-payment window opened on June 28, and will close in less than a month. After that, it appears that you can drive your car till September 1, 2018, and even if your car is totalled, you can get the payment (minus any deductible under your policy, etc.) Anyone in the class should read the brochure to confirm this and make their own decision, but it appears to be so.

Thus, one could essentially use the car for a multi-year period (in my case over 4 1/2 years) and still get the full payment. That would amount to having a free car for that period or, depending on the final specifics of the payment calc, having it for maybe $100/month during that time. Wow, okay with me.

Drive carefully during the next 30 days!
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