VW agree to buy back or fix up to 600,000 US vehicles in deal with regulators

Master Disaster · April 22, 2016

Just to make this clear from the start, this deal is for USA buyers only.

Its been reported within the last 24 hours that VW have made an agreement to buy back or repair any car affected by the emissions scandal which was reported last year.

Quote

The owners of nearly 600,000 Volkswagen vehicles rigged to cheat on emissions tests will have the option to have their cars fixed or bought back by Volkswagen, a judge said on Thursday.

VW have also been required to set up a fund for compensation to US customers and to cover environmental damage caused by their cars cheating emission tests.

Quote

Judge Charles Breyer did not give details on how much car owners would be paid but said the deal between Volkswagen, the US government and private lawyers would include “substantial compensation”. Last month, The senior US district judge threatened a trial if Volkswagen and US officials did not reach an agreement on timing of the repairs by Thursday.

“Volkswagen is committed to earning back the trust of its customers, dealers, regulators and the American public,” the company said in a statement. “These agreements in principle are an important step on the road to making things right. As noted today in court, customers in the United States do not need to take any action at this time.”

The agreement will include a fund for corrective efforts over the excess pollution, and Volkswagen will be required to commit other money to promote green automotive technology, said Breyer, who has not yet formally signed off on the deal.

According the the Financial Times any customer who chooses to keep their vehicle and have it repaired will be offered up to $5,000 in compensation from VW depending on the vehicles age and level of work required.

No word on what will happen for buyers in other countries yet.

The article then continues on with all the stuff which was reported back in September which I won't bother posting...

Sources...

http://www.theguardian.com/business/2016/apr/21/volkswagen-buying-cars-back-vw-settlement-emissions-scandal

http://www.ft.com/cms/s/0/d83cfec6-07cc-11e6-a623-b84d06a39ec2.html

Nothing about this is surprising tbh, the fact they've agreed to buy the cars back or the fact they've only agreed to do it in the USA basically giving the ROW the middle finger.

The FT say this could end up costing VW upto $7B!! And that's just for the America settlement too!!

dalekphalm · April 22, 2016

2 hours ago, Master Disaster said:

Just to make this clear from the start, this deal is for USA buyers only.

Its been reported within the last 24 hours that VW have made an agreement to buy back or repair any car affected by the emissions scandal which was reported last year.

VW have also been required to set up a fund for compensation to US customers and to cover environmental damage caused by their cars cheating emission tests.

According the the Financial Times any customer who chooses to keep their vehicle and have it repaired will be offered up to $5,000 in compensation from VW depending on the vehicles age and level of work required.

No word on what will happen for buyers in other countries yet.

The article then continues on with all the stuff which was reported back in September which I won't bother posting...

Sources...

http://www.theguardian.com/business/2016/apr/21/volkswagen-buying-cars-back-vw-settlement-emissions-scandal

http://www.ft.com/cms/s/0/d83cfec6-07cc-11e6-a623-b84d06a39ec2.html

Nothing about this is surprising tbh, the fact they've agreed to buy the cars back or the fact they've only agreed to do it in the USA basically giving the ROW the middle finger.

The FT say this could end up costing VW upto $7B!! And that's just for the America settlement too!!

They aren't giving the rest of the world the middle finger. They need to negotiate these kinds of repair/buyback deals with each governing authority, as each authority may have different requirements, timelines, etc.

In fact, this should HELP the rest of the world, since they can use the US deal as precedent. VW made one deal, which means they'll make other deals now too.

Fortunately my Jetta is gasoline powered.