Post by VWCA_Adman on Oct 19, 2016 20:29:36 GMT -6
Oct. 18, 2016: At a U.S. District Court hearing in San Francisco, Judge Charles Breyer said he’s “strongly inclined” to approve VW’s $10 billion settlement on behalf of VW’s 2.0-liter TDI owners. He also issued preliminary approval for VW’s $1.2 billion settlement with its U.S. dealers.
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If approved, the settlement allows VW to buy back as many as 475,000 vehicles with illegal emissions software. But Breyer says he needs additional time to consider objections to the plan. While 336,612 VW owners registered to receive benefits under the settlement, 3,200 eligible owners opted out with about 460 objections to the deal filed in court.
Affected TDI owners will have until September 2018 to accept a buyback offer or receive a repair of the emissions system. Owners will also receive $5,000 to $10,000 in compensation. So far, regulators have not approved a fix for VW’s errant vehicles.
Breyer must weigh whether owners should be reimbursed for the purchase price of their vehicles rather than the “clean” trade value.
If approved, the settlement allows VW to buy back as many as 475,000 vehicles with illegal emissions software. But Breyer says he needs additional time to consider objections to the plan. While 336,612 VW owners registered to receive benefits under the settlement, 3,200 eligible owners opted out with about 460 objections to the deal filed in court.
Affected TDI owners will have until September 2018 to accept a buyback offer or receive a repair of the emissions system. Owners will also receive $5,000 to $10,000 in compensation. So far, regulators have not approved a fix for VW’s errant vehicles.
Breyer must weigh whether owners should be reimbursed for the purchase price of their vehicles rather than the “clean” trade value.