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  • William Maley
    William Maley

    Rumorpile: Volkswagen to Pay Owners $1,000 to $7,000 to Settle Claims

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      The total settlement is said to be around $10.2 billion

    While Volkswagen and the U.S. Government are finishing negotiating the final agreement over the diesel emission scandal, some interesting bits of the agreement have leaked out.

     

    The Associated Press and Bloomberg have learned from sources that Volkswagen will pay $10.2 billion as part of a settlement over the scandal. As part of the settlement, Volkswagen will compensate owners of affected TDI models between $1,000 to $7,000. The payment amount will vary on a number of factors such as the age of the vehicle. Volkswagen will also offer owners the choice having their vehicles fixed for free or buying them back at the value before the scandal came to light (September 18, 2015).

     

    One item still up in the air is whether or not Volkswagen will be able to fix all of the TDI models to the EPA's satisfaction. A source tells the AP, "any fix likely would require a bigger catalytic converter or injection of the chemical urea into the exhaust to help neutralize the pollution."

     

    Along with the owner compensation, Volkswagen will use the $10.2 billion to pay various penalties and setting up a fund to clean up air pollution.

     

    The sources do stress that the terms of the settlement could change before being presented to U.S. District Judge Charles Breyer next Tuesday. Also, this settlement is for the 2.0L TDI engine. The 3.0L TDI V6 is being dealt with separately.

     

    Source: Bloomberg, Associated Press

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    Sooooooooo Guess that $7 billion they set aside just got overrun in a big way. Since this is only the 2.0L TDI, I have to assume the 3.0L TDI will cost about the same so VW needs to be planning on a cost of about 20-30 billion once all fines and others costs are associated here in the US and of course this does not take into account the rest of the world.

     

    OUCH - VW stock holders are not going to be happy.

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    I've got a buddy who would really appreciate a $5,000 check(I thought I read somewhere that is more the "expected" amount). 

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    I've got a buddy who would really appreciate a $5,000 check(I thought I read somewhere that is more the "expected" amount). 

     

    Yeah, the $5,000 is what the sources said would be the average payment.

     

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