According to news reports, Volkswagen is agreeing to make cash payments of up $10 billion, or up to $7,000.00 to owners of their diesel cars, which apparently pollute more than advertised. The amount of each owner’s payment will depend upon the year of their car, among other factors. The settlement is pending before the U.S. District Court for approval. The settlement stems from Volkswagen “fixing” of their emissions test results, in which they claimed their diesels were “clean” for the environment.
As Volkswagen is not expected to be able to repair these cars, owners will be entitled to a cash payment or negotiating a buyback of their vehicle.
Given the negative ramifications vehicle owners will have when they try to sell or trade-in their diesel vehicles in the future it is imperative that those owners seek legal guidance to make sure they make the best financial decision. We are the Law Offices of Joseph I. Lipsky are available for free no-obligation consultations with owners of Volkswagen diesel cars to discuss the depreciation of their vehicles. Feel free to contact us at our toll-free hotline 1-888-352-5298 (888-FLA-LAW8). We are here to help.