romad
Top Post Dawg
And he who's name can't be mentioned here birthday.
Also, my brother-in-law's birthday.
Volkswagen's Clean Air Act violations on 2009+ TDIs spark huge recall, investigations
- Thread starter TDIpilot4u
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Also, my brother-in-law's birthday.
kitarkus
Veteran Member
Details here: Reuters story has been updated
(Adds sources saying VW will offer compensation fund, details on framework deal)
http://www.cnbc.com/2016/04/20/reut...-to-offer-to-buy-back-us-diesel-vehicles.html
WASHINGTON, April 20 (Reuters) - Volkswagen AG and U.S. officials have reached a framework deal ahead of a Thursday court deadline offering to buy back hundreds of thousands of vehicles emitting up to 40 times legally allowable pollution, two sources briefed on the matter said Wednesday.
The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel U.S. vehicles that used sophisticated software to evade U.S. emission rules.
Volkswagen has also agreed to a compensation fund for owners, but it is not clear how much owners might receive, a person briefed on the matter said.
Volkswagen may also offer to repair polluting diesel vehicles if U.S. regulators approve the fix as workable at a future date, the sources said.
VW will pay cash compensation to owners who either sell their vehicles back or get them fixed, a source briefed on the matter said. Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015.
The compensation fund is expected to represent more than $1 billion on top of the cost of buying back the vehicles, a person briefed on the matter said.
Owners are expected to have around two years to decide whether to sell back vehicles or get them repaired. It is not clear whether VW will be allowed to resell vehicles they buy back, the source said.
(Adds sources saying VW will offer compensation fund, details on framework deal)
http://www.cnbc.com/2016/04/20/reut...-to-offer-to-buy-back-us-diesel-vehicles.html
WASHINGTON, April 20 (Reuters) - Volkswagen AG and U.S. officials have reached a framework deal ahead of a Thursday court deadline offering to buy back hundreds of thousands of vehicles emitting up to 40 times legally allowable pollution, two sources briefed on the matter said Wednesday.
The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel U.S. vehicles that used sophisticated software to evade U.S. emission rules.
Volkswagen has also agreed to a compensation fund for owners, but it is not clear how much owners might receive, a person briefed on the matter said.
Volkswagen may also offer to repair polluting diesel vehicles if U.S. regulators approve the fix as workable at a future date, the sources said.
VW will pay cash compensation to owners who either sell their vehicles back or get them fixed, a source briefed on the matter said. Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015.
The compensation fund is expected to represent more than $1 billion on top of the cost of buying back the vehicles, a person briefed on the matter said.
Owners are expected to have around two years to decide whether to sell back vehicles or get them repaired. It is not clear whether VW will be allowed to resell vehicles they buy back, the source said.
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msheidiann
Active member
IF a buyback is offered, how quickly do you suppose the buybacks will begin?
geodug
Veteran Member
I will be happy if I am put in a position to buy a MY 2017 Tiguan LWB TDI for cheap.
Probably not nearly as quickly as some people want.
It's a legal process. A very very redundant one.
Found this article to have a lot of information about the EU testing process. The extent to which they let manufacturers modify the cars for real world testing is insane.
http://www.extremetech.com/extreme/...developed-emissions-cheating-software-in-1999
"This chart shows the gap between CO2 emissions. These results are the reason why European vehicles are often rated as being more efficient than their US counterparts, even when the exact same vehicle is sold on both sides of the Atlantic. European laws give manufacturers enormous amounts of leeway, allowing them to test vehicles at high-altitude sites with road surfaces so smooth, they alone impart a 3% fuel efficiency advantage. Companies are allowed to yank out sound systems, side mirrors, and all non-essential components; they can tape over panels and grills to improve wind resistance; they use low-resistance tires inflated with alternate gas blends; and they use different engine lubricants to improve efficiency."
http://www.extremetech.com/extreme/...developed-emissions-cheating-software-in-1999
"This chart shows the gap between CO2 emissions. These results are the reason why European vehicles are often rated as being more efficient than their US counterparts, even when the exact same vehicle is sold on both sides of the Atlantic. European laws give manufacturers enormous amounts of leeway, allowing them to test vehicles at high-altitude sites with road surfaces so smooth, they alone impart a 3% fuel efficiency advantage. Companies are allowed to yank out sound systems, side mirrors, and all non-essential components; they can tape over panels and grills to improve wind resistance; they use low-resistance tires inflated with alternate gas blends; and they use different engine lubricants to improve efficiency."
So, the buyback plan seems to be what was in the poll by attorneys (pre-scandal+20%)......not interested....and not interested in the fix either
I guess, I have 2 years to rack up 200k miles on it. If any major repairs were to happen in the meantime, what then?
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The buyback details are not stated. I wouldn't get my panties in a bunch, well not yet at least. You still have about 20 hours to go before the facts come out, if they even release the details of the buyback scenario.So, the buyback plan seems to be what was in the poll by attorneys (pre-scandal+20%)......not interested....and not interested in the fix either
msheidiann
Active member
Such a bummer, we are ready to move on from this! Patience is a Virtue, I suppose.
Perry01
Veteran Member
Fresh off the press:
"WASHINGTON (Reuters) - Volkswagen AG and U.S. officials have reached a framework deal ahead of a Thursday court deadline offering to buy back hundreds of thousands of vehicles emitting up to 40 times legally allowable pollution, two sources briefed on the matter said Wednesday.
The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel U.S. vehicles that used sophisticated software to evade U.S. emission rules.
Volkswagen has also agreed to a compensation fund for owners, but it is not clear how much owners might receive, a person briefed on the matter said.
Volkswagen may also offer to repair polluting diesel vehicles if U.S. regulators approve the fix as workable at a future date, the sources said.
VW will pay cash compensation to owners who either sell their vehicles back or get them fixed, a source briefed on the matter said. Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015."
.
"WASHINGTON (Reuters) - Volkswagen AG and U.S. officials have reached a framework deal ahead of a Thursday court deadline offering to buy back hundreds of thousands of vehicles emitting up to 40 times legally allowable pollution, two sources briefed on the matter said Wednesday.
The German automaker is expected to tell a federal judge in San Francisco Thursday that it has agreed to offer to buy back up to 500,000 2.0-liter diesel U.S. vehicles that used sophisticated software to evade U.S. emission rules.
Volkswagen has also agreed to a compensation fund for owners, but it is not clear how much owners might receive, a person briefed on the matter said.
Volkswagen may also offer to repair polluting diesel vehicles if U.S. regulators approve the fix as workable at a future date, the sources said.
VW will pay cash compensation to owners who either sell their vehicles back or get them fixed, a source briefed on the matter said. Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015."
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k^2
Veteran Member
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- 2010 Jetta Sportwagen DSG - Sold back to VW. Replaced with Sportwagen 2.5 GAS
If it is pre-scandal+20% then then I might be interested, IF VW will be selling 2016-2017 Golf Station Wagons TDI's with manual transmission. Otherwise I want to keep my JSW.
MrSprdSheet
Veteran Member
Berman's survey cited buyback date of 9/15/16, as food for thought.
tdiwa
Well-known member
Official VW diesel settlement offer imminent
http://www.reuters.com/article/us-volkswagen-emissions-usa-idUSKCN0XH2CX
http://www.reuters.com/article/us-volkswagen-emissions-usa-idUSKCN0XH2CX
frugality
Top Post Dawg
I would, too. I wouldn't want one of the 2015/2016's that's been sitting on dealers' lots for 6 months, though. Near me, there are a bunch of new TDIs sitting in a mall parking lot.....dealer overflow parking. Brake rotors all rusted. I would want to wait for one with a fresh build date.
Got Haggis?
Veteran Member
Also going to have to pay taxes on that 5k. I guess we will see.
What? no they didn't... they cited trade-in value as of 9/15/2015, i.e. right before the scandal hit
yeah if its a Fair Market Value of Prescandel prices, VW can shove a stick up there bums...
I paid pretty much retail + Taxes and extended warrenty for my car. if they want a buy back, i will take nothing less. As I was planning on running the car as a go cart after the body rusted out and until the diesel engine block died...
I paid pretty much retail + Taxes and extended warrenty for my car. if they want a buy back, i will take nothing less. As I was planning on running the car as a go cart after the body rusted out and until the diesel engine block died...
2015vwgolfdiesel
Top Post Dawg
2015vwgolfdiesel
Top Post Dawg
MichVW
Veteran Member
There are a lot of factors yet to be determined....
If a buyback scenario is what we are looking at, then what will be used to determine value:
1) KBB Private party value?
2) NADA Clean Retail?
3) Edmunds or another source??
Mileage? Condition? Options?
Just looked at the CURRENT KBB "Private party value - Excellent condition" of my 2011 Golf TDI with 99,000 miles and it is right at $9200.00. Seems pretty low.
Lets say Pre-scandal value was $12,000.00. VW would need to offer a bit more than + 20% to get me in the dealer with my keys
Gonehuckin
Active member
My car has only changed hands on the open market once for $32k. For it to have a market value, it has to have a buyer and seller that agree on the price. Mine is $32k. Add to that the time value of money, let's say indexed to s and p 500 since purchase date and they can buy my car back for $50k+. F'um. $5k plus "fmv" is a joke. I've spent that to keep this thing running since Sept on crap they knew had poor engineering.
Perry01
Veteran Member
If Ken Feinberg expects 90 plus % of the owners to accept the official offer, it needs to be a very generous offer.
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My Passat in "Good" condition was in the high 11,xxx to low 12,xxx range for trade in on a 2014 with 65,000 miles. I checked my mileage, thanks Fuelly, for Sept. 2015 and I was at 44,328 Sept. 3 2015. Using that mileage only slightly bumped the value. Private party was in the 14-15 range. Pretty ****ty situation over all. Especially for those who took an extended warranty, paid higher interest etc. I didn't buy a warranty and my interest rate was under 1%, so I haven't paid too much "extra".
VW needs to take original owners into consideration as well. We paid a premium for our TDIs compared to comparable gas models with the (false) belief that they were less polluting and more environmentally friendly. Even though we no longer own the vehicles we should be compensated at least to the level of that premium. I'm sure there are several lawyers who would agree. Are you listening VW?
Yeah, no. You gave up any rights you had when the sold the vehicle off. Sounds like a cash grab to me.
tobianogreg
Veteran Member
And what will the sharks say?
Perry01
Veteran Member
I read this to mean that they will use pre-scandal value plus a certain amount.
"Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015."
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"Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015."
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