donallen
Well-known member
There are a lot of mis-informed people posting to this forum, advocating selling your TDI back asap, because of the "risk" of totaling your car. A few have tried to point out that that risk is not real, but it appears that assumptions and conjecture are Trumping facts. The fact is that if you total your car now, you are entitled to the restitution payment even if the car can't be driven. That it can't be driven would prevent you from opting for the buyback. But if you total it, you will receive the insured value from either your insurance company or the other car's insurance compnay, depending on the circumstances of the accident, plus the restitution payment from VW.
There is no risk of waiting and a lot to be gained: VW is insuring us against depreciation, one of the major costs of owning a car. Rush to do the buyback and you replace the TDI with something else that begins depreciating the nanosecond you drive it off the dealer's lot. The smart move, in my opinion, is to wait as long as possible. That also gives you the opportunity to evaluate a fix, if it materializes.
From the FAQ on www.vwcourtsettlement.com:
My vehicle has been in an accident, and my Insurance Company wants to “Total” it. What should I do?
As long as your vehicle is operable under its own power, and you still have the title to it, or, if the car is financed, your lender holds the title, you can schedule a Buyback and drive it to your preferred Volkswagen or Audi Dealer. If your vehicle is not operable under its own power, you can may attempt to negotiate with your insurance company for a payment to repair it and proceed with a Buyback, or if you decide not to repair the vehicle, you may still be eligible for a restitution payment as long as your vehicle was operable as of June 28, 2016 and was “totaled” or became non-operable after September 16, 2016. If you “totaled” your vehicle and sold it to your insurance company on or after September 18, 2015 but before June 28, 2016, you would qualify under the Settlements as an Eligible Seller and may qualify for benefits as long as you registered online as an Eligible Seller or submitted an Eligible Seller Identification Form by September 16, 2016.
There is no risk of waiting and a lot to be gained: VW is insuring us against depreciation, one of the major costs of owning a car. Rush to do the buyback and you replace the TDI with something else that begins depreciating the nanosecond you drive it off the dealer's lot. The smart move, in my opinion, is to wait as long as possible. That also gives you the opportunity to evaluate a fix, if it materializes.
From the FAQ on www.vwcourtsettlement.com:
My vehicle has been in an accident, and my Insurance Company wants to “Total” it. What should I do?
As long as your vehicle is operable under its own power, and you still have the title to it, or, if the car is financed, your lender holds the title, you can schedule a Buyback and drive it to your preferred Volkswagen or Audi Dealer. If your vehicle is not operable under its own power, you can may attempt to negotiate with your insurance company for a payment to repair it and proceed with a Buyback, or if you decide not to repair the vehicle, you may still be eligible for a restitution payment as long as your vehicle was operable as of June 28, 2016 and was “totaled” or became non-operable after September 16, 2016. If you “totaled” your vehicle and sold it to your insurance company on or after September 18, 2015 but before June 28, 2016, you would qualify under the Settlements as an Eligible Seller and may qualify for benefits as long as you registered online as an Eligible Seller or submitted an Eligible Seller Identification Form by September 16, 2016.