Some here were WRONG.... Buybacks on cars purchased post 6-28

[GyroRon]

I took the gamble and bought another TDI after the 6-28 date when the buyback numbers were posted. Bought from a small independent used car dealer. Many here said cars bought after that date would not get bought back and or would only be allowed to have " The Fix " performed with no restitution money paid....

So this morning I registered both my 2013 jetta that I have owned since 2014, and the 2012 Jetta I bought on the 8th of this month, on the VWGOA website and..... YES the 2012 is eligible for buyback and all is good!

Now there was some truth to what some had said, It appears I will not get full restitution on the car. Only get half. Which is a bummer, and I do not know if I will be able to get more at a later date if no one comes forward as the " Eligible seller " or not. I would guess not, since I bought after 6-28.

Either way I am still happy. Paid $11,239.00 for the car with taxes and tags. Will have another 150-300$ in insurance and property taxes costs associated on the car by the time I turn it in, for a total of around $11,500 into the car and the projected buyback amount will be $16,893. This gives me a profit of $5,393 which is still great.

Plus, the projected miles the car will have at buyback time are higher than the miles I believe the car will have. It must assume I am still going to be driving the car, and estimated my miles at 70-75 thousand at buyback, but I will have somewhere around 69 thousand on it then, so I may get even more money...

 

[autdi]

Read the CAS settlement docs, you are guaranteed 50% + your proportional share of what goes unclaimed from the 50% allocated to sellers. Sellers have to register by 9/16/16 to get anything, so the fewer sellers that sign up, the closer to the other 50% you get.

I took the gamble and bought another TDI after the 6-28 date when the buyback numbers were posted. Bought from a small independent used car dealer. Many here said cars bought after that date would not get bought back and or would only be allowed to have " The Fix " performed with no restitution money paid....

So this morning I registered both my 2013 jetta that I have owned since 2014, and the 2012 Jetta I bought on the 8th of this month, on the VWGOA website and..... YES the 2012 is eligible for buyback and all is good!

Now there was some truth to what some had said, It appears I will not get full restitution on the car. Only get half. Which is a bummer, and I do not know if I will be able to get more at a later date if no one comes forward as the " Eligible seller " or not. I would guess not, since I bought after 6-28.

Either way I am still happy. Paid $11,239.00 for the car with taxes and tags. Will have another 150-300$ in insurance and property taxes costs associated on the car by the time I turn it in, for a total of around $11,500 into the car and the projected buyback amount will be $16,893. This gives me a profit of $5,393 which is still great.

Plus, the projected miles the car will have at buyback time are higher than the miles I believe the car will have. It must assume I am still going to be driving the car, and estimated my miles at 70-75 thousand at buyback, but I will have somewhere around 69 thousand on it then, so I may get even more money...

 

[DanB36]

I took the gamble and bought another TDI after the 6-28 date when the buyback numbers were posted. Bought from a small independent used car dealer. Many here said cars bought after that date would not get bought back and or would only be allowed to have " The Fix " performed with no restitution money paid....

I'd be really interested in seeing links to any posts saying that after 6/28, because that's clearly at odds with everything that all the settlement documents say. Anyone making such a statement would be very (provably) misinformed.

That being said, the information currently on the website isn't the final word, and the fact that it took your car isn't definitive proof that they'll pay you--though there's no reason they shouldn't. And the amount of compensation is an estimate.

There's an inconsistency on how compensation is calculated for post-6/28 buyers. According to the Class Action Settlement, it is as @autdi says--post-6/28 buyers are treated the same as 9/17-6/28 buyers, and get half the restitution, plus a share of whatever's left over in the Eligible Seller pool. According to the FTC Consent Order, post-6/28 buyers get the full amount, with a possible reduction by 50% if (1) there is an Eligible Seller, and (2) that Eligible Seller files a timely claim. It's not clear whether that inconsistency is intentional or inadvertent, or what (if anything) will happen before the settlements are finalized.

 

[TJD_TDI]

I'd be really interested in seeing links to any posts saying that after 6/28, because that's clearly at odds with everything that all the settlement documents say. Anyone making such a statement would be very (provably) misinformed.

That being said, the information currently on the website isn't the final word, and the fact that it took your car isn't definitive proof that they'll pay you--though there's no reason they shouldn't. And the amount of compensation is an estimate.

There's an inconsistency on how compensation is calculated for post-6/28 buyers. According to the Class Action Settlement, it is as @autdi says--post-6/28 buyers are treated the same as 9/17-6/28 buyers, and get half the restitution, plus a share of whatever's left over in the Eligible Seller pool. According to the FTC Consent Order, post-6/28 buyers get the full amount, with a possible reduction by 50% if (1) there is an Eligible Seller, and (2) that Eligible Seller files a timely claim. It's not clear whether that inconsistency is intentional or inadvertent, or what (if anything) will happen before the settlements are finalized.

Reading the judge's order and the PSC presentation seems to confirm that the FTC consent order is not correct.

 

[GyroRon]

So I am now a touch confused.... The estimated buyback on my car came out to be 16,893$ and that is with half the restitution money. That is the number the VWGOA website gave me, this is with me accurately filling in all the information such as when it was purchased ( the key issue ) and me owning it outright, my name and address and vin number etc....

There was of course some doubt that they would offer to buy it back at all, then doubt as to if they would give any restitution money or just offer the trade in value. But it appears since they accepted the information and assigned a buyback date at my closest dealer, that they WILL in fact buy it back and will offer half the restitution money.

The question now after reading some of these replies, is would I potentially get the other half of the restitution money?

I bought the car from a guy who is a accountant, and has a dealer license and sells a car or two a month for extra money. It was never titled or registered in his name. The last person who the car was titled and registered to was a person in georgia, and the car ended up being repo'ed from since they weren't making their payments. Who even knows if they are aware of the scandal and if so, the fact that they had the car repo'ed, would they even be eligible for money? Then the fact that the car was sold to me after 6-28 ???

So I am confused again....

As far as I can tell, I will get the buyback, just only half of the restitution. But maybe I will get more?

IF I were to get more, how would I know that and how does that process work?

 

[tanner]

Think to check and wonder about is where you enter the date the car was bought. Is that the day you bought the car or the date that the car was originally sold new.

 

[MBQ]

So I am now a touch confused.... The estimated buyback on my car came out to be 16,893$ and that is with half the restitution money. That is the number the VWGOA website gave me, this is with me accurately filling in all the information such as when it was purchased ( the key issue ) and me owning it outright, my name and address and vin number etc....

There was of course some doubt that they would offer to buy it back at all, then doubt as to if they would give any restitution money or just offer the trade in value. But it appears since they accepted the information and assigned a buyback date at my closest dealer, that they WILL in fact buy it back and will offer half the restitution money.

The question now after reading some of these replies, is would I potentially get the other half of the restitution money?

I bought the car from a guy who is a accountant, and has a dealer license and sells a car or two a month for extra money. It was never titled or registered in his name. The last person who the car was titled and registered to was a person in georgia, and the car ended up being repo'ed from since they weren't making their payments. Who even knows if they are aware of the scandal and if so, the fact that they had the car repo'ed, would they even be eligible for money? Then the fact that the car was sold to me after 6-28 ???

So I am confused again....

As far as I can tell, I will get the buyback, just only half of the restitution. But maybe I will get more?

IF I were to get more, how would I know that and how does that process work?

The website is obviously not in full effect yet. You'll likely get your share of the other 50% restitution leftover from the fund pool that would not have been claimed by eligible sellers by 9/16/2016. This information can not be determined at the moment, of course.

 

[DanB36]

There was of course some doubt that they would offer to buy it back at all, then doubt as to if they would give any restitution money or just offer the trade in value.

There was never any basis for legitimate doubt on these questions.

But it appears since they accepted the information and assigned a buyback date at my closest dealer, that they WILL in fact buy it back and will offer half the restitution money.

They did not assign a buyback date. They (or you) chose a date for demonstration purposes. Nothing is definitely scheduled at this point other than the 10/18 hearing.

The question now after reading some of these replies, is would I potentially get the other half of the restitution money?

There's a good chance that you'll get at least a portion of the other half. Any more detail is uncertain due to the inconsistency mentioned above.

IF I were to get more, how would I know that and how does that process work?

Since Eligible Sellers must claim by 9/16/16, they'll know how much is left in the pool before you'd turn in your car. It should all be handled at the same transaction, and you shouldn't need to do anything to get it.

 

[DanB36]

Think to check and wonder about is where you enter the date the car was bought. Is that the day you bought the car or the date that the car was originally sold new.

The page is clear that it's asking for the date you bought the car.

 

[yamaguy]

After doing a lot of reading (of the court docs and here) I also bought 3 additional tdi's after 6/28/16. I made sure to only buy ones that would bring a nice profit not factoring in any additional amount above the 9/15/15 clean trade in amount. After looking at the online claims website my hopes of getting 50% of the restitution is still there (hope it stays that way).

Now before certain ones burn me at the stake, I bought 2 from small used car lots, and one from a private owner that bought it a few months ago and needed to sell it asap to buy his parents suv they were selling.

I almost bought a 2014 beetle Tdi with 18000 miles for $13,000 (I.E.:$$$$$!!!) but I informed the guy that he should hold onto it and sell it back to VW. He had no clue of the buyback and he was selling it for his mom, so I gave that guy a $14000 tip!

 

[trp3383]

I found a used car on a small lot but don't know if it would count towards a buyback. It states on the carfax that it was in an accident and also had structural damage. But it has a clean title. Would I be ok with the buyback? Thanks

 

[D3R3K]

The carfax wont matter. As long as its not a salvage title or previously owned by a salvage yard you should be ok.

 

[GyroRon]

I had plans to buy a few more myself, but then got cold feet. Was concerned about being stuck with these cars if the buyback didn't happen or happen as planned. And now, the TDI market locally has dried up for the most part.

 

[MichaelB]

I found a used car on a small lot but don't know if it would count towards a buyback. It states on the carfax that it was in an accident and also had structural damage. But it has a clean title. Would I be ok with the buyback? Thanks

All these schemes to make money are at you own risk. No one here really knows. Take everybody's advice with a grain of salt.

 

[Snufalufagus]

SO. I just called the VW help line. I told them I was the current owner of a high mileage TDI and that I was going to sell it back. My question was that I wanted to go out and buy a newer lower mileage TDI to get the fix on and keep. He said that there was of course NO FIX YET but when it happens I would be able to get it done, but with NO settlement money because of purchasing after June 28th!!!!!

Now I know what all the documents we've been reading say and people are assuming post 28 buyers are the same but this guy said no. Thoughts?

 

[DanB36]

Now I know what all the documents we've been reading say and people are assuming post 28 buyers are the same but this guy said no.

He was wrong. I can't speak for others here, but for myself, I'm "assuming" nothing--I'm reading the documents and interpreting what they say, and what they say is that post-6/28 buyers are treated at least as well as 9/17-6/28 buyers. Could that change before final approval is given? Sure. Do I think it will? Not at all.

 

[Jimmy Coconuts]

SO. I just called the VW help line. I told them I was the current owner of a high mileage TDI and that I was going to sell it back. My question was that I wanted to go out and buy a newer lower mileage TDI to get the fix on and keep. He said that there was of course NO FIX YET but when it happens I would be able to get it done, but with NO settlement money because of purchasing after June 28th!!!!!

Now I know what all the documents we've been reading say and people are assuming post 28 buyers are the same but this guy said no. Thoughts?

If an owner sells an eligible vehicle on or after June 28, 2016, that owner forfeits all benefits as an eligible seller.

But don't think for one second that Volkswagen is somehow off the hook for the buyback + 100% of owner restitution on that vehicle. The new buyer gets 50% of owner restitution, while the other 50% gets included in the pool of eligible seller funds. Any unclaimed funds in that pool will be divided proportionally among eligible owners who bought cars after Sept. 18, 2015.

 

[Snufalufagus]

My thinking was falling in line with you guys. As a current owner regardless of when you bought it they have to offer something.

I was looking to buy from an independent small car lot. Should be the same as buying from an individual, right? Just split with whomever owned it last sept.

 

[saggii]

He was wrong. I can't speak for others here, but for myself, I'm "assuming" nothing--I'm reading the documents and interpreting what they say, and what they say is that post-6/28 buyers are treated at least as well as 9/17-6/28 buyers. Could that change before final approval is given? Sure. Do I think it will? Not at all.

+1

I'm even venturing out to see if I can buy another TDI - golf/a3 now.
I have reserved a Model 3, so I'm thinking of driving the Jetta (or the under warranty Golf) until 2018 and get myself a model 3.

 

[tjdeerslayer37]

"Who is excluded from participating in the Class Action Settlement?
The following entities and individuals are excluded from the class:
Owners who acquired ownership of their Volkswagen or Audi 2.0-liter TDI vehicles after September 18, 2015, and transfer title before participating in the Settlements;"

From the vw court settlement page, im not sure if that's always been on there.

 

[tjdeerslayer37]

Also, just called the help line and the lady said for vehicles purchased after 6-28-16 you would get 10% of the buyback amount and at least 50% of the restitution amount.

 

[speedrye]

"Who is excluded from participating in the Class Action Settlement?
The following entities and individuals are excluded from the class:
Owners who acquired ownership of their Volkswagen or Audi 2.0-liter TDI vehicles after September 18, 2015, and transfer title before participating in the Settlements;"

From the vw court settlement page, im not sure if that's always been on there.

It's been there as long as I remember. Basically, if you bought the vehicle after 9/18 and then sell it before the buyback, you get nothing since you aren't an eligible seller or owner.

Also, just called the help line and the lady said for vehicles purchased after 6-28-16 you would get 10% of the buyback amount and at least 50% of the restitution amount.

I hope that 10% was a typo since everything else says 100% unless you're talking about the portion of the NADA used to calculate the restitution payment.

 

[tjdeerslayer37]

It's been there as long as I remember. Basically, if you bought the vehicle after 9/18 and then sell it before the buyback, you get nothing since you aren't an eligible seller or owner.





I hope that 10% was a typo since everything else says 100%

Nope, she said ten percent.

 

[TJD_TDI]

Nope, she said ten percent.

That's correct. It's essentially what most people would call 50% of the settlement. It's the same language that the court docs use for eligible sellers settlement: 10% of the NADA clean trade in + 50% of the additional settlement.

 

[Snufalufagus]

Are we talking about 110% of value rather than the 120% of the value we are getting? Plus 1/2 of restitution of course.

 

[speedrye]

Are we talking about 110% of value rather than the 120% of the value we are getting? Plus 1/2 of restitution of course.

100% NADA value + restitution (10% of NADA + $1493.37) + percentage of unused seller restitution pool.

 

[tjdeerslayer37]

100% NADA buyback value + restitution (10% of NADA + $1493.37) + percentage of unused seller restitution pool.

her words were "you will get ten percent of the buyback value and at least half of the restitution amount" so I'll use my 13 jetta as an example. If I purchased my car after 6/28 (I didn't) and used what she told me, id only receive $1242.50 + $2736 for a total of $3978.50.

Id love to hear if anyone else calls to see what they say.

 

[purduecrew]

her words were "you will get ten percent of the buyback value and at least half of the restitution amount" so I'll use my 13 jetta as an example. If I purchased my car after 6/28 (I didn't) and used what she told me, id only receive $1242.50 + $2736 for a total of $3978.50.

Respectfully, you are not interpreting what she is saying correctly. Owners prior to 9/15 get NADA PLUS 20%, etc. Owners AFTER 6/28 get NADA PLUS 10%. 10 is half of 20, therefore "HALF" the restitution. But you are still making money on the depressed sales price vs 9/15 NADA value. Add that to the restitution plus 1528 or whatever, and it starts to make some sense where this arbitrage lies.

 

[senez]

I think, personally, that if you purchased your vehicle after the settlement, you should just thank the lucky stars you are getting anything at all. No fraud was committed against you and yet you are still allowed to collect the funds. Makes no sense, but hey, life ain't fair.

 

[purduecrew]

I think, personally, that if you purchased your vehicle after the settlement, you should just thank the lucky stars you are getting anything at all. No fraud was committed against you and yet you are still allowed to collect the funds. Makes no sense, but hey, life ain't fair.

This is no different than Toyota pickups a few years ago. Old 80's Tacomas werent worth 350 bucks until the rusty frame class action came through and toyota offered $4000 for every carcass you could bring them. And boy did they!

The suit is to rid the public of the defective product. They don't care if us bottom feeders make a few bucks. They are saving their long game.