The smoke hasn't cleared yet in the wake of Volkswagen's emissions scandal, but at least 475,000 VW owners can somehow breathe easy after the carmaker agreed to pay $14.7 billion to compensate them.
There are 11 million VW owners in total who have been affected by Dieselgate since September 2015, so only a small fraction in this round will receive cash compensation plus the option to have VW buy back or repair their vehicle.
Here's our quick guide based on Frequently Asked Questions on the VW Dieselgate settlement:
• Who are eligible for the claim?
Those who own the following VW and Audi vehicles, with the 2-liter diesel engine and model years 2009 to 2015, are included in the settlement:
Volkswagen
• Beetle, Beetle Convertible 2013-2015
• Golf 2-Door 2010-2013
• Golf 4-Door 2010-2015
• Golf SportWagen 2015
• Jetta 2009-2015
• Jetta SportWagen 2009-2014
• Passat 2012-2015
Audi
• A3 2010-2013, 2015
Settlement with owners of 3-liter diesel engine vehicles is still pending.
• What does the settlement offer car owners?
Claimants will receive a cash compensation of $5,100 to $10,000 each and be given two main options:
• VW can buy back their vehicle based on prices before the scandal; or
• VW can repair the vehicle within an unspecified time frame
VW owners who sold their unit after the scandal will get 50 percent of the compensation, while the new owners will get the other 50 percent.
Eligible parties can also opt out of the deal if they do not find the terms for car owners agreeable, and choose to sue VW on their own instead.
• What is the 'Buyback' offer?
Vehicle owners who bought their unit before Sept. 18, 2015 can sell their unit to VW at prices set prior to the scandal and following NADA's Used Car Guide for that month.
For reference, owners can also use this price guide based on the Federal Trade Commission's proposal for the claimants' restitution to get an idea of their vehicle's value. Readers can find their units by model, year, body style and region.
• What is the 'Repair' offer?
Those who love their VW car and would rather wait for a fix can go for the repair option instead. Owners will receive the same monetary compensation, while waiting for the carmaker to work out a modification process that complies with environmental standards.
To choose the modification option, owners will need to wait for a notice indicating that a fix is indeed available.
This option, however, might not be set into action until 2018, and VW will be hardpressed until then to clarify details of how exactly the fix will be undertaken, and how it might affect the vehicle's performance and emissions.
In case the modification does not push through, owners will again be offered the buyback option.
• What dates should owners keep in mind?
• July 26, 2016 to Sept. 1, 2018: Within this period, owners can file their claim and submit information via www.VWCourtSettlement.com.
• October 2016: Compensation payouts and vehicle buybacks will begin by October this year, at the earliest.
• Where can claimants find additional information on the settlement?
Owners may visit the VW class settlement website above; call 1-844-98-CLAIM; or write VW Court Settlement, P.O. Box 214500, Auburn Hills, MI 48326.
