As part of the agreement announced Tuesday, Volkswagen will spend up to $15.3 billion to settle consumer lawsuits and government allegations that it cheated on emissions tests.
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Two Volkswagen dealerships in New Hampshire on Tuesday referred a reporter to the court settlement website for information.
According to a Reuters report, the carmaker has agreed to keep aside $ 10.033 billion towards buybacks and fixes, $ 2 billion towards green energy funds and $ 2.7 billion to counter the effect of the diesel emissions.
Furthermore, Volkswagen also announced that it has agreed with the attorneys general of 44 U.S. states, the District of Columbia and Puerto Rico to resolve existing and potential state consumer protection claims related to the diesel scandal for another settlement worth 603 million dollars. This will make the total settlement amount for Volkswagen cross $15 billion mark.
Answer: Yes. The eligibility for the compensation transfers to the new owner.
That settlement also requires the company to institute a fix or buyback program, allowing current owners who have purchased their vehicle from a dealership or private party to sell the company back their vehicle or end their lease, or have it repaired, Williams outlined.
Volkwagen is going to pay simply over $10 billion to either buy back the cheating diesel automobiles or fix them.
The person asked not to be identified because the deal will not be filed in court until today, and a judge has ordered attorneys not to talk about it before then. “My office will continue to pursue this matter so that Volkswagen is also held responsible for the environmental harm it has caused, as well as to deter future acts of orchestrated consumer deception”.
Jessica Caldwell, the director of industry analysis for the auto shopping site Edmunds.com, says it will take a while for people to trust Volkswagen as an environmentally friendly brand.
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Last year, U.S. regulators discovered that VW cars were fitted with software that could distort emissions tests. Once the vehicle had achieved approval, the vehicles emitted up to 40 times the legally allowable pollution limit. When driven on the road, the vehicles put out levels of nitrous oxide well above US pollution standards.
