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Early VW Buyback Offers Could Cost You

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Lately, we’ve been hearing from people who have gotten offers for their VW or Audi 2.0 liter diesel cars. Recent offers. Sometimes even using the term “buyback” – which isn’t exactly normal car trade-in language. In fact, the judge in the VW settlement, U.S. District Judge Breyer, mentioned these offers in a hearing today, calling these kinds of offers “deceptive, adversely affecting the rights of claimants.”

What’s the problem? Selling your VW TDI car now might cost you money in the long run. These cars are part of VW’s settlement with the FTC, giving up to $10 billion to owners and lessees. That means VW will buy back affected cars for at least the current replacement cost and often more. You can find out how much you’ll get at VWCourtSettlement.com. At the site, enter your car’s vehicle identification number (VIN) and get your total. Or you can call 844-98-CLAIM and ask.

But VW and Audi aren’t yet buying back cars. Buybacks could start by late Fall, 2016. And environmental regulators haven’t yet approved a modification to the cars, which could let people who own or lease get their car modified and get money in compensation. So, right now, there’s nothing to do besides going to VWCourtSettlement.com, finding how much money you could get, and selecting your preference for a buyback or modification. (Which you actually don’t have to do now. You have until September 1, 2018 to submit your claim.)

So, what if you get an offer to buy your car now? If you can, wait for the buyback. If you can’t, be sure you have the bottom line in mind. What’s your buyback amount from VW? And what’s the offer? Can you live with that difference? Know this: whoever buys your VW or Audi 2.0 liter diesel car now will take that buyback and make the extra money you’d miss out on. Maybe that’s OK with you – but be sure it is before you sell.

If you see these offers, whatever you decide to do about them, let us know. Your story makes a difference.

This article by the FTC was distributed by the Personal Finance Syndication Network.




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