The world’s second-largest automaker Volkswagen admitted using a software to cheat on emissions testing for millions of vehicles worldwide including over 500,000 “clean diesel” cars sold in the United States.
Experts estimate that once VW fixes its recalled vehicles, horsepowers and fuel efficiency will be affected, resulting in higher fuel costs and an average decrease on resale value of $5,000.
If you own one of the below vehicles, you may be entitled to Financial Compensation!
Volkswagen has admitted that 11 million of its vehicles were equipped with software that was
used to cheat on emissions tests. The software sensed when the car was being tested and then activated equipment that reduced emissions, United States officials said. But the software turned the equipment down during regular driving, increasing emissions far above legal limits, most likely to save fuel or to improve the car’s torque and acceleration.The software was modified to adjust components such as catalytic converters or valves used to recycle some of the exhaust gasses. The components are meant to reduce emissions of nitrogen oxide, a pollutant that can cause emphysema, bronchitis and other respiratory diseases.
The on-road testing in May 2014 that led the California Air Resources Board to investigate Volkswagen was conducted by researchers at West Virginia University. They tested emissions from two VW models equipped with the 2-liter turbocharged 4-cylinder diesel engine. The researchers found that when tested on the road some cars emitted almost 40 times the permitted levels of nitrogen oxides.
Up to $10 billion in funds will be paid out to owners of the 487,000 affected diesel cars in the U.S., sold under the VW or luxury Audi brands. How much an owner gets will depend on whether an owner chooses to fix their car or just have VW buy it back — they have until May 2018 to decide.
Repurchasing the cars will cost VW between $12,500 to $44,000 per car. The $14.7 billion settlement estimate assumes that all the cars are repurchased.
Owners who elect to get their vehicles fixed will also get a cash payment of between $5,100 and $10,000 to compensate them for the lost value of the cars, as well as for Volkswagen’s deceptive promise of “clean diesel.” Most of the buyers paid extra for a car with a diesel engine.
To date there is no EPA-approved fix to bring the cars into compliance with environmental regulations, although EPA Administrator Gina McCarthy said she hoped there would be a solution within six months.
In addition to the customer payments, Volkswagen (VLKAF) will pay $2.7 billion for environmental cleanup and $2 billion to promote zero-emission vehicles. The clean up money will be used by individual states to cut other diesel emissions by replacing older, government-owned trucks, buses and other diesel engines now in use.
What are my options as an owner of an affected Volkswagen Model Car?
If you or a loved one was a purchaser of on of the affected Volkswagen models you may be entitled to compensation. There are typically time limits that affected consumers have to file a claim, and there’s no cost to see if you’re one of the thousands of people eligible to participate.FREE CASE REVIEW
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