Washington, DC - Many owners of 2.0 liter Volkswagen diesels will soon be able to sell their cars back to Volkswagen AG for more than their current replacement value as a result of a proposed $10.03 billion deceptive advertising settlement with the Federal Trade Commission. The FTC wants to make sure consumers and businesses to know the facts surrounding the settlement. To that end, the FTC issued two new blog posts today.
For potential buyers of affected Volkswagen diesel cars, the FTC’s new business blog emphasizes that it would be unwise for anyone – including independent VW dealers –to make separate offers implying either that an offer is part of the $10.03 billion settlement if it is not, or that affected diesel owners must buy a new VW or Audi. FTC staff will be watching closely to ensure that the compensation process is unsullied by deception.
The new consumer blog, VW owners, get the facts!, explains that owners of affected VWs should visit VWCourtSettlement.com to find out how much they can get for their cars. It also explains that, even though other potential buyers may offer what seems like a good deal, these alternative offers may be less than what car owners can get from Volkswagen under the settlement.
The consumer blog also emphasizes that VW diesel owners are under no pressure to act quickly – in fact, the buyback program is not yet making payments – and that they can use their buyback money for anything they want. (The staff contact is Jonathan Cohen, Bureau of Consumer Protection, 202-326-2551).