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.

Tagged with: car, settlement
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Money & Credit

Comments

Nissan has called me back 2xs for a buyback on my 2014 Sentra,& they would let me walk off with a new 2016 with no down payment. I replied back to both callers telling them I am not interested, Nissan forces you to purchase $6,600. in options, they will not refund because the owner of the store pays for this stuff to be done. 1st off the charges that I was forced to pay on the options are not on the car that was purchased. 2nd we just purchased a 2015 Hyndai and we were not forced to pay all those options. so I agree beware on the buybacks!

Hey guys heads up. Some of the people on here are paid by vw Corp to keep you from doing the buyback. So do not be led astray. Check out the buyback sight to see the money you are entitled to. It is the best choice. I haven't seen to many with over excessive miles to limit the car sales.

The VW dealership sold me my car after Sep18, so now they say I don't qualify for buyback or any settlement. Crooks. There was no mention of any problem with emissions when they sold it to me.

It's important to get the most up to date information from VWCourtSettlement.com.

If you are a current of former owner or lessee of an eligible car, go to VWCourtSettlement.com to check your eligibility.

There are attorneys jumping all over this. You may want to call and speak with them about your specific situation. If you bought it at a VW dealer and they didn't mention the issue, you shouldn't be left out.

It truly depends on what kind of car you bought. This is not an across the board buyback and it is not a dealer buyback, but a manufacturer. Submit your claim if you qualify.

What year and car you buy? What would you sell it for if someone wanted to buy it?

Check the site and the court documents to be sure you qualify. Avoid the dealership as they are not the ones who get to decide which cars qualify.

I've received calls on my 2007 Kia Sorrento from people using the term buy back. It's an older car. Why would they do that? I'm happy with it so far. I've had it 2 1/2 years.

i love usa good to be good thing good

The VW buyback is a joke. For most people the money that they are offering you will only payoff the loan which then leaves you with the 5k after the buyback. So you sell them back your car, they pay off your loan and you have 5k to replace that vehicle with. If you are in the position as I am, you can not afford to do it. Having lost my job 2 years ago, I don't have an income to get a loan from any bank. At best I would have to use a buy here pay here an day the extremely high interest rate. They are making it so you will keep the car and work with the fix.

Uhh. Not necessarily. I bought my 2011 Golf in 2013, for $16,400 including financing. I now owe around $6.5K. It is now worth around $9,000. According to the calculators out there, VW is going to buy it back for upwards of $18,000. I would have to be a spectacular kind of idiot to not sell it back.

jpearl, you just made my day with this "I would have to be a spectacular kind of idiot to not sell it back" thank you!

Lucky you. I have a 2014 Jetta tdi I bought in October 2014, it's now 2 years old and just under 150000 miles. Vw buyback formula doesn't cover my payoff of 15500. The offer after registering online was 8500 for the car +5100. I think the excessive mileage deduction is unfair.

I have a 2014 Jetta as well and they offered me about 24k but I only have abot 25k miles on it.

Easy solution, get the fix, take the est. $5500 and apply it to your balance. Then sell your vehicle for $10k. Worse case scenario, you're closer to right side up.

Hey sad, I know it's been months since your post, but if you haven't already, double check on the small print. From what I read they will pay a certain percentage above the offer if your loan is too high. I think they will pay up to 110% or something to pay off previous loans.

I might be a spectacular idiot... but learn me real quick, haha, I owe $6000 on my 2010 Jetta and calculators say they will buy it back for around 11K. So does this mean I will get the 5k after payoff PLUS the 5100 cash settlement for a total of 10.1k?? I'm hoping so... I keep hearing 2 stories, Thanks!

Yup. That's what it means...

No, that's wrong. Don't you work for VW

I feel your pain !!! The projected "buyback" option offer on my 2013 golf is 10 grand off from the 29,500.00 check I wrote out to the dealership. In order for me to get what I paid for, new car,I would have to obtain a loan to cover the 10grand. Why would anyone settle for a "deal/offer like that ?? I've already been taken once & don't feel I should contribute any more $$ to help cover the cost of VW's lie.
Good luck to u, & again, I'm in the same boat as u & feel your pain.

When is VW buying back?
I got and ok,d their offer three months ago. Anyone been paid?

I am keeping my car and getting the fix, reading on VW Claims it appears that the EPA/CARB fix has to be approved and performed before they are going to pay the restitution. I wonder when that will be? Glad I can still drive the car.

I just turned in my 2013 Jetta wagon. I am about to accept the electronic funds transfer for 17,138.82 after paying off the ~10,000 I owe. I'm happy with that. There is an option to decline the fund transfer and I wonder why...

This is very interesting to me because I have a 2010 Jetta Wagon and they were only giving me $9,000 for mine. With the $9,000 + the $5,000 for restitution due to the law suite I still owed $3,000 on my car. I was told to bad so sad. I opted for the fix. Thanks for sharing this with us.

Where are you getting those crazy miss guided numbers. Have you even looked at the site? Im being offered 24k for my jetta. 53k miles and paid 27 3 years ago! so they pay off the 12k owed and i get the rest. maybe you just havent made any payments on your car

I totally agree with you on this one. I purchased a 2013 Jetta for 29k and I paid my loan off over a year ago. I too have 53K miles on mine and I am waiting on my $24K check. They can have the car! Lol! I got my moneys worth...

Getting the "crazy" numbers from the settlement site. After loan payoff I will only get a check for around 14k which won't buy anything from dealer outright and my car with taxes, title and warranty was 33k. I only have 74,000 miles new in 13 and it's just another blow from VW. Not to mention I would like to keep diesel but can't buy those from dealer unless they become available before September 2018.

You have the option of keeping your VW, if you prefer.

My sister received the buy back package for her 2012 Jetta. On Aug 16,2016 the car died because of the timing chain tensioner skipped 3 teeth which will cost $6200 to repair all the damage. Will VW still buy back the car if it doesn't run? I have looked all over the web and can't find a situation like this to find the answer. Thank You

Go to vwcourtsettlement.com for the most current information.

The Frequently Asked Questions section at vwcourtsettlement.com has information about which cars are eligible and which cars are excluded from the settlements.

You can also call Volkswagen at 1-844-98-CLAIM.

My husband placed a call to VW yesterday because my check engine light has been on and the fix will cost me around 4K and I'm not willing to pay that on a car that I'm getting rid of hopefully very soon. He had heard a rumor that they wouldn't buy back the car with the check engine light on, all they stated to him on the phone was that the car had to run go forwards and reverse and you were good.

That is some BS they're telling you. My check engine light has been on since they changed the oil. The people who lease the car and planned on buying it have the worst deal in all of this. I wonder if I should buy it out right then sell it back in the buy back. Is that allowed? I have a year left on the lease. I have a 2015 TDI Passat SE

Yes. The settlement say "As Is". SO if you have Rims, tint, aftermarket care stereo, surround sound or anything you did to make it sweeter...they DO NOT take that into consideration. At least that is how I read it.

You are correct. That does not affect it. I would take anything like that off and sell it separate--or use it on a new car.

One VW dealer told me that they have a customer who signed up for the buyback, then totaled the car and VW is going to still pay them the full amount for the car. It is sitting on the dealer's lot waiting for the buyback to begin.

The buyback is based on the value the car had in mid-Sept 2015 and assumes good condition. The only thing that adjusts the value to be paid back is the mileage, and even then, the adjustment is not small. They don't care about the car condition - from what I have read, it is likely they will all be scrapped.

My wife's 2010 jetta TDi was hit from behind about a month ago. She is fine but the car was "totaled". I call it "totaled" because the insurance would total it. However, as long as you have the title and the car runs, then vw will still do the buy back. On the phone, they said that they did not care about body damage or mechanical issues--as long as it runs. We tested it at the dealership and the car runs great. None of the lights are even broken--even though the trunk is now a hatchback. So, we are just waiting on the buyback and not taking the settlement from the insurance company. If we took it, then we would not own the title anymore.

I was unaware of the $$ discounted off the "buyback" $$ offer. If it's more than 10,500 a year, vw starts deducting $$ !!! After paying almost 30 grand, vw "buyback" offer is off about 10 grand from what I paid. Vw sold me an "illegal" car, I should be entitled to a replacement car of equal value.
Hold out people, don't except a "buyback", choose the fix & keep em on the road. Vw needs 85% off the road (if I read the document correctly), what happens if vw can't get 85% off the road ? Gonna keep driving my 2013 golf & continue to get money saving fuel mileage, average of 48-51mpg. I go thru one tank of fuel to my neighbors 2+ tanks of gas in his huge suv.

Ours has miles and is being severely reduced as far as offer. To me, its a diesel and has 200k left in it..more than a 2016 gas version.. And gets better mileage.. So why shouldn't I want $35k equiv? Those of us smart enough to pay 12k for a used TDI have ALL been just told to give it back. Good luck finding a replacement $12k 45mpg diesel with 200k of use remaining. You all know why the US hasn't gotten the indestructible Toyota diesel turbo trucks?? Because it stops the car churn..like the affordable usef TDI cars did. I'd keep mine but the trans is goofy now. I want another used one that someone else kept...but I think they figured that out too.. Diesel is now 25% more expensive than gasoline.

Agree, I'm keeping my Jetta TDI for the mileage, I commute 120 miles per day. A 43 mpg vehicle should only increase in value.

Thank you !! you hit the nail right on the head. how is it that this company sold us an illegal vehicle and beget punished. i maintained it never totaled it and in the end i receive no car. 2012 vw passat TDI one year left to payoff and i get nothing? has any one spoken to a lawyer? I've tried but very difficult when vw isn't deningwrong doing or fault. So does that make it alright? Im begging for some helpful advice

Reading a lot about the options and the estimated amount given in many of the articles is more than what the VW claim website lists. I have a 2013 jetta. The options listed as of 9/8/16 is $6,000 for the keep and fix or for a buyback they pay $15,000 (I owe more than that) so the remaining balance is taken from the $6000 and I would receive $450 after loan payoff. We bought our car a year prior to the scandal news and took a road trip which added lots of miles. Hoping the court reviews the details for the owners.

I am in a very similar situation: I bought a 2015 Golf TDI S 6 months prior to the scandal, paid a total of 35K after financing, but have already driven almost 50K miles due to my school and job, thus after all reductions, if VW "bought back" my car, it would be much less than what I still owe, and they would not cover the remaining balance (because too high), so I would be left continuing to have to make payments for a car that was not only fraudulently sold to me, but that I also no longer drive. So say, I just wait and do nothing, and no modification is approved by September 2018, I would at least get the $5100, however because by then I would still owe about $3400, I would have to pay VW back some of the damages they just paid me, to pay off my remaining balance, leaving me with $1700. So please, anybody tell me, how VW is being punished by this, when they got my old car and about $35K... so much about the "$15 billion" settlement, it's a joke, that's what it is

Read the booklet vw settlement sent you. It clearly states if you owe more on the loan than the buy back plus compensation they will pay off your car 100%. So no you wouldn't have to pay on a note but you won't get any extra money in your pocket either. I'm close to getting zero in my pocket as well.

This is only true if your car is financed through VW. If you purchased with an offsite bank loan, they will not pay the difference.

checked my buyback status, buy back plus compensation will pay off my loan and leave 250.00. so I will need to save money for a down payment for a new car and I will have to pay the full TAX on a new car vice only the difference of trade in value and new car cost, causing even more of a lost. We pay 6 - 7% sales tax on a car.

Well I think most of us are in the same Boat. We only Nada Trade in value at this point and it is like 1500 more than full current retail value at this time for me. So Either sell it back on loose 1500 bucks is the way I look at it (at minimal).Far as Sales tax yes we all get screwed.The smartest play really is to drive it will the wheels fall off. Buy a new car will put you upside down there is no way around it. I myself will have them buy the car back take the cash and my 3k of equity and buy something cash and avoid car payment all-together seems to work best for me. Just something for people to this about. I will be interested why type of deals VW will be throwing out to get you to buy another before you walk out the door for the last time.

My 2009 Jetta has been paid off for some time. I planned to just drive it into the ground as I did with my first one; love the car. It would be stupid for me not to take advantage of this as they are offering a total of $11,000.00 if I sell it back. I considered taking the $5100.00 and having it fixed, but if it is going to effect the performance forget it....

Its not going to just effect the performance the resale value will be terrible lol only a fool would keep this junk. to each his own. thats 11k cash and they pay off the rest of ur loan?

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