As part of a $14.7 billion settlement, Volkswagen is buying back certain diesel models from owners. This is good news for owners, but the potential also exists for scammers to buy TDIs cheap to sell back to VW for a profit. The Federal Trade Commission (FTC) recognized this and released two official statements to make sure owners get maximum compensation, and dealers stay on the level.
The statement to owners is a reminder about what options are available to owners of affected TDI models. Depending on your situation, you might be entitled to sell your car back or get it repaired, or get a cash settlement. Owners have plenty of time to submit their requests as the deadline is September 1, 2018, but we encourage you to start reading up and getting information now.
That's because the FTC is justifiably concerned about a couple of issues. The first unsavory buyers who would offer less than what VW would provide, hoping to resell the car to Volkswagen for some quick cash. Get a fishy offer from a shady potential buyer? Report it to the FTC. To find out what your car is worth under the buy-back program, and more information about how to proceed, visit the VW Settlement website or call 844-98-CLAIM.
The second buy-back issue concerns what you do with the buy-back money. The FTC makes it very clear you can do anything you'd like with the money, and raises the concern that a dealership offering the buy-back cash might claim there are false restrictions on the program. For example, that a buy-back participant would have to spend the money on a new car. The FTC does acknowledge that it is acceptable to offer alternatives to TDI owners and that owners are free to accept those offers. But dealers also should ensure potential sellers are aware of the official VW buy-back details before accepting a different offer. The FTC encourages people to report any groups offering to purchase diesel VWs using underhanded tactics.
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The statement to owners is a reminder about what options are available to owners of affected TDI models. Depending on your situation, you might be entitled to sell your car back or get it repaired, or get a cash settlement. Owners have plenty of time to submit their requests as the deadline is September 1, 2018, but we encourage you to start reading up and getting information now.
That's because the FTC is justifiably concerned about a couple of issues. The first unsavory buyers who would offer less than what VW would provide, hoping to resell the car to Volkswagen for some quick cash. Get a fishy offer from a shady potential buyer? Report it to the FTC. To find out what your car is worth under the buy-back program, and more information about how to proceed, visit the VW Settlement website or call 844-98-CLAIM.
The second buy-back issue concerns what you do with the buy-back money. The FTC makes it very clear you can do anything you'd like with the money, and raises the concern that a dealership offering the buy-back cash might claim there are false restrictions on the program. For example, that a buy-back participant would have to spend the money on a new car. The FTC does acknowledge that it is acceptable to offer alternatives to TDI owners and that owners are free to accept those offers. But dealers also should ensure potential sellers are aware of the official VW buy-back details before accepting a different offer. The FTC encourages people to report any groups offering to purchase diesel VWs using underhanded tactics.
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