VW to buy back 500,000 Diesel cars in the US in $10 billion deal

VW is looking to buy back affected diesel Jetta, Golf and the Audi A3 cars sold since 2009 that were covered by the Dieselgate scandal involving the 'defeat device' that gamed emissions tests. VW's vehicles had software that made their cars pass emissions tests while generating up to 40 times the legally allowable emissions.

VW will pay cash compensation to owners who either sell their vehicles back or get them fixed, one of the people briefed on the matter said. Owners selling back their vehicles will get an additional cash payment on top of receiving the estimated value of the vehicles from before the emissions scandal became public in September 2015.

U.S. Judge Charles Breyer said the settlement is expected to include a buyback offer for 482,000 2.0-litre vehicles and a possible fix if regulators agree on it, or cancel an outstanding lease.

Source: Reuters

Owners are expected to have around two years to decide whether to sell back vehicles or get them repaired. It is not clear whether VW will be allowed to resell vehicles they buy back, the source said.