VW Will Buy Back Nearly 500,000 Models Affected by Diesel Scandal

It’s official, Volkswagen and the U.S. government have come to an agreement on how to compensate owners of vehicles affected by the brand’s emissions-cheating ways. The deal will not only give owners of 2-liter TDI-powered cars plenty of compensation, but it’ll also give them options as they can elect to have their cars fixed or bought back. For those who leased an affected VW, the automaker will offer to cancel the lease or have the vehicle repaired.

Regardless of the option buyers choose (buy back, canceled lease, or repair), they will also receive “substantial compensation” from Volkswagen. While there is no official word on how substantial the compensation really is, an earlier report claimed that this additional settlement amount was $5,000.

So, what happens to all the vehicles that VW buys back? While there is no official word on this, earlier reports indicate that VW is to perform whatever repairs the agreement stipulates and can then sell them to the public. If this turns out to be true, it should help the automaker recoup some of the billions of dollars it will spend buying back and repairing the vehicles.

This deal will cover all of the roughly 482,000 2-liter TDI-equipped models sold since 2009, including the VW Jetta, VW Golf, and the Audi A3. Surprisingly left out of this initial agreement are 80,000 3-liter TDI models that also proved to spew more toxic gases than legally allowed. I am certain Volkswagen has a plan for these as well.

Despite its financial woes, Volkswagen still has plenty of great deals to offer on its non-diesel lineup. One of the best offers it has is a 36-month lease on the 2016 e-Golf, which runs just $159 per month after an initial payment of $2,349. Buyers can also get financing for as little as 0 percent APR for up to 72 months.