Protecting Consumers from VW Buyback Scandals

Posted by: Xavier Kwan onAugust 19th, 2016

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By now, we know that Volkswagen has officially released a strategy to compensate their customers who currently own one of their affected 2.0L TDI diesel powered vehicles. The details on how the company will operationalize the program is yet to be made official, but we do know that customers can either sell their car back to Volkswagen as part of the buy back program, or fix the vehicle through VW’s recall. With the buy back program, customers will get maximum compensation for the value of their vehicle from prior to the emission scandal. The problem doesn’t reside with Volkswagen, it’s the vultures that are out there waiting to put a scam in place on owners who might not know the full details to Volkswagen’s compensation strategy.

The Federal Trade Commission (FTC) has already stepped in to make sure that consumers are fully aware on what options they have, and also some tips on how to protect themselves. What consumers should watch out for are scammers who want to purchase their vehicles at a lower price than the buy back and in turn flip the vehicle back to VW for some quick cash. Owners should also watch out at the dealership and know their own rights with this compensation program. Owners will not have to spend their compensation money at the dealership, the money is free for them to choose to do what they want.

With the full details of the compensation program still to come, consumers will have to wait a little bit more to determine their own course of action.



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