Loans and Finance

Loans and Finance

Text

News and information about loans, money, debt, finance and business issues.

Thursday, April 21, 2016

The Wheels Fall Off The Auto Industry - Volkswagen To Buy Back Cheating Cars

Volkswagen, the US government and private lawyers have reached a deal whereby VW will buy back some of the nearly 600,000 diesel cars that cheat on emissions tests and spend just over $1bn to compensate owners.

The Guardian reports that some owners would get a choice of having VW repair their cars or buy them back.
 
How the $1bn is to be allocated and distributed remains to be seen.
 
VW is of course not the only car maker to have cheated wrt emissions, doubtless the other cheaters will be looking at their books to see how much they can afford to pay out.

No comments:

Post a Comment