FTC to VW Sellers: Don’t Mislead Consumers about Buyback Deal

FTC to VW Sellers: Don’t Mislead Consumers about Buyback Deal

Many owners of 2.0 liter Volkswagen diesels will soon be able to sell their cars back to Volkswagen AG for more than their current replacement value as a result of a proposed $10.03 billion deceptive advertising settlement with the Federal Trade Commission. THE FTC wants to make sure consumers and businesses to know the facts regarding the settlement. To that end, the FTC issued two new blog posts

For potential buyers of affected Volkswagen diesel cars, the FTC’s new business blog emphasizes that it would be unwise for anyone – including independent VW dealers – to make separate offers implying either that an offer is part of the $10.03 billion settlement if it is not, or that affected diesel owners must buy a new VW or Audi. FTC staff will be watching closely to ensure that the compensation process in unsullied by deception.

The new consumer blog, “VW owners, get the facts!” explains that owners of affected VWs should visit VWCCourtSettlement.com to find out how much they can get for their cars. It also explains, that even though other potential buyers may offers what seems like a good deal, these alternatives offers “may be less that what car owners can get from Volkswagen under the settlement”.

The consumer blog also emphasizes that VW diesel owners are under no pressure to act quickly – in fact, the buyback program is not yet making payments- and that they can use their buyback money for anything they want.