I leased my 2014 Jetta TDI in February of 2014. I originally leased the car so that I could get into it with a lower acquisition cost. My intention was always to purchase it at lease end, so I used the vehicle as an owner. I didn’t skip any driving days or have any concern about the mileage.Then the floor fell out and the scandal broke, well my thought and approach to the vehicle didn’t change. The early rumors were that there would be a buyback. So I diligently serviced my vehicle, paid my installments and waited for the news of when I would be made whole.
I received my first official notice in August, unfortunately the timeframe to buy my vehicle and be considered an owner had already passed; so I lost the benefit of full buyback as stated in your article. I filled out my online claim and was informed that I would receive $3600 for my troubles. Part of the settlement for lessors was an early return and the harassment payment. Early return well that’s interesting twist, since there is no timetable scheduled yet , the earliest I will be able to return will be on my actual lease termination date, so as you can see, I will receive no benefit of early termination. Two more payments to go and I’m done.
Well not really done, I can opt to purchase the car at the stated residual that has been damaged due to the scandal. Or I can give it back but incur the cost of over mileage. Unfortunately, I can’t even trade my VW Jetta TDI in. Not at my purchasing dealer nor anywhere because the car cannot be resold until there is a fix. As stated by Volkswagen North America, there is no imminent fix that has been approved by the EPA. So there will be No Settlement Compensation until the fix is implemented or until the deadline of compliance which is May 2018 , whatever comes first.
Here is the last kick in my consumer butt, no bank will finance the car as the residual is now unrealistically more than the vehicle is worth.
I am in actuarial hell. Love thy Lawyer.