Owners of Hyundai and Kia vehicles with overstated fuel economy ratings will now be given the option for a lump sum settlement payment, or continue with the Korean automaker’s debit card reimbursement plan.
Hyundai has agreed to settle on the consumer lawsuits on its overstated fuel economy figures that has affected around 600,000 vehicles sold in America. Unfortunately, financial terms of the deal were not disclosed in the filing, so it’s unclear as to how much the automaker will be paying out. In total, 38 class action lawsuits have been consolidated into a single case, with one of those suits claiming that affected consumers should be paid $775 million.
Last month, Hyundai stated that it had set aside around $225 million to pay for its owner compensation plans while Kia announced that it had around $187 million set aside. Hyundai dealers will notify eligible owners that they can opt for a single lump-sum payment and will inform them of their settlement options.
In addition, owners opting for the lump sum can also choose instead a dealer service credit worth 150 percent of their payment, or a new car rebate voucher worth 200 percent of the lump sum.
[Source: Automotive News]
Discuss this story at Hyundai-Forums.com