VW Apologizes, Promises Imminent Diesel Fix
The CEO of Volkswagen's North American operations offered a public apology to consumers and dealers during the Los Angeles Auto Show's press day. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.
LOS ANGELES — The CEO of Volkswagen's North American automotive business offered a public apology on press day of the Los Angeles Auto Show. He said the company is on the verge of revealing its plan to fix the nearly 500,000 diesel vehicles sold in the United States with an emissions software cheat.
During the Volkswagen press conference, Michael Horn said the company would "announce something soon," as it works to retain goodwill with its dealers and customers. Volkswagen must submit a plan to the California Air Resources Board by Friday about how it plans to fix diesel vehicles with four-cylinder engines, which were found to release as much as 40 times the permitted amount of nitrogen oxide.
"Nothing is more important to me than the satisfaction of our customers and to make things right," Horn said. "We understand that apologies are not enough."
Horn said about 120,000 retail customers have taken advantage of a goodwill package that included two $500 gift cards and 24-hour roadside assistance for three years.
The EPA has claimed its 3.0L six-cylinder engines included the software cheat. Horn said that issue needs "to be clarified" between the automaker and regulators.
Horn added that the company remains committed to the North American market and showed the redesigned 2016 Passat mid-size sedan and the Golf GTE plug-in hybrid concept. Volkswagen AG has indicated earlier that it plans to shift toward electrified powertrains to meet national fuel economy standards.
More Auto Finance

Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →