The Volkswagen diesel settlement for 2.0-liter TDI 4-cylinder cars may still need final approval from a federal judge, but most of the affected owners are already onboard.
Plaintiffs in a class action lawsuit against VW filed a brief in support of final approval of the settlement Friday.
The brief stated that virtually all 2.0-liter TDI owners were prepared to accept the settlement terms.
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Only 3,298 class members have opted out of the settlement, according to the brief.
That works out to roughly 0.7 percent of affected owners.
In contrast, as of September 26, 311,209 of the roughly 475,000 affected owners had already signed up for benefits under the terms of the settlement.
2015 Volkswagen Golf TDI
The settlement gives owners the choice of taking a buyback, or waiting to have their cars modified to meet emissions standards.
The settlement received preliminary approval in July, but nothing can happen until the settlement receives final approval, which can only come at an October 18 hearing.
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Last month, Elizabeth Cabraser—lead plaintiff's attorney in the settlement—said the majority of owners who agreed to take the settlement terms at the time wanted buybacks.
A buyback currently seems like the more sensible option, as Volkswagen hasn't managed to get any modifications for the 2.0-liter TDI cars approved by the U.S. Environmental Protection Agency (EPA) and California Air Resources Board (CARB).
2015 Volkswagen Jetta TDI, 2014 New York Auto Show
It is unclear how long owners will have to wait for modifications to be approved—assuming they are at all—and it is unclear what effect they will have on vehicles' performance and fuel economy.
That's something owners have expressed concern about since news of the diesel scandal broke just over a year ago.
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Many analysts have also questioned whether, given the age of many of the affected cars and the cost of potential modifications, whether the modification plan is economically practical at all.
If the majority of affected owners do indeed take buybacks, that could be good news for VW.
2014 Volkswagen Beetle TDI
It would allow the automaker to get more 2.0-liter TDI cars off the road quickly, since it wouldn't have to rely on owners bringing cars into dealerships for modifications.
Meanwhile, Volkswagen is still negotiating with regulators on a settlement for the 85,000 affected TDI vehicles with 3.0-liter V-6 engines.
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All parties involved must provide an update on the status of these negotiations at a November 3 hearing, although the carmaker has indicated it is confident a settlement may be approved earlier.
Any settlement will likely include a similar combination of buybacks and promises for modifications as the proposed 2.0-liter settlement.
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