Lesson learned: you save money when telling the truth.
Gas mileage ratings are all the rage for countless car buyers today who want to save money at the pumps. Automakers obviously want their business and are going to great lengths to develop and launch cars with solid efficiency numbers. Hyundai and Kia, the two South Korean sister companies, have for years aggressively sought those buyers by claiming their bargain-priced cars were also very efficient.
Well, the automakers apparently exaggerated those claims, and back in November 2012 they were forced to admit doing so. Owners discovered they weren’t getting the fuel economy they were promised, and a class action lawsuit was filed. The companies later admitted to overstating mileage claims on vehicle window stickers for some 900,000 cars in the US. Now a settlement has been reached with the automakers paying out $395 million, $210 million for Hyundai and $185 million for Kia. Affected owners will receive either a one-time lump sum payment or stick with a lifetime reimbursement program. Hyundai and Kia owners will receive an average lump-sum payment of $353 and $667, respectively.