How to get ready for your VW payout

Loyal owners of Volkswagen diesel cars understandably felt betrayed when they learned the German automaker had rigged the testing process to bypass U.S. emissions standards.

San Diego resident Mark Holthoff, a manager for a community site for used-car enthusiasts called Klipnik.com, was disappointed when he saw the value of his 2014 Volkswagen Golf TDI plummet 30 percent after the "dieselgate" scandal broke in September 2015.

A host of federal and state agencies had sued VW, which has acknowledged fitting nearly 475,000 VW and Audi 2-liter diesel vehicles from the 2009-15 model years with defeat-device software to pass smog tests.

Thanks to the settlement announced in June, people who bought or leased the affected vehicles are sorting through a complex set of tables and charts to find out what they will be paid — or waiting to see if a fix will be available to prevent excess release of pollutants.

VW is offering "a complicated package but it's hugely comprehensive and allows for a lot of choice," says Karl Brauer, a senior analyst at Kelley Blue Book, an automotive research company.

—Sell the car back to VW for its National Automobile Dealers Association (NADA) value — the trade-in price for the car in clean condition, adjusted for options and mileage — at the time the cheating was revealed, on Sept. 18, 2015.

In automotive forums and conversations with VW TDI owners, many people seem inclined to take the buyback and turn in their vehicles.

VW began notifying eligible owners in recent weeks, but if you haven't received your notice, you can begin checking options by going to the VW settlement website.