Volkswagen will have to pay $14.7 billion as a result of its emissions scandal in the US, prosecutors showed Tuesday. The payments would cover buybacks, damages and penalties resulting from the scandal. 

    German news agency DPA reported today that Volkswagen will be responsible for buying back or retrofitting about 480,000 diesel vehicles in the US affected by the scandal. The payments to be made by Volkswagen include $2.7 billion to support environmental projects, while the carmaker is to spend an additional $2 billion dollars on research towards reducing emissions. 

    Under the settlement, VW will offer to buy back 2009-2015 diesel models of Jettas, Passats, Golfs and Beetles and the Audi A3 at their value in September 2015, before the emissions problems became known.

    The carmaker will also offer loan forgiveness for consumers who now owe more than their car is worth. Drivers who leased their cars would be able to terminate their leases. Consumers would also have the option to keep their cars and have them retrofitted to meet emissions standards along with cash payments to redress the harm caused by the company's deceptive advertising.