And lo, that which was rumored last night has come to fruition this morning. On Tuesday morning, Volkswagen Group proposed a number of companion settlements with the Department of Justice representing the Environmental Protection Agency and the California Air Resources Board (CARB), the Federal Trade Commission, more than 40 state attorneys general, and a class-action complaint from people who bought 2.0L diesel cars from Volkswagen and Audi.

The amount of the settlements will tally more than $15 billion, with $10.033 billion going toward compensating consumers. In a conference call on Tuesday morning, Elizabeth Cabraser, the court-appointed lead counsel for Volkswagen consumer plaintiffs, detailed exactly how the German automaker would compensate its customers after the company was discovered last September to have included illegal software on many of its recent diesel models. The software helped the diesel vehicles pass federally required emissions tests in a lab but turned off the cars’ emissions control systems while under normal driving conditions, causing significantly increased levels of nitrogen oxide to spew on open roads.

Cabraser noted that owners of certain diesel VW Golfs, Passats, Jettas, Beetles, and Audi A3s would be eligible for a buyback equal to the amount the car was worth in September 2015—a range from a low of around $12,000 to a high of about $44,000. The buybacks would be accepted “regardless of condition,” Cabraser said, “as long as it’s drivable.”

The car owner could also choose not to sell the car but to have it fixed by VW Group for free, although a fix has not been approved by the EPA and CARB yet. VW Group was originally given until December 2015 to propose a fix for the emissions control systems on its cars, but the two regulatory bodies vetoed the fix, claiming that VW Group had not adequately detailed how the fix would affect the cars’ mileage and performance. With this settlement, VW Group would receive an extension on its fix for 2.0L diesels—it only needs to submit something to the US regulatory agencies between November 11, 2016 and October 30, 2017.

Lessees of the affected vehicles will also be allowed to terminate their leases without early termination fees.

Both owners and lessees will receive additional cash compensation (in addition to a buyback, in the case of an owner) in the amount of between $5,100 and $10,000, depending on the year and model of the car. If the owner of an affected car has outstanding loan obligations, the owner could receive additional compensation for “loan forgiveness in an amount up to 30 percent of the sum of the vehicle value and the owner restitution payment,” according to court documents filed by the customer class-action group (PDF).

Cabraser stressed that “consumers have choices in this settlement,” adding that the ultimate goal is for VW Group to get 85 percent or more of the 475,474 2.0L Diesel TDI vehicles off US roads by mid-2019. (The number comes from the originally reported 499,000 after subtracting cars that had been scrapped or were never sold off Volkswagen lots.) If the automaker doesn’t hit that mark, it would have to pony up additional cash in fines.

VW customers, however, must choose whether they’re going to accept a buyback or get their car fixed by September 2018, Cabraser said. She also noted that if customers choose to have their cars fixed, they would be notified about the impact it would have on the car’s performance and mileage first. If the fix doesn’t live up to that, customers would be protected by an extended warranty and applicable lemon laws. “If a fix does not become available, owners and lessees will be able to choose a buyback,” Cabraser added.

In addition, vehicle owners who sold their cars after September 18, 2015 but before June 28, 2016 will be eligible for 50 percent of the cash compensation associated with that car's VIN, with the other 50 percent going to the new owner of the affected diesel car.

Cabraser also said that “cars will not be allowed to be resold anywhere in the US or in the world unless they are updated with a fix approved by the EPA.” The settlement stipulates that VW Group will pay attorney’s fees and costs in addition to the billions set aside to compensate consumers.

Of course, this settlement can’t go into effect without a judge’s approval. Cabraser said she expected preliminary approval to be granted on July 26 and final approval sometime in early October. “There will be no delays because of any appeals,” she asserted. The consumer plaintiff class has set up a website that will soon include a VIN-lookup tool so that owners of the affected cars can see what their options are.

In addition to customer compensation, VW Group will also pay $2.7 billion in fines to the EPA and CARB, and it will have to invest $2 billion in new clean-emissions technology. Cabraser said those investments would have to be approved by the EPA and can’t go toward initiatives that VW Group is already working on, nor can any of the investment be allotted to strictly proprietary projects.

This proposed settlement would also end litigation launched by the FTC, which had sued Volkswagen for engaging in false advertising.

The members of the consumer plaintiff class set up to litigate against VW Group also had claims against Bosch, the company that supplied electronics to VW Group. Cabraser said that litigation is ongoing, as are claims tied to 3.0L diesel vehicles, which include Volkswagens, Audis, and Porsches.

Still, VW Group will likely face more lawsuits in the US and internationally over the 2.0L diesel emissions scandal. The settlements don’t include shareholders, foreign dealers, or Volkswagen Group franchise dealers in the US, although other dealers with VW Group cars on their lots will be treated as owners of a vehicle and can claim compensation.