Chevy Bolt Settlement Payout Worth $150 Million: General Motors (GM) and LG Electronics have reached a $150 million settlement to compensate owners and lessees of 2017-2022 Chevrolet Bolt EVs affected by battery defects. If you own or previously owned a Chevy Bolt from these model years, you may be eligible for cash compensation under this agreement.
In this article, we’ll break down everything you need to know about the Chevy Bolt settlement payout, including eligibility criteria, claim submission steps, important deadlines, and frequently asked questions. We will also explore the background of the settlement, consumer rights, and the broader implications for EV manufacturers.
Chevy Bolt Settlement Payout Worth $150 Million
| Topic | Details |
|---|---|
| Settlement Amount | $150 million total payout |
| Eligibility | 2017-2022 Chevy Bolt EV owners and lessees |
| Compensation Amounts | $1,400 for software remedy; $700 for battery replacement eligibility |
| Claim Deadline | February 24, 2025 |
| Official Website | BoltEVBatterySettlement.com |
The $150 million Chevy Bolt settlement is a significant step in compensating owners affected by the battery defect. If you owned or leased a 2017-2022 Chevrolet Bolt EV, it’s important to check your eligibility and file a claim before the February 24, 2025, deadline.
Background: What Led to the Chevy Bolt Settlement?
The settlement stems from a battery defect found in Chevrolet Bolt EVs manufactured between 2017 and 2022. The defect, linked to faulty battery cells from LG Energy Solution, caused several spontaneous fire incidents, prompting GM to issue multiple recalls. These recalls affected over 140,000 vehicles and led to significant inconvenience and safety concerns for owners.
After extensive investigations, GM and LG determined that the defect was due to two rare manufacturing flaws in the battery modules, leading to overheating and potential fire risks. The resolution involved either software updates to optimize charging limits or complete battery replacements for severely affected vehicles.
In response to consumer complaints and lawsuits, GM initiated the settlement agreement to provide financial compensation for impacted vehicle owners and lessees, ensuring fair reimbursement for their losses.
Who Is Eligible for the Chevy Bolt Settlement Payout?
You may qualify for compensation if:
- You purchased or leased a 2017-2022 Chevrolet Bolt EV.
- Your vehicle was manufactured and shipped to a dealer on or before August 19, 2021.
- Your vehicle was included in the recall due to battery defects.
- You still own the vehicle or previously owned it and returned it after the recall was announced.
- You experienced financial losses due to the recall, including repair delays and resale value reductions.
How Much Compensation Will You Receive From Chevy Bolt Settlement Payout?
Depending on the remedy applied to your vehicle, you may be eligible for the following payouts:
- $1,400 Payment – If your vehicle received a software update to address the battery issue.
- $700 Payment – If your vehicle became eligible for a battery replacement under the recall. Even former owners or lessees may qualify if they sold or returned the car after the recall announcement.
- Potential Additional Compensation – Some claimants might be eligible for further reimbursement if they can prove significant inconvenience, such as extended wait times for repairs.
How to File a Claim for the Chevy Bolt Settlement
If you meet the eligibility criteria, follow these step-by-step instructions to claim your compensation:
Step 1: Gather Required Documents
Before filing a claim, make sure you have:
- Proof of ownership or lease (vehicle title, registration, purchase receipt, or lease contract)
- Government-issued photo ID (Driver’s License, Passport, or State ID)
- Service records or recall notifications (if available, to support your claim)
Step 2: Visit the Official Settlement Website
Go to BoltEVBatterySettlement.com to access the official claim form.
Step 3: Complete and Submit the Claim Form
Fill out the form accurately, attaching all required documents. You can choose to:
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- Submit online through the official website
- Mail a physical copy of the form with supporting documents to the settlement administrator
Step 4: Monitor Your Claim Status
After submission, regularly check for updates through the official website or contact the settlement administrator for assistance.
Important Deadlines For Chevy Bolt Settlement Payout
- Claim Submission Deadline: February 24, 2025
- Opt-Out or Objection Deadline: January 24, 2025
- Final Approval Hearing: March 25, 2025
Make sure to file your claim before the deadline to secure your compensation.
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FAQs About Chevy Bolt Settlement Payout Worth $150 Million
1. How do I know if my Chevy Bolt is part of the settlement?
You can check the VIN lookup tool on BoltEVBatterySettlement.com to see if your vehicle qualifies.
2. Can former owners or lessees file a claim?
Yes. If you owned or leased a 2017-2022 Chevy Bolt and sold or returned it after the recall announcement, you may still be eligible for a $700 payment.
3. When will I receive my settlement payment?
Payments will be processed after the final approval hearing on March 25, 2025. The estimated payout timeframe is mid-to-late 2025.
4. Do I need a lawyer to file a claim?
No. The process is straightforward, and you can submit your claim online or by mail without legal assistance.
5. Will this settlement affect my ability to file a separate lawsuit?
If you accept the settlement payment, you may waive your right to pursue additional legal action related to this issue. If you wish to opt out, you must do so by January 24, 2025.
