Hyundai and its sister company Kia said Monday that they will pay up to $395 million to consumers as part of a proposed settlement over overstated gas mileage.
The agreement would affect American owners of about 600,000 Hyundai and 300,000 Kia vehicles from the 2011 to 2013 model years.
In November 2012, the two companies conceded that they overstated fuel economy by at least a mile per gallon after the Environmental Protection Agency found errors for 13 Hyundai and Kia models from the 2011 to 2013 model years.
Since then, Hyundai and Kia have been compensating owners with payments of around $88 annually, which is based on the amount the mileage was overstated and the average price of gasoline.
Hyundai and Kia are also offering an option of a lump-sum payment. The companies put a figure to it Monday, saying Hyundai would pay up to $210 million and Kia up to $185 million. The total value depends on how many consumers opt for the one-time payment instead of the annual reimbursement.
The companies say the lump-sum payment amount varies but would average $353 per Hyundai owner and lessee and $667 for Kia.
Consumers also have a choice of a dealership credit.
The vehicles involved include the Hyundai Azera, Accent, Genesis, Santa Fe, Sonata Hybrid, Tucson and Veloster and the Kia Optima Hybrid, Rio, Sorento, Soul and Sportage.
The settlement still needs court approval, which the companies anticipate seeking in early 2014.
Hyundai's share of the U.S. market has fallen to 4.6 percent this year, from 4.9 percent a year ago, and Kia's U.S. market share of 3.5 percent is down from 3.9 percent a year ago.
The Associated Press and Reuters contributed to this report.