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The program requires the scrapping of your eligible trade-in vehicle,
To make matters worse, dealers are required to permanently disable the engines of traded-in clunkers before they can apply to the government for repayment, Krebs said. If payment is denied, the dealer is out the $3,500 or $4,500, and has a car with a ruined engine that can't be resold.
Though the White House is providing reassurances that dealers won't lose money, that could happen based on cash-for-clunkers rules. Dealers are required to give qualifying buyers the $3,500 or $4,500 discounts, and then apply to the government for reimbursement. Dealers who apply for repayment after the funding runs out will not be reimbursed, according to the program's rules.
"There's a big concern among dealers that this thing may run out of money and they don't want to be stuck holding the bag," said Michelle Krebs, senior editor of AutoObserver.com.
Cash for Clunkers- the sad demise of good cars.
so far here's what i've seen come in. seems that mostly middle-class, financially stable citizens are trading in their 2nd or 3rd vehicle to buy a new one.
keep in mind all these vehicles listed are in running/driving condition, pass smog and safety inspection as well. this is only a week or so worth of cash for clunkers.
this is only a week or so worth of cash for clunkers.
1993 BMW 530i v8 (manual trans)
1988 Toyota Land Cruiser (77k miles)
1992 Cadillac DeVille
1999 Jeep Grand Cherokee (4x4 Laredo)
2000 Ford Explorer
1994 Chevrolet Caprice (LT1)
1995 Volvo 960 (pending gov't approval)
all of these vehicles WILL be immediately crushed.
can you guess what i have to do with them before they get hauled away??
Originally posted by MOFreemason
AP sources: Govt to suspend 'cash for clunkers'
(visit the link for the full news article)
WASHINGTON (AP) - Congressional officials say the government plans to suspend the popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases.
Originally posted by Unnoan
I'd be willing to bet the majority of these old clunkers on the road are residing with the working class and poor - who may or may not have a job at the moment and who are most likely unable to get financing at any cost. It makes me wonder who exactly this really benefits.
Another thing that seems to be beyond the the governments comprehension is the people who drive the "real clunkers", that need to be taken off the street, don't have the credit or can't afford a new car.
That's when they ran into difficulties with a federal Web site ill equipped to handle the volume of claims and the multiple documents each submission requires. Some dealers said the process took upward of an hour for each transaction, caused repeated rejections and consumed many hours submitting and resubmitting data
At Walser Toyota in Bloomington, customers began lining up on Monday before doors opened at 7:30 a.m.. Swenson said. By that afternoon, his dealership had done 150 trade-ins under the program. His salesmen worked overnight to scan and submit forms.
But of the 150, he said, only 30 received responses and all of those were rejections.
It took three hours Thursday for employees at one of Sam Pack's Dallas-area Ford dealerships to submit just eight documents. Pack said he feared that many deals made under the program wouldn't be properly reimbursed
"The details of processing this is beyond what anybody would think is reasonable," he said.
Go Green — Buy a Used Car. It’s Better Than a Hybrid.
Ditching your gas guzzler is a great way to reduce your carbon footprint, but if you really want to do something about global warming, get a used car. You’ll be putting less carbon dioxide into the atmosphere.
As Matt Power notes in this month’s issue of Wired, hybrids get great gas mileage but it takes 113 million BTUs of energy to make a Toyota Prius. Because there are about 113,000 BTUs of energy in a gallon of gasoline, the Prius has consumed the equivalent of 1,000 gallons of gasoline before it reaches the showroom. Think of it as a carbon debt — one you won’t pay off until the Prius has turned over 46,000 miles or so.