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$2.5 billion approved for 'clunker' replacements | detnews.com | The Detroit News |
-- Transportation Secretary Ray LaHood said today his department has approved $2.5 billion in vouchers to pay car dealers in the "cash for clunkers" program.
"Every dealer will be repaid on or before the end of September," LaHood said.
Dealers submitted 690,000 applications for reimbursements totaling $2.877 billion before the program closed in late August. About 5,000 government workers and contractors have been processing applications. The number of workers was boosted after dealers complained of slow payment.
The announcement means the government has approved more than 85 percent of all the applications it received.
Congress set aside $3 billion to award vouchers of up to $4,500 each to encourage consumers to turn in older vehicles in favor of new, more fuel efficient ones.
LaHood is to address a conference of the National Automobile Dealers Association in Washington on Wednesday
[source]
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