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Cash for Clunkers Is Almost Over |
Today is the last day for the government program Cash for Clunkers. Although they expected it to last till November, it took only one month to use $3 billion in funding. The U.S. Department of Transportation is going to end the program at 7 p.m. Central time today, August 24.
The experts projected about a quarter of a million car trades in the CARS program, but in fact the dealerships across the country have sold almost five hundred thousand cars. Many people considered $3,500-$4,500 rebates as a great support in trading in old vehicles for new models.
Many dealers say the government has not paid them for the collected clunkers yet. Actually, only four out of each ten deals have been reimbursed so far. The government says that the problem is in the slow processing of the files.
As for today’s clunkers, the government says all the claims have to be filed by the time the program ends, the deadline will not be extended for filling them. Some of the dealers have already stopped participating in the program because they were afraid the government would not reimburse the last vehicles.
[source]
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