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Dealers paid $1.22 billion to date under 'cash for clunkers' | detnews.com | The Detroit News |
-- Transportation Secretary Ray LaHood said today the administration has paid auto dealers $1.22 billion for 289,000 of the 690,000 vehicles sold under the "cash for clunkers" program.
LaHood said the department has 5,000 people working to process voucher requests and will complete payments by the end of the month.
Dealers have sought about $2.877 billion during the program that ended Aug.24. The department has said it expects to spend about $100 million administering the program that offered consumers up to $4,500 to junk their old car in exchange for a more fuel efficient vehicle.
LaHood acknowledged that dealers had expressed some "irritation" for not getting paid faster, but he called the program wildly successful, noting it had dramatically boosted auto sales in August. He reiterated that dealers who submit completed correct applications will be paid.
The department has gotten volunteers from across its many agencies to help process the voucher requests. IRS employees are continuing to assist in the effort, the department said.
LaHood spoke to reporters in Washington at an event to kick off the annual Child Passenger Safety Week.
[source]
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