Cash for clunkers done

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http://money.cnn.com/2009/08/20/autos/cash...sion=2009082016

 

 

Cash for Clunkers ending

With money running out, $3 billion Cash for Clunkers program will end on Monday. The tally so far: 457,000 cars and $1.9 billion in rebates.

 

NEW YORK (CNNMoney.com) -- The $3 billion Cash for Clunkers program will shut down on Monday, the government said Thursday.

 

Dealers must submit any pending Clunker deals, including any necessary paperwork, by 8 p.m. ET Monday.

 

"It's been a thrill to be part of the best economic news story in America," said Transportation Secretary Ray LaHood. "Now we are working toward an orderly wind down of this very popular program."

 

Officials decided to wind down the program, which Congress passed to spur flagging auto sales, after determining that it would soon run out of money.

 

As of Thursday, the program has recorded more than 457,000 dealer transactions worth $1.9 billion in rebates.

 

 

good riddance

[NorthernVike 2,080]

The only reason it is ending early is that the local dealers are refusing to use it any more because the fockchops in the Obama administration can't process the rebates in a timely manner

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The only reason it is ending early is that the local dealers are refusing to use it any more because the fockchops in the Obama administration can't process the rebates in a timely manner

 

Fux interviewed two dealers from the northeast who each manage a slew of dealerships. They've sold hunnerts of cars but

have only been paid for a handful, have had many rejected or told to re-do the paperwork, and have a hunnert claims which

are now up in the air despite their appearing to qualify. Both said they expected to be paid for most of the deals, but are still

worried cause it's a lot of money and is overdue

[Strike 3,982]

Don't worry all. Cash for Appliances is up next.

 

http://abcnews.go.com/Technology/JustOneTh...tory?id=8374739

[NorthernVike 2,080]

Don't worry all. Cash for Appliances is up next.

 

http://abcnews.go.com/Technology/JustOneTh...tory?id=8374739

Soon to be followed by CASH FOR DEATH. The government will pay you to die young in the form of a tax credit three years after your death

[Recliner Pilot 61]

Fux interviewed two dealers from the northeast who each manage a slew of dealerships. They've sold hunnerts of cars but

have only been paid for a handful, have had many rejected or told to re-do the paperwork, and have a hunnert claims which

are now up in the air despite their appearing to qualify. Both said they expected to be paid for most of the deals, but are still

worried cause it's a lot of money and is overdue

 

I can't wait until Obama gets his mitts on the healthcare system.

[Recliner Pilot 61]

Looks like Obama has broken yet another promise: You will be paid witin 10 days.

 

ALBUQUERQUE (KRQE) - Some New Mexico auto dealers have backed out of the cash-for-clunkers program and more may do so as the federal government takes its time providing cash reimbursements.

 

Dealers across the state are owed more than $3.6 million, according to a dealers' group which says that so far Uncle Sam has only written three checks totaling about $14,000.

 

Cash for clunkers--officially its the Car Allowance Rebate System--allows consumers to trade their gas guzzlers for a more fuel-efficient rides while earning up to $4,500 toward the purchase price.

 

Dealerships put up the cash for the rebates after being told by the Obama administration they would be paid back within 10 days of the sale.

 

With that much cash in limbo they've called in reinforcements.

 

"You simply can't ask businesses to front $200,000, $300,000 for any period of time," Rep. Martin Heinrich, D-N.M., told KRQE News 13. "These applications are simply not being processed fast enough.

 

Lawton Davis' dealership has had more than 60 cars driven off the lot because of the incentive. But the go-green event has left him with no green from the government.

 

”I'm a little frustrated by it, and we have had to make adjustments in our business plan to accommodate it." Davis said.

While those dealerships will survive the wait, others said they can't afford to keep putting up cash.

 

“These are substantial dollars of money when you break it out into the individual dealership," Charles Hensen with the New Mexico Automotive Dealers Association said. "The impact on a small dealership is a hard thing to overcome especially when you are dealing with the cash flow."

 

http://www.krqe.com/dpp/news/business/busi...up_200908200033

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Heh Fux was just interviewing this woman who runs 'darcars' dealerships...

They've moved 1300 units in cash for clunkers

So they are due 5 n a harf million from the gov't.

So far they've been paid for 8 claims.

80% of the cars traded in are American

77% of the cars they sold are foreign

[NorthernVike 2,080]

Heh Fux was just interviewing this woman who runs 'darcars' dealerships...

They've moved 1300 units in cash for clunkers

So they are due 5 n a harf million from the gov't.

So far they've been paid for 8 claims.

80% of the cars traded in are American

77% of the cars they sold are foreign

 

 

 

 

 

 

This guy continues to depress

[Rusty Syringes 478]

This Cash for Cunters program could create more problems than it was supposed to solve.

 

For starters, this will create a shortage in the used-car market, meaning the poor folks who can't afford a new car aren't going to be able to buy a used one either, forced to drive around in their POS cars that have horrible gas mileage and pollution problems.

 

It will also hurt the low-end corner-lot dealers because their inventory will dry up.

 

A lot of dealers who didn't read the fine print are going to have to eat the cars taken in as part of the program. A lot of dealers might not get their money even though they did everything right.

 

In addition, what Cash for Cunters did was accelerate the purchasing timetable for folks who were going to buy a new car in the next eight or so months anyway, because much of car buying is based on need, not desire. So after the program is done, sales might dry up for a while.

 

Lastly, a dealer I talked to today said the lowest-income person he did business with as part of CFC made a salary of $110,000 a year.

 

So in a couple of ways, CFC has hurt the lower-income people the Democraps are passionate about helping.

 

Way to go, 'Bama-O.

 

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but didn't you hear? this is the most successful stimulus ever

[Snoopy1 0]

This Cash for Cunters program could create more problems than it was supposed to solve.

 

For starters, this will create a shortage in the used-car market, meaning the poor folks who can't afford a new car aren't going to be able to buy a used one either, forced to drive around in their POS cars that have horrible gas mileage and pollution problems.

 

Yeah, without those 450,000 cars, the used car market will probably be depleted in...on 500 years.

[Rusty Syringes 478]

but didn't you hear? this is the most successful stimulus ever

 

Actually, this isn't even the biggest car-sales stimulus of the past decade.

 

When GM offered 0 percent interest after Sept. 11, 2001, car sales went off the charts and kept the economy from slipping into a recession.

 

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Actually, this isn't even the biggest car-sales stimulus of the past decade.

 

When GM offered 0 percent interest after Sept. 11, 2001, car sales went off the charts and kept the economy from slipping into a recession.

 

 

and now we're still paying for it

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did I miss something? Why is Ford still adverting cash for clunkers?

[Saint Elistan 106]

did I miss something? Why is Ford still adverting cash for clunkers?

 

My local Kia is too

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Here's the figure: $2.878 billion. That's how much money the government owes car dealers for the "Cash for Clunkers" program.

 

More than $200 million of that is owed to dealers in Illinois and Indiana, so CBS 2's Mai Martinez checked with some of them to see how much money they've collected from Uncle Sam.

 

Now that the popular program has ended, many dealerships are asking the federal government to "show me the money."

 

"Out of 142 deals they owe us for, we've gotten paid on seven," Lou Tornabeni of Ettleson Hyundai said.

 

"We had 102 cash for clunkers," Carm Scarpace of Westfield Ford said. "We've been paid for one."

 

With each Cash for Clunkers deal worth between $3,500 and $4,500, many dealerships are anxiously awaiting their government payday.

 

Some, like Advantage Chevrolet, which sold cars up until the last minute, have more than half a million dollars on the line.

 

"It was chaotic towards the end," Jason Roberts said.

 

Roberts says his dealership sold 142 cars under the program -- for a total of about $568,000 in government rebates. So far, the dealership has only been paid about $68,000 for about 17 of the deals, which means Uncle Sam still owes them roughly $500,000.

 

 

Can't wait to see how efficiently Osamacare compensates