What I learned was that all the dealers but one who responded (about 5) told me that they could not give a Clunker credit until the Program details were finalized. The anticipated date for this is July 24th (30 days following Obama's signature). Pohanka's response to me was that they were honoring the Clunker credit off program as of July 1. I picked up my sales contract today reflecting a $4500 "trade-in" value. This program is not limited to Toyota and I was told is honored now at all of Pohanka dealerships on Delmarva and the Washington D.C. area. It is in effect at Pohanka NOW. Their Internet sales person is Meghan Fitzgerald and her email address is below.
I realized an additional savings by choosing SECU's (http://www.secumd.org/) new auto loan rate of 4.74% vs. the 4.99% Pohanka quoted me.
mfitzgerald@pohankaofsalisbury.com
PROGRAM SUMMARY
President Obama signed the law into effect on 6/24/09. The details of the law are still being worked out by the National Highway Traffic and Safety Administration. A few of the guidelines for the program have been laid out. Your “clunker” is worth as much as $4500 under the program. The program is slated to be in effect no later than 7/23/09 at most participating dealers. It is in effect at Pohanka now.
Provide us information on the vehicle you are driving, the vehicle you are interested in, and your contact information. A trained specialist will let you know if you qualify for the incentive and direct you to the appropriate dealership.
Here are a couple of the general guidelines for the program
§ Your vehicle must be less than 25 years old on the trade-in date
§ Only purchase or lease (5 years) of new vehicles qualify
§ Generally, trade-in vehicles must get 18 or less MPG
§ Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
§ Dealers will apply a credit at purchase. Vouchers are not needed
§ Program runs through Nov 1, 2009 or when the funds are exhausted (1 Billion Dollars) whichever comes first.
If you want to find out if you qualify, go to www.delmarvacashforclunkers.com
ReplyDeleteI will do my best to identify if you qualify or not.
Dan Fitzgerald
Pohanka of Salisbury
from what ive read the trade in vehicle must be destroyed. you will not get any trade in value, so no double dipping.
ReplyDeletebasically the government is guaranteeing you 4500 trade in
if you have a 5year old low mialage gas guzzler that you just paid off, well keep it tell the government to stop spending your money
Great program, great legislation. Helps economy, helps the environment. God bless the Democrats
ReplyDeletePentagon Federal Credit Union has a new and used auto interest rate of 3.99% for up to 60 months. I just refinance my car and saved a good bit. www.penfed.org
ReplyDeleteJust another way to increase the national debt.
ReplyDeleteWho pays for the $3,500.00 you got extra for your trade? The tax-payer does thats who. Usually before I get poked I require a kiss and some grease.
ReplyDeleteAs a tax paying US citizen to anyone who takes advantage of this program, I'm glad my hard earned income can help pay for your new car. You are welcome. Next time why don't you just come knock on my door and ask for some money. It is certainly a much more efficient method than having the IRS take it from me and then the useless Congress decide who best deserves my money.
ReplyDeleteWhen will this madness end?
All taxpayer's give towards this Program. Some taxpayer's get some of their money back by participating in programs like this. Others simply complain about what the people they voted into office do with the Federal deficit they keep growing.
ReplyDeleteThere's another one... MD utility customers pay an additional fee to subsidize the new "green" bulbs sold at Home Depot. People that live in DE just drive across the line and take advantage of the subsidy.
Instead of a Toyota Prius. You should consider a Ford Fusion Hybrid. The vehicle boast imressive ratings and great fuel mileage. Plus the Fusion Hybrid still has a Tax Credit. And if I am not mistaken the Prius has no tax credit
ReplyDeleteIt's not just Pohanka as you might be led to think. It's any new car dealer.
ReplyDeleteSo, Pohanka gives you $4500 for a car the trade in value is $1500. The gov gives a $3000 incentive to you? Then the dealer sells your old car for $more than trade netting them profit on your trade and profit on the new car? Do other incentives/discounts apply? What happens to your old car?
ReplyDeleteA pig in a dress is still a pig.
I wish I had bought a clunker and I could get bailed out on my next car. Maybe these people can take a portion of their savings on gas and help pay down the national debt.
ReplyDeleteDan, I sent in an inquiry last week via email and still have not heard back from Pohanka. How long does it take for someone to get back to me?
ReplyDeleteAnon 2:45 you obviously have no grasp of economics or how things really work. The rest of the comments are spot on!! especially anon 4:19- The taxpayers are paying for this you pathetic Obama lovers- your paying for it. don't you get it??? My gosh- when will this insanity end is right on! Thanks 4:19
ReplyDeleteamen 419 and you can have whatever food I have left in my fridge also the door is unlocked help your self to what ever you need
ReplyDelete4:19, what is your address?
ReplyDeleteGreat for the environment,great for the economy and REALLY bad for those of us paying for it who think think(correctly) that this whole deal stinks of forced socialism.If they have to spend away 1 billion anyway just divy it up amongst taxpayers so that they could decide how it would benefit them.This would have a better impact on the economy than something that is clearly a scheme to prop up the auto industry.
ReplyDeleteDon't tell JR about this, he's got a whole fleet to trade in.
ReplyDelete4:19, I'd appreciate it if you reimbursed me for the road that leads to your house, the police and firefighters that protect your property, the FDA funds that went into making your dinner safe tonight, the money the state spent on your education, and every other way you benefit from the government's use of taxpayer money.
ReplyDeleteYour argument is pretty silly when you look at it this way.
bluto, if the government gave you $4500 would you save it or spend it?
ReplyDeleteHonestly?I would divide it into thirds allocated as goes....
ReplyDelete1/3 to pay off debt and eliminate finance charges on debt
1/3 to spend on things we need but have put off because of a tight budget(stuff around the house)
1/3 would be put away in savings.
Okay, then that means 2/3rds of it doesn't go to stimulate the economy. Which is, after all, the point of the spending in the first place.
ReplyDeleteUnder the cash for clunkers program, the 4500 spurs you to spend far more money than that on a new car... thus stimulating your local economy by paying the wages of the workers there, who, in turn, spend their money on food, durable goods, etc. in the local economy.
Stimulus serves a purpose. And we all benefit from less people being unemployed, and more money being injected into a down economy.
giving you money (directly) while it may make you happy, will not have the full effect that direct spending will have on the economy.
Do you know, according to the CBO (Congressional Budget Office), which part of the stimulus bill actually has the most stimulative effect? Food Stamps. Yeah. Food Stamps. Do you know why? Because every last cent goes directly into spending. None of it can be saved, and none of it can be used to pay down debt, etc.
Good point
ReplyDeleteWe own two vehicles,both are old(11 and 15 yrs old) but they are fuel efficient and not considered "clunkers".Part of that hypothetical $1500 would go towards new tires and tune-ups for those vehicles to keep them going.
And the $1500 debt I pay off would be a drop in the bucket but would contribute towards lowering the national debt.The remaining amount would be invested in a savings CD which also contributes to the economy.Not arguing just articulating :-)I can spend my money better than the guv can and overall it will benefit ME rather than people I dont even know.
Wake up people. It's a ploy to get you to spend money. For most, I would say they have NO business spending money at this time.
ReplyDeleteThey especially have no business in going into further debt just because there is a "program" out there. This type of stuff is what gets people in real trouble....how short memories are.
Remember the housing bubble and now all the foreclosures because the deals were just soooo good???
Save your money. You can buy a whole lot of gas for what you're gonna pay for that new vehicle. Just look at the TOTAL cost and then decide if it's worth it.
The government doesn't give you ANYTHING for free...there is always a catch.
You that can afford it, go for it but don't whine when your job also disappears and you also lose your new vehicle.
You mean I can get at least $4500 for each of these POS I own?? You think they would let me slide on that registered and insured for the prior year rule?? I mean, I am a millionaire.
ReplyDeleteStimulus is really working - Mugabe has admitted unemployment will hit 10%.
ReplyDeleteIf government caused economic prosperity, there would never be recessions because the government has been spending record amounts of money.
As for food stamps - yeah, they can be used to buy drugs on the black market. Guess that's what Obama (an admitted coke user) means by "stimulative" effect.
Any vehicle that is traded in under this program will not be re-sold...the vehicles are to be CRUSHED.
ReplyDeletechuck
ReplyDeletethe roads, fire, police and FDA all benefit us all. This cash for clunkers only benefit a select few people. My husband has a 1990 vehicle and we can't take advantage of this at all because there is nothing out there that gets better gas mileage. Even the same type vehicle gets LESS gas mileage. I thought they were supose to be getting better mileage after 19 years.
7:35,
ReplyDeleteThe State Troopers in your area only benefit you, and not me. If you eat a lot of one type of food that I hate, then the FDA inspecting those foods are benefiting only you, and not me. I mean, I can take it to logical absurdities, if you want.
As for cash for clunkers, they are also benefiting the local economy, the salesmen, their families, the grocery stores where they buy food, etc.
This is the point of stimulus. Bluto keeps saying "I can spend my money better than any guv". Well, no, you can't. Your individual 4500 bucks doesn't have the same impact as the government spending a trillion. In addition, you'll either save or pay down debt with 2/3rds of it. That does NOTHING for the economy. And that's the point. The stimulus was never about individual people like you and me, bluto. It was about filling the gap of spending that was missing from the economy... and thus, helping everyone, simultaneously.
I think a lot of people are thinking about the stimulus in the wrong way. As if it's some sort of tax rebate program that they're not getting anything from. Stimulus = spending. period. It's about directly stimulating the economy through direct spending. That's it.
6:13 You can contact dcarpenter@pohankaofsalisbury.com, and he will contact you back A.S.A.P
ReplyDeleteHopefully, the CARS program will increase auto sales the way it's expected to.
ReplyDelete