Rebate program may be running out of funds after only matter of days
WASHINGTON - The government’s popular “cash for clunkers” program may be running out of money after only a matter of days as car shoppers flock to dealerships to take advantage of the rebates.
The White House said Thursday it was assessing its options amid concerns the $1 billion budget for rebates for new car sales may have been depleted. The program officially began last week and has been heavily publicized by automakers and dealers.
Transportation Department officials called lawmakers earlier Thursday to alert them of plans to suspend the program as early as Friday. But a White House official said later the program had not been suspended and they were reviewing their options to keep the program funded.
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One Dealer said: The other bitch in this whole thing is that the government has put $1 billion into this program, which when divided mathematically into the average rebate and the number of dealers participating nationwide, gives each dealer about 12 vouchers to use. We had, at one time, 80-100 people on our list of interested customers. Can you say clusterf***?
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Well, there goes another billion dollars more than likely unaccounted for.
ReplyDeleteThis could get ugly. People that wanted to take advantage of it and can't are going to be pissed.
ReplyDeleteDid they not realize that $1 Billion for a $4500 rebate only accounts for 222,222 cars?
ReplyDeleteI find it amusing that the dealers are bitching about this. So if you "only" get 12 vouchers, you've just sold 12 cars you would not have before. Quit your crying!
ReplyDeleteI don't know who the Idiot anonymous commenter was who's comment I just rejected but don't you ever try to put words into my mouth.
ReplyDeleteWhy do somne of you fools send in comments, (hundreds of them per day) you know will get rejected. Your mental level is lower than a 5 year old.
Maybe I should start putting some of them up so you people can see just how slow, (and I'm being kind with that word) they are.
Great program, it will be continued. Not only does it hel the economy it helps the environment. Win win.
ReplyDeleteI think the dealers are worried about getting the rebate that they have fronted to the customer back from the goverment.
ReplyDeleteHeck yeah-do a post with all the moronic comments with cusswords crossed out.
ReplyDeleteThis clunkers program was doomed from the beginning.Some people were going to get new cars anyhow but I cant help but think alot of people were going into debt for cars they cannot realistically afford just because of the $4500 trade in.
Don't people realise they will lose that 4500 in depreciation in the first one or two years. If you really need a car get one that is three years old for a fraction of the new price.
ReplyDeleteWhy don't people save their money... really... cut the cable, decrease the minutes on the cell, make more meals at home, do your own nails, and then people can afford to purchase their own car and not rely on Dick and Jane taxpayer to give them a rebate.
ReplyDeleteIf this was intended to help the struggling U.S. carmakers why can you buy foreign cars and still get the rebate. They are just sending more of our tax dollars to Japan and Korea.
ReplyDeletenext year there will be a record number of repo's!
ReplyDelete