Announcement May Come This Week on When Incentives for Trading in Old Vehicles Will End
(CBS/AP) The Obama administration is developing plans to wind down the popular Cash for Clunkers program and could announce by Friday when the incentives will no longer be available.
Transportation Secretary Ray LaHood said Wednesday the department would announce within 48 hours how it intends to discontinue the program that offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models. Department officials met with car dealer trade groups on Wednesday to discuss how the program will eventually end and respond to complaints over a backlog of rebate payments to dealers.
Through early Wednesday, auto dealers have made deals worth $1.81 billion and are on pace to exhaust the program's $3 billion in funds in early September. The incentives have generated more than 435,000 vehicle sales but dealers want a clear plan on when the rebates will no longer be available so they don't end up on the hook for any of the incentives.
"We want to make sure that dealers know when we're getting close" to running out of the money that was allocated for the program, LaHood told reporters. LaHood said he recognized that "dealers are frustrated. They're going to get their money."
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8 comments:
The dealers need to hold their horses.
It takes a little while to print that much money.
That's what happens when you deal with socialist programs I hope they go bankrupt waiting for their money
It was fund-limited on purpose and you know it...ie, use the funds up by November or whenever the limit is hit. The plan was successful and that really burns you anti-government folks.
What was succesful about it? Other than I had to help someone buy a new car they probably could have done without.
11:56
I agree with you. Im helping to pay for someone elses vehicle that was was less than 10 years old while we are forced to drive around in one almost 20 years old that would not qualify.
Right on 12:28
Mine are 15 and 11 yrs old respectively.I would like to have a new car,who wouldnt?But its a huge debt to take on in unsure times
blutojthetotmom I tend to agree with you more each day. The problem is some people actually need a new vehicle and can't afford the payment. With this program many could have if their vehicle would qualify. Our vehicle doesn't qualify because it still gets great gas mileage. So we are being punished for actually saving gas over the years. I'm watching the people around us get new vehicles that DONT need them just because they get that 4500 off. It makes no sense to me
Good…, as they say, all good things come to an end. Actually, this could be considered a BAD thing b/c it’s CRAZY, we are giving people money to live more vicariously and lavishly than before all this economical bust took place? What are we doing? Spoiling every single last American? Let’s learn to live in moderation, then we wouldn’t have so much debt…Well, the fish sticks from the head..so the head is the While House…right?
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