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Cash for Clunkers Is Almost Over
Today is the last day for the government program Cash for Clunkers. Although they expected it to last till November, it took only one month to use $3 billion in funding. The U.S. Department of Transportation is going to end the program at 7 p.m. Central time today, August 24.
The experts projected about a quarter of a million car trades in the CARS program, but in fact the dealerships across the country have sold almost five hundred thousand cars. Many people considered $3,500-$4,500 rebates as a great support in trading in old vehicles for new models.
Many dealers say the government has not paid them for the collected clunkers yet. Actually, only four out of each ten deals have been reimbursed so far. The government says that the problem is in the slow processing of the files.
As for today’s clunkers, the government says all the claims have to be filed by the time the program ends, the deadline will not be extended for filling them. Some of the dealers have already stopped participating in the program because they were afraid the government would not reimburse the last vehicles.
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Cash for Clunkers Is Nearly Over
Cash for Clunkers is up and running, but many believe that it will not last as long as it was supposed to. The arrangers of the program had two limits: either run it till November 1, or till the time the Department of Transportation will run out of money set apart for CARS: $1 billion.
Ford Increases Truck Production
It seems that Cash for Clunkers really pulled automakers out of economic troubles and low sales. The manufacturers do not worry any more about sales and are counting the great profits after the program. Ford is so excited about big auto sales that it decided to increase the production by adding shifts to the truck plants in Missouri and Michigan.
Motorcycles Are Left out of Cash for Clunkers
It is interesting that Cars Allowance Rebate System or CARS more known as Cash for Clunkers has not included motorcycles although they are really fuel efficient on the roads. Many people wonder why American government wants to move people to new gas sipping vehicles, but does not consider bikes which can easily get 40 mpg.
GM Offers Zero-Percent Financing
Cash for Clunkers has great popularity and its funds are thinning out very quickly. President Obama was delighted to hear this news and signed a document which allows extending the program with additional $2 billion in funding.
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