Cash for Clunkers to end on Monday

[cigar898]

AP Source: Cash for Clunkers to end on Monday

Aug 20 04:29 PM US/Eastern

By KEN THOMAS and STEPHEN MANNING

WASHINGTON (AP) - The Obama administration plans to end the popular $3 billion Cash for Clunkers program on Monday, giving car shoppers a few more days to take advantage of big government incentives. Because dealers aren't getting paid and thus dropping from this elephant of a program

The Transportation Department said Thursday the government will wind down the program on Monday at 8 p.m. EDT. Car buyers can receive rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models. But the dealers aren't getting the payback from the Trans Dept thus have to stop honoring the program!

"It's been a thrill to be part of the best economic news story in America," Secretary Ray LaHood said in a statement. "Now we are working toward an orderly wind down of this very popular program." Could it be since it has started to be compared to how the gov't would run health care (not very well) that all of a sudden, it's being shut down?

Through Thursday, auto dealers have made deals worth $1.9 billion and are on pace to exhaust the program's $3 billion in early September. The incentives have generated more than 457,000 vehicle sales. Administration officials said they have reviewed nearly 40 percent of the transactions and have already paid out $145 million to dealers. $3 billion for the program and so far they have only paid out $145 million?????

Administration officials said applications for rebates will not be accepted after 8 p.m. EDT Monday and dealers should not make additional sales without receiving all the necessary paperwork from their customers. Dealers will be able to resubmit rejected applications after the deadline. Good luck on getting paid back....

President Barack Obama said in an interview Thursday that the program has been "successful beyond anybody's imagination" just his and his administration's imagination but dealers were overwhelmed by the response of consumers. He pledged that dealers "will get their money." Someone remember that statement 6 months from now....

Dealers have complained of delays in getting reimbursed and backlogs of vehicle paperwork getting processed in the program. Dealers have said they face a risk of not being reimbursed but LaHood has pledged that dealers will get paid for the incentives. Be late on paying your taxes and see what happens....but if the gov't owes you, they have all the time in the world.....

The administration has said it has tripled the number of staffers sorting through the dealer paperwork. Hey! More jobs created...no doubt this will lower the latest unemployed numbers that just came out.....higher than expected...imagine that.

[chonsigirl]

They had on the local news today that many dealers are not doing the Cash for Clunkers Program anymore, because they are not getting the money for it. It must take more time for the paperwork.