Cash For Clunkers : Supended : No More Cash

As I am driving home, I heard this on the radio, so I had to post it:

The Cash For Clunkers has run out of money. AP is reporting this now, per CBS radio!

I bought a Prius V on Friday with the CARS program. Last night the salesman calls and asks me to come back to fill out some more paperwork. (2.5 hour drive one way). I complained and asked if they could send it via overnight. They said no. This morning I tooik off work and drove there and filled out the paperwork again. I am glad I was free and able to go today. I just hope the dealership submitted the paperwork this time!!!!

The dealership filed our paperwork with the Feds Monday (we delivered it last Saturday). We were the first to have paperwork filed by that dealership. They have 30 clunker deals, none approved. This is not actually unusual.

The feds ejected our paperwork Wednesday. Today I brought in the original title to the clunker for them to stamp JUNK and send it back to the feds (that seemed to be the only problem).

Our 2010 is sitting on their lot marked SOLD has has been there for a week and we paid to add leather constituting a $ 1,400 deposit on the deal. We have a bottom line written up deal including the notation - $ 4500 C.A.R.S. on the Purchase Agreement. We no longer have title to the clunker. I too hope they filed the update. This will get interesting, fast.

No more Cash4Clunkers after 7/30 midnight

I am being told that Cash 4 Clunkers is over tonight, 7/30, at midnight. The Gov't appears to be out of money... and I can also see that stated up at CNBC.com as well.

Our dealership is not doing any more C4C deals after midnight tonight. Guess I am here till 12 midnight (again, sigh)....

Dianne

How in the world could The Government be out of money ?

They own the money printing presses.

Anyway, it was probably the best economic stimulus package the government ever created. For a brief time in history, the government did something that actually helped an industry critical to the U.S. economy.

Keith

P.S. Did I mention that it was also beneficial to the environment???

This is what I have received in email from one of the dealers from LA area:

We've just been informed by our corporate Toyota Representative that the government is concluding the Cash for Clunkers program effective at 11:59pm tonight. We'll be open to the final minute to fulfill as many of these purchases as we possibly can.

It will be back. Too much of a win for the administration to let it die.

Strange. I just looked at the CARS.gov - Car Allowance Rebate System - Home - Formerly Referred to as “Cash for Clunkers” website and it says they have plenty of money left, updated this morning.

Oh. Just saw this article: Government suspends 'cash for clunkers' program - USATODAY.com

So yet another gov't screwup. Why didn't they have gov't run yards accept all the clunkers and then issue certificates good at participating dealerships? Then the gov't could maintain control over the process and the individual dealers wouldn't have such a hard time participating.

Re: No more Cash4Clunkers after 7/30 midnight

Ok, I've got a general business question for you Dianne....

How much did the Cash for Clunkers program stimulate sales in your region?

Keith

There is a huge backlog of CARS deals not yet entered in the system or the website apparently.

This is a massive bag of suck for us since we planned to pick up our new 2010 Monday and use the CARS program to dump my old Volvo. I guess we will wait and see what happens. Maybe the dealer can delay something since we don't have a VIN number yet.

:faint2:

Let's hope they secure more funds by next week when my prius arrives at the dealer. Otherwise it looks like there wont be a prius for me anymore.:frown:

Re: No more Cash4Clunkers after 7/30 midnight

<------------------- clueless.
And, buried with frantic calls from folks trying to buy Prius tonight.

Let's hope the funds are secured before Congress goes on recess. Otherwise it could be weeks before things get fixed.

BTW they go on recess TOMORROW!

Re: No more Cash4Clunkers after 7/30 midnight

LOL... Thanks

You have confirmed my suspecions of the Cash for Clunkers program as an effective method for the government to stimulate the economy.

I asked the question from a general business perspective. The last couple of years I've become absolutely facinated by macro-economics of the U.S. Economy, especially in several market sectors. (I have a vested interest as it appears that my self-funded retirement program is closely coupled to the U.S. economy - just like millions of other Baby Boomers.)

Keith

Re: No more Cash4Clunkers after 7/30 midnight

U n b e l i e v a b l e...........

My daughter is picking up a Prius early next week. Thank goodness we just gave up and are going to just sell her old car instead.

She has been driving a 97 Jeep Cherokee the past three years as she finished college. We wanted to trade it in on the CfC program, but I'm in North Carolina, and she is back in New Mexico where I used to live. The car was still in my name, so if we did a CfC deal, it was going to be complicated, and none of the dealers around her knew the details or if we could even do it unless I bought the car in my name again. She found a 2010 model III she wanted that is coming in anyday, but they wouldn't hold it unitl I got there. I am going back out there next weekend, and that is when we were going to try and do the deal. I told her to just skip it and I will front her the 4500, the same as the CfC, and she can sell the Jeep later. If she gets more than that, she can keep it, if not, I will eat the difference.....

I'm looking at getting one myself, but I have a 2001 Passat that is worth more than the CfC program, and my wife has a 99 4Runner that is worth more than it too, so we were looking at just doing a regular trade in....

The program is not open ended. It was authorized to spend only $1 Billion.

Re: No more Cash4Clunkers after 7/30 midnight

It effectively quadrupled my Toyota business personally for the last week. I do about 1/5th the business at my store and we're all affected in the 3x, 4x upswing.

But... did we as a country even HAVE the money?

We gave the dealer $1000 on July 10th to order the car. I assume I can cancel the order and get that back?

Actually, I'd be glad if CfC is over, because I don't have a clunker and I would like to get a Prius, but I kept tripping over the hordes of people running around the dealer showrooms.

Wouldn't you know, I junked a 95 rodeo about 8 weeks ago, because I had to. Talk about a gas guzzler. I got $250 for it at the junkyard. I thought I did pretty well. then a few weeks later I found out I could have gotten $4500.

Re: No more Cash4Clunkers after 7/30 midnight

WOW!!! That is absolutely amazing. If your dealer's experience is even somewhat close to other automobile dealers (not just Toyota), it is difficult to comprehend that just one government program could radically affect the economics of a huge industry in such a short period of time.

In response to your other statement - "But... did we as a country even HAVE the money?", Unfortunately the answer is No. How the government funded this program (like most other spending programs) is another (dismal) discussion.

Thanks again,

Keith