Cash for Clunkers ends Monday night
|Photo by jim orsini|
The "Cash for Clunkers" program officially ends at 8 p.m. Monday after the $3 billion set aside for the program is mostly gone.The program, kicked off July 24, was created to get cars with bad fuel efficiency off the roads and get Americans purchasing new cars. Car owners are ables to get up to $4,500 toward a new car purchase based on their old car's fuel efficiency and their new car choice.
Dealers front the cash and are then reimbursed by the government when the paperwork is complete. At least that's how it is supposed to happen. Many dealerships say they haven't received the reimbursements and are running out of money for the up-front costs to consumers.
According to transportation officials, they have received paperwork for 457,000 car sales. Just 40 percent have been reviewed, paying off just $145 million of the $1.9 billion owed. Officials blame the dealerships for mistakes on the paperwork.
Unfortunately it might be too late for you to trade your car in at many dealerships. Some car dealership groups are warning dealers to stop taking trade-ins because they fear they won't be reimbursed if the program goes over it's allotted money.
To see if your car qualifies, check out the official site here.
KSTP has a report on some of the dealerships experiencing problems: