From the government's official website it seems the program will continue to run through the weekend at least.  After that who knows?  Get to your dealer now if you plan to participate.

On Friday the House approved an additional $2 billion for this wildly popular program - Cash for Clunkers.  The success has caught everyone by surprise!!  Finally a stimulus program that actually stimulated consumer spending.  I think this points to the fact that there is pent up consumer demand and it may take something like this to help jump start the economy.

On Friday the House took unusually quick action as they approved the transfer of $2 billion to the Cash for Clunkers Program from Title 17 renewable-energy loan guarantees which is part of the very slow to dole out government stimulus plan.  This now has to be approved by the Senate next week where this additional money is going to meet some resistance.  Diane Feinstein and Susan Collins want the rules to change on the newly purchased vehicles requiring the MPG requirements to be raised by 2 MPG.  John McCain has stated he will filibuster the bill so the approval of $2 billion more will not be a shoe in.

It is finally official from www.cars.gov, the Cash for Clunkers program starts Monday, July 27, 2009.

Also see my new Hub - Cash for Clunkers Buyers Beware!

Congressional Democrats, emerged from a meeting at the White House on Tuesday and announced that they had struck a deal on a bill to establish a one-year program to encourage the purchase of approximately 1 million new cars and trucks that get better gas mileage. The Cash for Clunkers bill is a proposed federal program that would encourage consumers to trade in gas-guzzlers for new cars that get better fuel economy. Cash for clunkers can provide timely economic stimulus by giving people money quickly to spend on cars. This Cash for Clunkers legislation is modeled after several programs that have already been successfully implemented in Europe. The program would offer vouchers for consumers, allowing them to save thousands of dollars on a new-car purchase if the new vehicle meets improved mpg requirements.

Cash for Clunkers is a means of getting funds into the hands of those who are most economically distressed, while simultaneously tackling the dual challenges of our oil addiction and the distressed auto industry. This program could be up and running quickly and immediately, and it would generate stimulative benefits for the economy without requiring a major new government bureaucracy. Cash for Clunkers will generate or maintain hundreds of thousands of jobs across the entire automotive supply chain. This plan would represents a another step towards our countries low-carbon future. Cash for Clunkers would also improve public health and quality of life in metropolitan areas, and begin to tackle America’s debilitating dependence on oil.

What May Be Offered?

Under legislation introduced Wednesday in both the House and Senate and called the "Cash for Clunkers" program, drivers could get vouchers of up to $4,500 when they turn in their old fuel-inefficient vehicles for scrapping and buy vehicles that get good gas mileage. It provides cash incentives (between $1,500-$4,500) for buying a car that exceeds the government's fuel-efficiency standards by at least 25 percent (or about 34 mpg given the current CAFE standard) and scrapping a car that gets no more than 18 mpg. The bill may also include a cash incentive for those who scrap their old car in favor of public transit. Taking the old gas-guzzler off the road and not replacing it with a car at all would have the biggest, and most immediate climate benefit.

How Soon?

As for a timeline, ABCNews seems to think cash for clunkers will fold into a larger climate change bill, which could be passed by the end of the year, if not sooner. This really depends on how much the opposition can sway the Senate, and to what piece of legislation this "fleet modernization" bill is attached.

If it becomes part of a larger bill that's likely to get lots of debate, it could take awhile. If it's attached to urgent, must-pass legislation, such as an appropriation bill, it could move quickly to President Obama's desk.

A current plan is to add the program as an amendment to climate change legislation now being considered.

The current proposal for this plan is to have it be in effect for one year.

Congressional Research Service Summary

The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. I did not write and have no control over this summary.

6/8/2009--Introduced.Consumer Assistance to Recycle and Save Act - Establishes in the National Highway Traffic Safety Administration (NHTSA) a voluntary Consumer Assistance to Recycle and Save Program through which the Secretary of Transportation shall: (1) authorize the issuance of an electronic voucher to offset the purchase or lease price for a new fuel efficient automobile upon the surrender of an eligible trade-in vehicle to a participating dealer; (2) register dealers for Program participation; (3) make electronic payments to them for eligible transactions they accept between specified dates; and (4) establish and provide for the enforcement of measures to prevent and penalize fraud under the Program.Prescribes requirements, including combined fuel economy, for $3,500 and $4,500 vouchers to offset the purchase or lease price for a qualifying passenger automobile or truck.Limits the number of vouchers to one per customer, including joint registered owners of a single eligible trade-in vehicle.Requires a dealer to certify about each eligible trade-in vehicle that the dealer: (1) will arrange for transfer to the United States of the vehicle's title; (2) will accept possession of the vehicle on behalf of the United States; (3) has not and will not sell, lease, exchange, or otherwise dispose of the vehicle for use as an automobile anywhere in the world; and (4) will transfer, on behalf of the United States, the vehicle and its title to an entity that will ensure that the vehicle will be crushed or shredded within the Program period, and has not been, and will not be, sold, leased, exchanged, or otherwise disposed of for use as an automobile anywhere in the world.Prescribes standards which any regulations issued by the Secretary for the Program must meet.Makes it unlawful for any person to violate this Act or any regulations issued under it, particularly by fraud. Prescribes civil penalties for any such violation.Directs the Secretary to make Program information available on an Internet website and through other means.

See the eBook below as a auto dealership executive spills it all about how the dealers work the game to scam you.

As a consumer you need to know your rights!