Cash for Clunkers Preparing to Officially Wind Down
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As a final article to the series on the Cash for Clunkers Program, I have prepared the latest information from the powers that be that the program will end Monday August 24, at 8:00 pm. The latest developments and announcements will be readily available in the continuous News Feed, provided below. The program was to wind down, but according to latest news sources, it will be ending completely at 8:00 pm on August 24.
- Closed meeting on open records a sign of slow progress on Obama pledgeMinneapolis-St. Paul Star Tribune1 second ago
WASHINGTON - The Obama administration is conducting a workshop on government openness for federal employees behind closed doors Monday, a private training session for freedom-of-information officials to learn about a new U.S. office that settle disputes between the bureaucracy and the public.
- Obama picks Senate aide as NHTSA chiefDetroit News3 days ago
Washington -- President Barack Obama announced tonight that henominated David L. Strickland, a senior Senate aide, as the nation's top auto regulator -- a post that has a critical impact on vehicle safety regulations.
- Pelosi: Bailout money to fund jobs initiativeWashington Post3 days ago
WASHINGTON -- Democrats are looking to tap as much as $70 billion in unused funds from the Wall Street bailout to pay for new spending on roads and bridges and to save the jobs of firefighters, teachers and other public employees, officials said Thursday.
- COBRA subsidy needs to be extendedLouisville Courier-Journal31 hours ago
Here's a government gift that should keep on giving. Unless Congress and the president act soon, many unemployed workers and their dependents may lose their health insurance if a federal subsidy to help them pay for the coverage isn't extended.
- CNN Article About Dealers Wanting Program to End
Main worries of NADA (National Automobile Dealers Association) are problems and delays in payment, coupled with the fear that any clunkers accepted from this time forward will not be reimbursed.
Why are Some Car Dealers Unhappy?
As is apparent in the News Feed and the link included with this section, some dealers are ready for the program to end and our strongly encouraging law-makers to wind down the Cash for Clunkers program. Why? Obviously not getting paid in a timely fashion is weighing on the minds and pockebooks of many car dealers.
Can they trust that the money will come? When will it arrive? How do they keep their dealerships afloat until the money owed them is paid. While happy with the fact that they have sold cars, 457,000 to date, it is still sales mostly "on paper". The actual cash is needed for the dealerships to continue to survive.
Still Time to Buy?
Is it too late to buy that new car in exchange for your clunker? Official word was that the clunkers program would run until the beginning of September. Now the official word is that the paperwork on any clunker program car must be submitted by 8:00 pm Monday,August 24.
Was It Successful?
CnnMoney quotes Transportation Secretary, Ray LaHood, as saying the following: "Its been a thrill to be part of the best economic news story in America."
Seems to me if you needed another car, or if fixing your older car seemed to big of an expense, then buying a new car with incentives was a great deal.
If you needed a new car, but the unemployment rate is affecting your family, the thought of a car payment was not appealing enough to make you purchase.
After the initial rush, car sales flattened as compared to early numbers. No doubt those who needed and could afford the payments were the first to get the cars, but the rest of us pondered and weighed the potential problems and decided not to act.
In these final weeks, as the program winds down, it will be interesting to note how many cars are sold. Will sales fizzle out or will there be another mini-rush as the deadline approaches?
Thus far, as of Thursday, August 20, the program has recorded more than 457,000 dealer transactions. Worth 1.9 billion dollars
I have observed that car commercials are decreased. Maybe it is an indication that the dealers have already begun transitioning into their next step at new car sales quotas for the upcoming quarters.
In Review
Please click on these links if you missed the first two articles on the Cars for Clunkers Program. You Might Be a Clunker, and Cars for Clunkers Temporarily Suspended Then Saved
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Comments
Great conclusion to sharing about a timely subject. 360,000 cars sold seems to have been quite a productive accomplishment based on the way so many view todays economy. Will be interesting to track the govenments follow through and timeliness...a 4th hub maybe? Thanks Jen!
Hey Connie and emohealer!
Its okay Connie you can whine. lol Emohealer, this hub is so NOT long, I think I will easily be able to add the tracking info here. In fact, I'm hoping it won't take too long to start hearing about the final data so that I can fill in some space. Ha!
Thank you both, as usual for coming around and leaving a comment.
Connie Smith says:
4 months ago
Well, it was a great concept. Too bad that like every other govt program, it only helped those who probably didn't really need help. If someone owned a clunker outright it was probably because they had paid cash for it, meaning they had cash. Of course, they would need good credit to purchase their new one and a job, knocking out just about all of us that could have really used this program. In my case, and yes, I am whining lol, we owed money on my daughter's clunker.