Heard the terms cash for clunkers, or CARS rebate lately? Well even if you watch the news, if you dont have a car, it might have slipped under your radar. If you DO have a car, well do I have good news for you!

From now until November first, (or until the $1 billion dollar federal "Car Allowance Rebate System" limit is reached), you can turn in your old clunker for a rebate between $3,500 and $4,500 dollars towards a new car. You can apply this towards any new car that you want, but the "Clunker" must be less than 25 years old, run, and be registered. The catch for the new car is much simpler, (and can make you a little more proud of the amount of emissions you produce), as it must get at least 22 MPG and costs less than $45K. What a green incentive!!

As always, be aware of internet based rebate programs asking for your social security number & addresses to "register" for your cash-for-clunker rebate, or any website claiming to be putting you in touch with a registered CARS dealership. Also, any website that uses the slang, "cash-for-clunkers" etc should not be trusted, as the official government name, is CARS (Car Allowance Rebate System) and that is the name registered dealerships will ber advertising under.

• Your vehicle must be less than 25 years old on the trade-in date
• Only purchase or lease of new vehicles qualify
• Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
• Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
• You don't need a voucher, dealers will apply a credit at purchase
• Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
• The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.