Feds suspending 'Cash for Clunkers' program - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 4 Old 07-31-2009, 01:00 AM Thread Starter
 
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Feds suspending 'Cash for Clunkers' program

That was quick. The Transportation Department was preparing to suspend its $1 billion "Cash for Clunkers" program late Thursday, after it had all but run out of money. Officials and congressional aides were working late into the night seeking as much as $4 billion to try to continue the program.


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post #2 of 4 Old 07-31-2009, 01:26 AM
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just goes to show that there are plenty of people ready to buy. just sucks that now that extra help of the voucher isnt there to help the people who really need it.

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post #3 of 4 Old 07-31-2009, 06:47 AM
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Originally Posted by ex-SS-ve View Post
just goes to show that there are plenty of people ready to buy. just sucks that now that extra help of the voucher isnt there to help the people who really need it.
Not really.

There was a news report on here last night that stated part of the reason the program is suspended is hundreds of applications are incomplete or illegible . These are applications dealers sent through the system, after selling the vehicles to the buyers. The dealers may have screwed themselves out of money by doing this.

As I thought, there were fundamental issues with this program from the beginning.

Also, check out this article:

http://www.detnews.com/article/20090...O01/907300387/

Not all auto recyclers are relishing the government's new cash for clunkers program, which requires car dealers to destroy the gas guzzlers they get as trade-ins from new-car buyers.

Used engines and drivetrains are a big part of recyclers' income from each scrapped car, and under the federal program, those engines must be destroyed. The idea is to promote fuel efficiency and help automakers, but it comes as more than a dozen U.S. auto parts suppliers have filed for bankruptcy this year.

"Why throw away good parts when the supply chain is in jeopardy? It doesn't make a whole lot of sense," said Michael Wilson, executive vice president of the Automotive Recyclers Association, based in Manassas, Va.

Engines and drivetrains account for 60 percent of recyclers' revenue from a used vehicle, Wilson said.


The Automotive Recyclers Association says that can damage otherwise sellable parts like pistons -- and mean smaller profits for scrap yards, considering it can cost $700 to $1,200 to process a car, including transporting and removing toxic items like mercury, Wilson said.
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Not to mention what I've stated earlier that this only entices people into showrooms who cannot really afford this anyway.

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post #4 of 4 Old 07-31-2009, 08:16 AM
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YAY! Maybe this govt. handout will die on the vine.

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