No. You have to own the vehicle for at least a year to qualify for the program.So I could buy a junker for a few hundred dollars, drive it to the dealer, get $$$ back from "Dear Leader" for it and pick up my Camaro?
I also believe 2500 series and higher trucks are not allowed in the programOne thing that the TV News is not saying, that once you turn the vehicle in as C.A.R.S. as it is called, that vehicle is required by the Government Law that it is to be crushed. The dealer cannot sell it, cannot trade it, or take it to auction. I have a 2008 Chevy Silverado 2500 HD Crewcab, I would not have it crushed. I think that I have figured that it gets about 10 - 12 mpg. Becuase it has HD - Heavy Duty, EPA states that GM doesn't have to post the MPG on it, where you have to figure it out by yourself. Before someone uses the Clunckers for Cash, need to check what the government requirments are, if the government requires the dealer to turn it over to them to crush. Some vehicles shouldn't be crushed. Like they say, "Don't crush them, restore them." I am hoping that the government doesn't go after the older cars, 1960's classic's, and we need to stand strong about not crushing the older classic's.
Based on the cars.gov website, I definitely qualify for $3500 and my GM dealer is a participanting dealer based on the website.. As for the scrap value added on, can you point me to the specific section in the plan that to confirm your statement about the scrap value added on...Just an item to note, the "voucher" price, whatever that is, is ON TOP of the scrap value price that the dealer must disclose and give you for your "clunker". So for example, if they say your car is worth $200 scrap, and you qualify for a 4500 voucher, you actually get a $4700 credit. It's cumulative, not exclusive.
If anyone does this, just keep that in mind.
Interest only loans are the worst, please realize that was a part of why we are in this current economic situation we are in.