Cash For Clunkers Extended

Categories: Cars & Transportation | Cars Trucks | Buying & Selling | Money

  • August 20, 2009 - Although the Cash for Clunkers program had initially been extended because of its success, consumer demand has been so high that the Government has announced an end to the Cash for Clunkers program. The date given for the deadline is August 24 at 8 pm.http://online.wsj.com/article/SB125079911572147367.html

    On August 19, Rick Newman of US News and World Report had reported that many dealers are now backing out of the Cash for Clunkers program because up to 80% of their requests for the rebates from the government are getting returned, denied.http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/clunker-traffic-jam-angers-dealers.aspx

    Friday, August 7, 2009, President Obama signed into law the bill that the Senate passed to allow the Cash for Clunkers program to continue operating, flooding the program with an additional $2 billion.http://www.usatoday.com/money/autos/2009-08-05-cash-for-clunkers-vote_N.htm

    The Senate had reached a vote Thursday, August 6, to continue the funding for CARS: Car Allowance Rebate System, or Cash for Clunkers program, as it has come to be called.

  • Dealers Backing Out

    On August 19, Rick Newman of US News and World Report had reported that many dealers were backing out of the Cash for Clunkers program because up to 80% of their requests for the rebates from the government are getting returned, denied. This is apparently due to missing information, and the NHTSA is reviewing every single application carefully to protect the government from fraud.

    Newman predicts that the dealers will be returning to the program, which is only expected to run through Labor Day of this year.http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/clunker-traffic-jam-angers-dealers.aspx

  • Senate Majority Leader Said Bill Would Pass

    Harry Reid, the Senate Majority Leader was quoted as saying "We'll pass cash for clunkers before we leave here." The Senate is due for a four month recess beginning the end of the first week in August, 2009.

    Democrats and Republicans have both expressed concerns over where the funds will come from and what other provisions should be added to the bill before approval.http://www.usatoday.com/money/autos/2009-08-04-clunkers_N.htm?obref=obnetwork

    The Senate passed the bill Thursday of the same week.http://www.usatoday.com/money/autos/2009-08-05-cash-for-clunkers-vote_N.htm

    For almost a full week the Senate was divided, with several Senators being convinced by the savings in fuel and emissions, but many Senate Republicans wanting to step back and see what effects the current program has already had before committing more funds.http://www.usatoday.com/news/washington/2009-08-03-cash-for-clunkers-senate_N.htm?obref=obnetwork

    In the end, however, they pulled together to make the bill work and passed it by a vote of 60 to 37.http://www.usatoday.com/money/autos/2009-08-05-cash-for-clunkers-vote_N.htm

  • Senate Did Not Initially Pass Bill on August 4 as Expected

    The Senate did not reach a vote on Monday, August 4, as hoped. At the end of this week the Senate will go into a four week recess. If the bill to extend the Cash for Clunkers program has not passed by then, it is not likely that the program will continue, however, a $2 billion extension could take the program through September.

    Robert Gibbs, who is President Obama's spokesman, told reporters, "If it doesn't happen this week, it's unlikely that we'll make it to the weekend with a program that can continue.",http://www.usatoday.com/news/washington/2009-08-03-cash-for-clunkers-senate_N.htm?obref=obnetwork

    Some Democrats have been won over by the fuel efficiency statistics coming out of the current auto sales, however some see it as just a bailout for the auto industry.

    The National Automobile Dealers Association,has been telling dealers that they may not be reimbursed for the sales that have been made under the program, and the chairman himself, John McEleney has stopped offering any deals with Cash For Clunkers attached.http://www.usatoday.com/news/washington/2009-08-03-cash-for-clunkers-senate_N.htm?obref=obnetwork

  • Open at least through weekend of August 3...

    The Obama Administration guaranteed the program through at least the weekend of August 3..

    White House Press Secretary Robert Gibbs is quoted as saying on Friday, July 31, "If you were planning on going to buy a car this weekend, using this program, this program continues to run."http://www.usatoday.com/money/autos/2009-07-30-cash-for-clunkers-program-suspended_N.htm

    Additionally, the House of Representatives voted on July 31, to grant an additional $2 billion dollars to the program to keep it going. The Senate vote is due the first week of August.http://www.usatoday.com/money/autos/2009-07-30-cash-for-clunkers-program-suspended_N.htm

  • Why the CARS Program is Important

    Not only does the CARS program come at a time when many Americans are strapped for cash and looking for a way to pay for the things they need, including automobiles, historically auto sales have been the trigger for bringing our country out of recession.

    Rep. Candice Miller, R-Mich, who confirmed the suspension as well, has been quoted as saying, "Throughout our history, it has been auto sales that have pulled us out of recession. People are more likely to buy cars than houses. Not to be too Pollyannaish, but we're gettin' our mojo back. This could be the pivot".http://www.usatoday.com/money/autos/2009-07-30-cash-for-clunkers-program-suspended_N.htm

  • House Passes Funding Very Quickly

    In a quick turnaround, Congress has passed an extension to the Cash for Clunkers program on July 31, 2009.http://www.foxnews.com/politics/2009/07/31/democrats-house-plans-pass-billion-boost-cash-clunkers-program/ It had earlier been announced that the program would be suspended as it had run out of money after only five days.

    An additional $2 billion dollars has been approved by the U.S. House of Representatives and was sent to the Senate for a vote.http://www.foxnews.com/politics/2009/07/31/democrats-house-plans-pass-billion-boost-cash-clunkers-program/

    Lawmakers are trying to make sure that Cash for Clunkers is extended.

  • Why Cash for Clunkers was Previously Suspended

    Simply put... it rocketed to success and burned itself out. The $1billion in funds was just not enough to keep up with the public demand. This program has been extremely well received by Americans and is performing better than expected initially by lawmakers.

    Bailey Wood, legislative director for the National Automobile Dealers Association (NADA), received a phone call from the National Highway Traffic Safety Administration, (NHTSA) on Thursday night, and passed the word along that the program was suspended. The National Highway Traffic Safety Administration currently administers the program.http://www.usatoday.com/money/autos/2009-07-30-cash-for-clunkers-program-suspended_N.htm

About this page

  • Page Views
    1,253
What is this?

Page Manager

smartweb
M$18.65
What is this?
This page currently has no vertical manager.

Featured Pages

Contact Mahalo | Terms of Service | Privacy Policy | Advertisers | RSS for this page | CC License 2.0
©2007-2009 Mahalo.com Incorporated.
Powered By EdgeCast