General Motors is a participant in the Cash Rebate Allowance System (CARS), popularly known as the Cash for Clunkers program.
The future of the program was briefly in doubt because the initial money allotted was used quickly, however Congress looks to extend the program, funding it with an additional $2 billion. The rules of the program are complicated, but reception to the program has been very positive.
References
Fast Facts
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Fact:
Your vehicle must be less than 25 years old on the trade-in date.
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Fact:
Only purchase or lease of new vehicles qualify.
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Fact:
Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements).
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Fact:
Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in.
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Fact:
You don't need a voucher, dealers will apply a credit at purchase.
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Fact:
Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
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Fact:
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.
