Cash for Clunkers' Program Suspended

[FUZO]

TweetTHIS SCUM BAG CANT EVEN GET THIS RIGHT BEFORE THEY RAN OUT OF MONEY





The government plans to suspend its popular "cash for clunkers" program amid concerns it could quickly use up the $1 billion in rebates for new car purchases, congressional officials said Thursday.

The Transportation Department called lawmakers' offices to alert them to the decision to suspend the program at midnight Thursday. The program offers owners of old cars and trucks $3,500 or $4,500 toward a new, more fuel-efficient vehicle.

The congressional officials spoke on condition of anonymity because they were not authorized to speak publicly.

A White House official said later that officials were assessing the situation facing the popular program but auto dealers and consumers should have confidence that transactions under the program that already have taken place would be honored.

Rae Tyson, a spokesman for the National Highway Traffic Safety Administration, which administers the program, declined comment.

Congress last month approved the Car Allowance Rebate System program, known as CARS, to boost auto sales and remove some inefficient cars and trucks from the roads. The program kicked off last Friday and was heavily publicized by car companies and auto dealers.

Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns about large backlogs in the processing of the deals in the government system, prompting the suspension.

A survey of 2,000 dealers by the National Automobile Dealers Association found about 25,000 deals had not yet been approved by NHTSA, or nearly 13 trades per store. It raised concerns that with about 23,000 dealers taking part in the program, auto dealers may already have surpassed the 250,000 vehicle sales funded by the $1 billion program.

"There's a significant backlog of 'cash for clunkers' deals that make us question how much funding is still available in the program," said Bailey Wood, a spokesman for the dealers association.

The clunkers program was set up to boost U.S. auto sales and help struggling automakers through the worst sales slump in more than a quarter-century. Sales for the first half of the year were down 35 percent from the same period in 2008, and analysts are predicting only a modest recovery during the second half of the year.

So far this year, sales are running under an annual rate of 10 million light vehicles, but as recently as 2007, automakers sold more than 16 million cars and light trucks in the United States.

Even before the suspension, some in Congress were seeking more money for the auto sales stimulus. Rep. Candice Miller, R-Mich., wrote in a letter to House leaders on Wednesday requesting additional funding for the program.

"This is simply the most stimulative $1 billion the federal government has spent during the entire economic downturn," Miller said Thursday. "The federal government must come up with more money, immediately, to keep this program going."

Brendan Daly, a spokesman for House Speaker Nancy Pelosi, D-Calif., said they would work with "the congressional sponsors and the administration to quickly review the results of the initiative."

General Motors Co. spokesman Greg Martin said Thursday the automaker hopes "there's a will and way to keep the CARS program going a little bit longer."

[Dzone]

Tweetthis guys the worst douchebag we ever had...thats what happens when the government gets involved in something...they **** it all up...waste tons of money and then shut down..after a few people get rich off of it...that you can be assured of..theres always a few smart crooks waiting to rip off the stupidest government on earth.

[gator_mclusky]

TweetLOL....they get a program that works and abandon it. They also came up with a program that would over run in the Billions. It was a no win situation by a dumb ass that leads us!

Ohy and teh Stimulus that isnt working is rediculous too.....what do people do when these Temp jobs run out. Well....the taxpayer is fuxed....AGAIN!!!!

Back to the topic though....

gator

[daved150]

Tweetwell...i sat with 4 VERY smart guys who's all been in the car biz for 20yrs or more and have ran about every scam you could ever think of and we couldnt figure out a way to scam this program. i would go as far as saying that they (the fed) over did the precautions and not as many people can take advantage, ligitamately, of the program as could of. but....looks like they under estamated it as it is!!! the prob is they cant account for the monet as fast as the dealers are bringing in the units. they (the fed) have no idea how much money is left in the program. in one week they sold about 23-24k cars!!! and that just what they HAVE accounted for, lol!!!
alot of peolpe on the hill are screaming that this stimulus is the ONLY program that has worked!!! they are demanding that the program get funded for more. they (the fed) have talked about another stim package, well this is one thats working!! you give car guys...ANY OF THEM, sales, guys on the line....any of them money and they're gonna spend it, lol....
tell me i'm wrong, huh doink!!! (my man with the new f-150!!)

[horsepwr]

TweetExactly! Give people, the people, money and they'll spend it. This is perfect example. If all that fukin money had've went to Americans, the deficit would've been over then. But watch. Watch this government not allow another allotment of money go that route. Because it fukin worked. Look at them now. The government that is. They're all twisted up about it. duh....make a fukin decision. They don't know what to do. They never thought it would go like it did. Let's see what happens. Oh, and people are getting stuck. Right now. Stuck holding shyt. The government won't be.

Cars moving! That's a great thing! not to the people that are trying to lock it up. If they wanted that, they would be handing us money instead of taking it. Let's just see how they call it though.

[Doink the clown]

TweetThay had some pissed off car dealers and customers on the news this morning

[FUZO]

Tweetthis isnt such a good idea in a way. the people give them there car,they then give them money to buy another car which they cant afford because the people are either unemployed,laid off.and they are in the same situation when they started.the feds are telling people what cars they are to trade in or buy, aka they want to run your lives.you guys can buy into its a good idea but the gov wants control and I wont let them control me what I can buy. whats next what I can eat

[JsJs24]

TweetI personally don't like this program the government came up with. It is like Fuzo said, many of these people may not have been in the best financial shape to be buying new cars. This recession is not over yet. Many more will lose jobs, and if the cap and trade passes, a LOT more will lose jobs. Let's see how it goes but so far I have seen nothing smart come out of this administration.

[daved150]

Tweetare you guys kidding me? i got people with 650 scores i cant get financed!!! you think the banks are back to throwing loans to anyone with a pulse? just for an example, chrysler is matching the deal. so, if you get 4500 for your turd, they'll throw 4500 on top. so, for example, a 2009 dodge nintro, equiped nicely is 20k. now, you pay, 11k. c'mon!! its a 200 car payment. and you still have to get approved for the loan!!!
it's an awsome time to buy a car. i may not like the feds butting into our thing and fukin it around, but this aint a problem...this is a good thing!

[FUZO]

TweetA good thing for those that can afford it but as of now people cant afford it and its only certian cars that can be traded in and certian cars to be bought.Thats what they want people who cant afford it to buy cars and get into finacial trouble so then they need stuff like gov run programs.Again I dont want the gov telling me what I can and cannot do,thats the whole thing with this program. just like they want this gov run health care passed so they can have more control with our lioves. bottom line its noty a good thing.maybe for car salesman but this will end soon and then what the salesman will be in the same boat as before.no jobs,no work,no money.all this is was a taste test

[JsJs24]

Tweet

are you guys kidding me? i got people with 650 scores i cant get financed!!! you think the banks are back to throwing loans to anyone with a pulse? just for an example, chrysler is matching the deal. so, if you get 4500 for your turd, they'll throw 4500 on top. so, for example, a 2009 dodge nintro, equiped nicely is 20k. now, you pay, 11k. c'mon!! its a 200 car payment. and you still have to get approved for the loan!!!
it's an awsome time to buy a car. i may not like the feds butting into our thing and fukin it around, but this aint a problem...this is a good thing!

My point was that people may have the credit to get the loans, but many may lose their jobs or see their mortgage payments increase since there are still a lot of arms that have not adjusted yet. I like seeing the car industry sell cars, and the economy stengthen, however I think a lesson should have been learned as to why we are in this recession in the first place. And if people are getting cars marked down to 11k after trade in, then somebody is losing a shitload of money....I guess that would be us the taxpayers.

[daved150]

Tweet

My point was that people may have the credit to get the loans, but many may lose their jobs or see their mortgage payments increase since there are still a lot of arms that have not adjusted yet. I like seeing the car industry sell cars, and the economy stengthen, however I think a lesson should have been learned as to why we are in this recession in the first place. And if people are getting cars marked down to 11k after trade in, then somebody is losing a shitload of money....I guess that would be us the taxpayers.

yes. up too 4500 a car!! the other 4500 is from chrysler which the taxpayer has an intrest in that too!!! a dodge nitro is 18k...employee's (which there is still a few up here) can buy a jammed up one for around 18k!! 9000 for your clunker and matching chrysler cash and you pay 9000!
it's costing the taxpayer (us), but if your one thats taking advantage of it i dont think you'd mind at that point. i guess the worst i can say about it is it's mearly a bandaid....but now that inventory's are SEVERLY depleated, maybe some people can get back too work on the line!!! and getting back to work is good!!

[FUZO]

Tweet

but now that inventory's are SEVERLY depleated, maybe some people can get back too work on the line!!! and getting back to work is good!!

It wont matter because the gov wont keep putting money back into it which in return wont hire anyone back just keep the same people they have knowing the money wont be coming in again. plus its up to $4500 they arent propbably getting $4500 for every car.heres some facts and they dont tell you what would happen if you dont have your car insured for the full year. this plan isnt as good as everyone thought. fine print and loop holes

• 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.

[JsJs24]

Tweet

• 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.

Every time I go to a car dealer all the deals I heard turn out to be bulls**t or gravely exagerated. If any businesses on our country should be sued for false advertisement it is the car dealers. Loom at all of their newspaper adds and check the astericks. Anyway, I never understood the big deal of $3,500 -$4,500 for a trade in. Shouldn't you be getting that anyway? If you have driven and insured a car worth less than that for the past year then you might have done so because you can't AFFORD a new one. I will look and see if I can find anyone in my area that bought a brand new car for 9k but I seriously doubt it.

[horsepwr]

Tweetya know the more I see and gear about this, the more I realize that it's just more ate-up bullshyt from the government. More money slung around that isn't there, so, of course, the only way to pay for your neighbor's brand new car that he picked up with this deal is out of your paycheck.
I mean, anyone can go snag a beater for a few hundred bucks. Haul it in on a flat-bed, and come out with a new ride. Allot of people in beat-down piece of shyt rides are 20yr old young bucks that can score for a new car because they have a job at rent-a-center and live at home with mom & dad, so their income to debt ratio is excellent. I watched my little bro buy a sweet ride because of that scenario a few years ago.(but he actually paid for it. not you and me) Anyway, the money put up for the POS is taken from you.
That ain't right. Anyway you cook it, boil it down, spin-it, speak of positive recoil, whatever...it cost money. allot of money. your money!