Cash For Clunkers Eligible Vehicles – What Consumers Must Know
The US government has recently made changes to the qualifications required to receive the Car Allowance Rebate. These changes along with lack of information have caused great confusion with the public. A list of Cash For Clunkers eligible vehicles has been put together to settle confusion, and can actually be found in the CARS website.
According to USAToday.com, in order to take advantage of the offer, the individual making the purchase must fulfill two requirements:
1) Must have a trade-in that has been registered and in use for at least a year, and has a federal combined city/highway fuel economy rating of 18 or fewer miles per gallon.
2) Must buy a new car priced no higher than $45,000 and must have a MPG rating of at least: 4 MPG higher than the trade-in to get $3,500 or 10 MPG higher than the trade-in to get $4,500.
Knowing if a vehicle qualifies is just the beginning of the story, the steps that follow can also be daunting.
Once certain that a vehicle qualifies, a consumer must collect all the required paperwork that will be used as proof of qualification at the dealership.
There are three key pieces of proof that must be brought to the dealership:
- Proof of at least one year of ownership (the car must be registered in the seller’s name for at least a year)
- Proof of at least one year of insurance (the car must have remained insured for the year prior to the sale)
- Proof of “Clear Title” (the seller must not have any liens on the vehicle)
The final consumer must still worry about the traditional “new-car-purchase” hassles such as getting insurance quotes and getting financing approved, for useful resources on maximizing your Cash For Clunkers stimulus head over to http://www.katyautocentral.com/2009/07/news/cash-for-clunkers-program-2009-resources-buyers-will-need/
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