Obama Moves to Suspend Cash for Clunkers
Transportation Secretary Ray LaHood announced that the Obama administration will suspend the Cash for Clunkers program this week if the senate does not approve the additional $2 billion in funding. LaHood believes the initial $1 billion in funding the bill received will be completely exhausted this week. According to the Associated Press, LaHood stated, “Any deal that is made (Monday) or the next day and that is in the pipeline, ... the dealer will be reimbursed and the car buyer will be reimbursed.”
Earlier this week, many began speculating that the original funds were nearly dried up, given the record number of sales that took place in the first few days of the program’s start. Dealers across the country were also reporting that their most popular fuel efficient models had nearly all been purchased and were concerned with the probability of receiving additional shipments. According to the website, www.cashforclunkersfacts.com , a Ford dealer in Boston wrote in to say that they were completely out of Ford Focus, Escape and Fusion models.
Lawmakers on both sides have mixed feelings regarding rushing to inject the bill with more money. Some feel that the decision needs to be more thought out while others are certain that adding funding to the bill will only further stimulate the economy and lagging auto sales, something that has been needed for quite some time.
It is not certain whether or not the senate will approve the additional funding for the wildly popular Cash for Clunkers bill. Monday looks like the best bet for consumers to lock in their Cash for Clunkers deal. With inventory and cash flow running on empty, this could be the last we see of the Cash for Clunkers program for quite some time.
The Pasch Consulting Group (PCG) has been following the bill since it was introduced in May and created the popular www.cashforclunkersfacts.com website. PCG has been urging consumers to act quickly in order to take advantage of the program. Brian Pasch, CEO, reminds consumers that there is also uncertainty on how long the extra $2 billion in funding will extend the CARS program. Pasch says, “With this in mind and inventory levels dropping for popular models, shopping early makes the most sense.”
Dealers will most likely be staying open late on Monday to fulfill as many Cash for Clunkers deals as possible until time runs out. According to Dave Wilson, CEO of Preston Automotive in Maryland, “We will be open late Monday and we will stay open until the last customer leaves to get everyone in before the deadline.”
Consumers are encouraged to visit the only official destination for information on the Car Allowance Rebate System (CARS) at http://www.cars.gov for the latest updates on the program.
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