GM to provide cash advances to dealers until Cash for Clunkers rebates arrive

Cash for Clunkers

General Motors announced today that it will provide cash advances to dealers to cover “Cash for Clunkers” rebates while they are being processed by the U.S. government.

“Our sales performance in the past two months has exceeded our internal forecast by over 60,000 vehicles, largely driven by the CARS stimulus program,” said Mark LaNeve, VP of U.S. Sales. “We want to do all we can to provide customers with timely new vehicle deliveries and dealers the liquidity they need to run their businesses. This will continue the sales momentum of our new fuel-efficient vehicles such as the Chevrolet Cobalt, Equinox and Buick Enclave.”

GM  said that it intends to provide these advances for qualifying new vehicle sales already transacted under the CARS program, and will provide advances going forward as long as the CARS program is in effect.

– By: Omar Rana