NADA wants to put an end to Cash for Clunkers, expresses concerns about funds running out

The National Automobile Dealers Association (NADA) is urging the United States government to start shutting down the Cars Allowance Rebate System (Cash for Clunkers) as soon as possible.

“NADA held a high level meeting this morning with DOT and NHTSA officials to reiterate dealer concerns about the ‘clunkers’ program and to stress the urgency of fixing these problems,” NADA said in a statement. “As the first order of business, NADA stressed the importance of addressing ““ as soon as possible ““ how the program will end, including the possible suspension of the program. In addition, NADA emphasized that NHTSA must eliminate all dealer reimbursement delays; the failure to make such payments is creating financial hardship and uncertainty for dealers and consumers alike.”

Dealers have been complaining about the delays in getting payments due to them under the Cash for Clunkers program. However, Transportation Secretary Ray LaHood said earlier Wednesday that all dealers would be reimbursed.

“They’re going to get their money,” LaHood said during a press conference. “We have the money to provide to them. We have put an enormous number of people on the task of processing the paperwork. There will be no car dealer that won’t be reimbursed.”

– By: Omar Rana

Source: CNNMoney