President Barack Obama’s administration has paid a total of $2.5 billion of the $2.9 billion claimed by dealers during the Cash for Clunkers incentive and his hoping to pay the rest by the end of the month.
“All dealers will be paid by or before the end of September, probably before,” Transportation Secretary Ray LaHood said. “We”re down to the last applications that are deficient.”
The $2.5 billion figure indicates a doubling of payments in just six days. As of Sept. 10, the government had paid dealers $1.22 million, reports Automotive News.
LaHood has set a deadline of Sept. 30 to pay all of the claims made by dealerships. He said that he doubled to 5,000 employees to process dealer submissions.
– By: Stephen Calogera