The U.S. Transportation Department said yesterday that it has paid more than a third of vouchers they gave consumers under the Cash for Clunkers program. As of yesterday morning, the U.S. government has paid a total of $1.22 billion for 289,000 vouchers. That totals 42.4 percent of the $2.88 billion applied for by dealers under [...]
A government official told the press that the Obama administration expects to take until the end of the month to pay claims made under the Cash for Clunkers program. “We plan to pay all eligible and complete dealer submissions by September 30,” a Transportation Department official said. While the agency didn’t release and official figures [...]
Chrysler Group LLC said that it will add a second shift in Belvidere, Ill., to make more Dodge Calibers. Apparently the Caliber was a very popular purchase during the government’s Cash for Clunkers program and Chrysler now needs to build up drained inventory of the model. “We are taking this action in response to increasing demand [...]
While cash-for-clunkers gave great rebates to those who qualified, consumers are going to be feeling the economic pinch in the months to come. The program has depleted inventories, and during a time when car shopping is usually at its peak, the short supply will cause a price surge, many analysts believe. While the program was [...]
Cash-for-clunkers has triggered what the White House says could be the biggest two-month spike in auto sales on record. A preliminary analysis submitted to Congress puts GDP estimates at 0.3 to 0.4 percentage points higher at annual rate when compared to what it would have been without the program, reports Automotive News. This increase “will [...]
The Cash for Clunkers program is now officially over and the final numbers are now in. According to the Department of Transportation, nearly 700,000 old cars were traded in for new ones under the program. Transportation Secretary Ray LaHood said that dealers submitted a total of 690,114 requests for vouchers, totaling about $2.9 billion. “This [...]
Transportation spokesman Rae Tyson said that as of this morning, U.S. dealers have submitted 665,000 Cash for Clunker claims seeking a total of $2.77 billion in reimbursements. That figure pushes the program very close to its $3 billion funding limit. Yesterday morning, DOT said that dealers had submitted 635,186 claims for a total of $2.65 [...]
If you’re one of the many dealers rushing to get your Cash for Clunkers submissions in by today’s noon deadline, relax and take a break – go have some lunch. Lucky for you, the Transportation Department just announced that it will once again extend the Cash for Clunkers filing deadline to 8 p.m. EDT tonight. [...]
As the clash-for-clunkers program comes to an end, a group of 73 auto dealerships institutes its own program. Autostimulusplan.com offers incentives ranging between $500 and $4,500 for used and new cars, and will end on Nov. 1. “It is time for the private sector to pick up the baton,” Brian Benstock, general manager of Paragon [...]
The Department of Transportation has just extended the Cash for Clunkers filing deadline to noon tomorrow, giving dealers enough time to file rebate claims under the program amid reports of computer outages. Deadline for customers to trade in a clunker for a brand new car remains 8:00 p.m. tonight. “Despite a large increase in the [...]
