Obama administration hopes to pay most of Cash for Clunker claims by Sept. 30

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 on how many dealers have received their payments, a National Automobile Dealers Association survey found that 5.7 percent of dealer submissions have received their rebates, reports Automotive News.

The Transportation Department said that 120,000 claims for $500 million have been approved so far, or about 17.4 percent. It said that it expects to approve up to $100 million a day in claims by the end of next week.

– By: Omar Rana