8/21/2009
'Cash for Clunkers' to End Monday
Because of the slowness of the government in paying dealers for "Cash for Clunker" rebates, some dealers voluntarily left the program.
The "Cash for Clunkers" program is scheduled to shut down at 8
pm (EST) on Monday, Aug. 24. So far, the $3 billion program has
resulted in the trade-in of 457,000 cars for $1.9 billion in rebates.
According to a report from
CNN.com, dealers must submit paperwork for any pending Cash for Clunkers deals by the Monday 8 pm deadline.
Because of the slowness of the government in paying dealers for "Cash
for Clunker" rebates, some dealers voluntarily left the program.
According to reports, half of the 425-member Greater New York
Automobile Dealers Association left the program claiming they could no
longer afford to offer more rebates. About half of the 950-member
Pennsylvania Automotive Association did the same.