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**UPDATE**CASH FOR CLUNKERS ELIGIBLE CARS AND STIPULATIONS...WHAT A CROCK OF SHIT!!!
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This program is a ripoff anyways...the first link is too long to copy and paste...
[link to www.edmunds.com]
[link to americanaffairs.suite101.com]
Cash for Clunkers Rules Released
New Government Program Offers Cash For Trade-Ins
© Ryan Gamble
Jul 24, 2009
The new cash for clunkers rules outline the method by which car owners can trade in gas-guzzling vehicles and receive a credit towards the purchase of a new car.
The U.S. Government has passed an assistance program that is being called the 'cash for clunkers' plan. The official name of the program is the Consumer Assistance to Recycle and Save Act of 2009, but 'cash for clunkers' has become an adopted name of sorts for those dealing with the procedures of the act. The name being used to represent the Act by Government agencies is currently the Car Allowance Rebate System (CARS). The basis of the act is to help consumers attain more fuel efficient vehicles by providing a cash credit for a low MPG vehicle that they would trade in at the purchase.
Cash for Clunkers Purpose
As laid out in the Consumer Assistance to Recycle and Save Act of 2009, the Department of Transportation views the program as a way to convince consumers to trade in a less fuel efficient car or truck and receive a tangible benefit for doing so. The act is outlined here and could potentially be a very large wind-fall for some consumers that take advantage of the program. An example of someone that could come out ahead under the cash for clunkers stipulations, could be someone with a SUV that has over 100,000 miles and doesn't receive very good gas mileage. Under the program, an owner could turn in the car for possibly more than it is currently worth, and put that trade in value towards the down payment of a new, and more fuel efficient vehicle.
Cash for Clunkers Incentives under the Car Allowance Rebate System
The biggest cash for clunkers incentive that consumers can reap from this Act is assigned trade in value. The incentives are slated at $3,500 or $4,500 depending on the new car that is being purchased in conjunction. It's a sliding scale, with the bigger difference between the current MPG rating, and the future MPG rating of the new car taking into account. This leaves the consumer with the thought as to whether or not the $3,500 or $4,500 is worth more than the typical trade in value would be for a car of their year, make, and model.
Cash for Clunkers Rules
There are several cash for clunkers rules that come in to play when the trade in value is being measured. Not everyone will qualify for the trade in assessment, so it is advantageous to read through the cash for clunkers rules to gain the best understanding possible of their nuances.
The first main cash for clunkers rule is that the vehicle cannot be more than 25 years old. Think of this as the 1984 rule; meaning that any vehicle newer than that will work under the Recycle and Save Act if the other rules are also met.
The second cash for clunkers rule deals with the MPG rated value of the car, and where it sits on the gallon combined fuel economy as rated by the Environmental Protection Agency. All vehicles that get less than 18 MPG under this framework qualify for the program, with some exceptions that include large trucks or cargo vans as outlined in the rebate system.
The other stipulations that are included in the Car Allowance Rebate System are that the trade-in can only be used towards the purchase of a new car, that the vehicle must have been owned by the consumer for at least a full year before taking advantage of the program, and that the vehicle is scrapped by the dealer after the transaction is closed.
Cash for Clunkers Credit Amount
If the new vehicle gets at least 4 more MPG than the trade-in, but less than 10 MPG of improvement, the credit is $3,500 for the consumer. If the new car gets more than 10 MPG more than the trade-in vehicle, then the cash for clunkers credit is $4,500.
Cash for Clunkers Duration
The cash for clunkers program is going to run from July 1st, 2009 to November 1st, 2009, giving a lengthy opportunity for consumers to seek out dealers interested in using this program. Those who made a trade-in that qualifies under the program earlier in July can still qualify for the rebate and should inquire with their dealer on how to make that happen.
Car Allowance Rebate System Web-Site
There is a web-site set up to offer more information about the cash for clunkers program located at www.cars.gov which also provides cash for clunkers dealers that will be looking to also take advantage of this program.
Sources:
1. Consumer Assistance to Recycle and Save Act of 2009
2. Car Allowance Rebate System (CARS) Web-Site
Read more: [link to americanaffairs.suite101.com]
UPDATE:
Problems with Cash for Clunkers Program
Posted: July 29, 2009 06:03 PM EDT
Problems with Cash for Clunkers Program
The cash for clunkers program officially hit the road just days ago. Already, local dealerships say they're seeing a boost in business. Owner Jeff Crippen says many waited until Friday to cash in on one of the many cars at Crippen Buick Pontiac GMC Mazda Volvo. He says at least a dozen people have taken advantage of the deal.
Jeff Crippen, President: "It's been pretty consistent. We've had a lot of people out and about and it's created some more interest in the public and that's a great thing for us."
But not everyone hoping to get rid of an old clunker will leave the lot with a new car. A 1994 Oldsmobile 88, Andy Jones says the car gets about 15 miles to the gallon around town. Sounds like the perfect cash for clunkers candidate, right? Wrong. The dealership says it gets 20 miles to the gallon. Not great, but not enough to qualify for the program.
Andy Jones: "We missed out on a great deal."
Jones isn't the only car shopper who's left the lot disappointed.
Mark Gillengerten, Sales Consultant: "People take the clunkers definition as any older car, especially the high mile ones and that is what we consider a clunker, but a lot of the cars that people are bringing in now we're finding don't qualify under that program."
Sales Consultant Mark Gillengerten says there's no gray area to this federal program. Car owners need to meet several requirements. To take advantage of this deal, you need to make sure your car qualifies. It needs to get 18 miles to the gallon or less. It must be in drivable condition and you must have owned it for at least a year. Those are just a few of the rules. Gillengerten says many customers don't realize how difficult it is to make the cut.
Mark Gillengerten: "It's the first time the programs ever been used. We've got to expect a few hiccups."
A few hiccups that has at least one customer leaving the lot empty handed, so for now, Jones says he'll just have to stick with his clunker.
Andy Jones: "Probably just get some more miles out of this, see how long we can go."
Also a reminder that the cash for clunkers program requires a copy of your vehicle registration history. The Secretary of State's Office is now offering copies at all branch offices. You may also apply for copies through mail, fax or phone.
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