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GM FINALLY COUGHING UP CASH FOR CLUNKERS MONEY TO DEALERSHIPS

 
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08/20/2009 10:30 AM
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GM FINALLY COUGHING UP CASH FOR CLUNKERS MONEY TO DEALERSHIPS
[link to www.lansingstatejournal.com]


GM to advance dealers Clunkers cash
Melissa Domsic • Lansing State Journal • August 20, 2009 • From LSJ.com

DETROIT - General Motors Co. said today it will provide cash advances to car dealers who are awaiting federal reimbursement for Cash for Clunkers rebates.


GM dealers have covered the $3,500 or $4,500 rebates themselves, with the government reimbursing them later. But there's a backlog of rebate payments, causing many dealers to complain about cash flow issues.


Sales at GM have exceeded its forecast by more than 60,000 vehicles, Mark LaNeve, vice president of U.S. sales said in a statement.
GM will provide advances for rebates the dealers have already paid out to customers, as well as all future trade-ins.


GM's announcement was welcome news for Glenn Buege, who owns Glenn Buege Buick GMC Pontiac in Lansing. He said his dealership is waiting to be reimbursed for some $170,000 worth of Clunkers payments.Buege said he's only received government payments for a handful of cars, so he's happy to hear GM will help with cash advancements.
"I think it's a great idea," he said. "We all need the cash."


Cash for Clunkers privides consumers up to $4,500 to trade in gas guzzlers for more fuel efficient vehicles.
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