Cash for clunkers

Cash for Clunkers

According to several source, including CNN Money and the Wall street Journal, the cash for clunkers program is wildly popular, but there is lots of confusion surrounding the program.  it’s hard for me to image, but it appears that he program has gone through $1 Billion in one week $4,500 at a time.
The Obama administration has promised that any deals already written will be honored. The National Automobile Dealers Association is still advising it’s members to be cautious. Although another $2 Billion has already been marked for the program, they are being cautious because until it is actually in hand, something could always happen.  Evidently, if they make a deal, they have to honor it and because they have to mark the traded in vehicles as permanently inoperable, they can get stuck with a vehicle and no money.
The plan is designed to help jump start the economy and get some of these gas guzzlers off the road and I doubt very seriously if the new money does not get there.
President Barack Obama, during a brief White House address on the economy, said Friday that the clunker program “has succeeded well beyond our expectations and all expectations.” His administration and Congress, he said, were “doing everything possible to continue this program.”
The program was designed to last through October, but it’s obvious that at this rate, it won’t make it through August.  One thing that you can say is that the automotive industry should have gotten a big kick from this program.

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