As the CARS program, also known as Cash for Clunkers, now hits $1.8 Billion (out of the $3 Billion now available) in submissions, questions about how much longer the program will last are getting louder. Dealerships are apparently getting sick of waiting for their money.
NY dealers pull out of clunkers program
The Greater New York Automobile Dealers Association, which represents dealerships in the New York metro area, said about half its 425 members have left the program because they cannot afford to offer more rebates. They're also worried about getting repaid.
Dealerships work on cash, and they can't afford to wait for the government to pay them back. I read the other day (I wish I had the source) that dealers have to pay the money they owe on the cars they sell within days of making the sale.
Despite tripling the number of workers processing claims, dealerships are starting to opt out of the program.
That may work to the CARS program advantage. At the pace they're running, the money is going to run out by the end of August, rather than in September.
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