Cash For Clunkers To Be Temporarily Suspended

[Contrary1]

"WASHINGTON -(Dow Jones)- The Department of Transportation is temporarily suspending its cash for clunkers program from midnight Thursday because Obama administration officials believe the $1 billion allocated to the scheme has been exhausted after just one week, according to several congressional sources.

DOT officials were contacting lawmakers offices Thursday evening to inform them that the program would be at least temporarily halted, the sources said.

The plan went live on July 24, and it was anticipated it could take several months for the $1 billion designated by Congress for the program to be exhausted.

Instead, it has taken less than a week.

DOT officials believe all the money may have been spent, but want to suspend the program at least temporarily to allow all transactions to be processed..."

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200907301903dowjonesdjonline001120&title=cash-for-clunkers-to-be-temporarily-suspended-sources

[BlooInBloo]

1. hahahaha! So I guess it worked?

[ColbertWatcher]

2. Wow! Another failed government program!

Wait, wha ... ?

[Naturyl]

48. Yep, obviously a failure.

Helped no one, I'm sure.

:sarcasm:

[ColbertWatcher]

56. So few people were helped, more are lining up. n/t

[mnhtnbb]

3. Anybody here get any of it?

[PA Democrat]

5. I recall a post within the last day or so by someone who had.

[jezebel]

6. I turned in my 98 Jeep Grand Cherokee last Saturday and got $4500 for my new Honda CR-V. Please no

comments on not buying American. My dad is driving me crazy about it.
The Jeep had 145,000 miles on it and I probably wouldn't have gotten more than $500 or so for the trade, so the $4500 was very nice.

[tabatha]

7. How much was your Honda-CRV?

[jezebel]

10. I got a quote through USAA and paid $1200 under invoice, It's an EX, it was stickered at $24,000 +

and I paid $20,800 before the Cash for Clunkers.

[tabatha]

16. That means about $15,000 - good deal!

[madrchsod]

11. the goverrnment paid way over book price for your cherokee

http://chicago.craigslist.org/search/cta?query=1998+jeep+cherokee&catAbbreviation=cta&minAsk=min&maxAsk=max

[DevonRex]

9. We traded our 1999 Blazer in for a Malibu Hybrid. nt

[NNN0LHI]

39. Any day I have driven a Malibu was a good day

Very nice cars. Seemed like everything(switches, etc.) was where it was supposed to be. Ride like a dream too.

I hope it serves you well.

Don

[TwixVoy]

4. Why do I have a feeling this is BS?

It reminds me of the common sales tactics in car sales. "Buy it now because it will be gone soon!"

I won't at all be surprised if this is un-suspended soon with the message "Hurry and buy a car the cash is almost gone!"

[madrchsod]

13. i have the feeling that you could be right...a billion dollars?

that`s a lot of cars at 4500 dollars each or less

[creeksneakers2]

29. I work at a Chrysler dealership

We were running out of cars the sales were so fantastic. Lot was covered with browsers like I've neve seen it. The government figured there was enough money for each dealer in America(20,000) to do 12 trades. We have 13 clunkers sitting on our lot now. Probably would have had more if it weren't for running out of some models. I expected cash for clunkers money to run out by Friday.

There's going to be a big push to extend the program.

[madrchsod]

37. my chrysler dealer was cut ...

and he either sold his inventory to the guys up the road or he`s sold his inventory. good to hear it`s a good program. where are you guys getting rid of the cars?

[creeksneakers2]

43. The cars have to be scrapped

Its sad to look at too, even for somebody like me who doesn't approve of SUVs unless the owner has good reasons to have one.

[bullwinkle428]

38. A local Ford-Bimmer-Mitsu-Hyundai dealer was commenting on the news,

saying how incredibly successful the program has been so far. He said that sales have been skyrocketing, and only around half of the buyers have benefited from the Cash for Clunkers deal. He said that many are told they can't qualify, but have chosen to make new car purchases anyway!

[rsmith6621]

8. I Wonder How Many Conservative Repub....

....Dealerships figured away to steal $$$$$ from the program....

[Inchworm]

12. It is geared for people who have enough money to buy a decent car anyhow

I still guess it is good though.

:shrug:

[and-justice-for-all]

18. That is correct....

as much as I would have liked to have bought a new Prius, I simple can not afford to do so. It would be financial suicide if I did and it simple is not worth it, both of our vehicles are paid for.

[Divine Discontent]

54. I want to make it clear that for certain people, it's an amazing program, if funded

I care give for a family member, I don't have much money, I had to have a car that had air in it because of their illness that made them very effected by heat - I take them to their appointments, doctor, tests. I bought the only car I could afford at an auction that had A/C in it and ran good, it was a 94 Crown Vic. Had it for several years, while caring for the loved one, but the gas kills me. This plan permits me to buy a new compact car for about 6500 dollars with automatic and A/C! That is insanely good, and too wonderful to pass up - the other car is starting to fall apart, and I don't have money for a new car, but with this program I would have a car that would be good for nearly 10 years that I can drive the loved one to their appointments/needs and do it and know that it's a safe and gas-saving car.

Main point #2 - it gets a huge emissions fuming boat off the highway that gets 15mpg and in its place a 28mpg vehicle! So, yes, it's good for people that have $ to get rid of their big SUV's from 2000 or so and back, but it also helps in-betweeners like me who are helping a family member and are low on cash because of it.

I hope they refund it, I was going to take my family member to see a grave site 1000 miles away (they cannot fly) that they've yet to visit, besides of all the visits it would make easier, and cheaper.


Please send an email to [e-mail] and say, please pass new funding for all the people who want to take their huge gas guzzlers off the roadways which will help our environment and use millions less gallons of gas per year.

[theophilus]

14. Well, we know one program that works. Let's put some of the profit we're making

from the bank bailout back into this program soon.

[Gold Metal Flake]

15. Link to info site...

http://www.cashforclunkersfacts.com/

I traded in my 1990 Mercury Colony Park (EPA-rated 18MPG combined) for the $4500 on a new 2009 Toyota Corolla S 5 speed for Ms. GMF. We already have two Ford Focuses and my wife was not happy with any GM offering. Mopar is right out. We got a quote of over 2K off of the sticker from the internet sales rep plus a 2K rebate incentive from Toyota for clearing 09 models, plus th 4.5K and 150 for the salvage. I shook loose of 1.5K cash to get the payments under 300 on a 48 month note. I did not take on any extra warranties or service plans. That was last Friday evening, so we got a jump on the program.

[and-justice-for-all]

17. Actually the program worked like it was suppose too...

it is a sign that people used the opportunity and the Obama Administration underestimated the dollars.

So I see this as a good thing, not a bad thing.

[alcibiades_mystery]

20. 240,000

That's a lot of bad emissions vehicles off the road, and a lot of orders to fill in the factories and a lot of commission for dealers. Not fucking bad, for a gubmint program.

[HughMoran]

26. Very good thing

Well, unless you were hoping for the country to fail.

[taught_me_patience]

40. Good to take my money and give it to people

who made a decision to purchase a vehicle that destroys the environment. I hate this program.

[HughMoran]

45. Some people can't be pleased

For whatever reason, people who have the avatar you have are almost always grumpy.

[taught_me_patience]

50. I'm taxed up the ass

and getting nothing in return. Damn right I'm grumpy.

[HughMoran]

52. I'm taxed too - it's to help bring the economy back - not just for selfish ass ignorant crybabies

You selfish person - I pay taxes because it's for the good of the country and I get few benefits personally (not everyone can make a good living). You sound like a lot of Republicans I know.

[malaise]

34. Yep

Worked well. Hope they extend it.

[DainBramaged]

19. Sorry, NADA estimates only 10% has been spent

scare tactics.

[alcibiades_mystery]

21. 10% has been PROCESSED (i.e., spent)

But another 220,000 have entered the system and are waiting for processing. That's why they suspended. They have massive unprocessed apps and can't accept more until they figure out how much of the remaining 90% is available.

[DainBramaged]

24. Most of the dealers can't get in the system is overwhelmed

which is probably the real reason they are temporarily suspending it. NO WAY America sells half a million cars in 6 days.

[alcibiades_mystery]

27. Unbelievable

[HughMoran]

22. Everybody I know has been talking about it

No matter what negativity I read here at DU, I knew this would be a successful program.

[and-justice-for-all]

23. It is a successful program...nt

[DainBramaged]

25. The crap that is getting traded in is mind boggling

it is fulfilling it's purpose.

[DainBramaged]

28. AHEM

http://www.cars.gov/

$779M Estimated funds remaining for all vehicles except for CAT3 Trucks.

$75M Estimated funds remaining for CAT3 Trucks.

[TripleKatPad]

30. This might not be the right place to vent but I'm doing it anyway

This whole CFC deal irks me. Not because I think it's a bad idea to get guzzlers off the road. I'm for that.

What bugs me is that I have always been conscientious about my consumption. I bought a small, used, gas-efficient car 15 years ago and am still driving it. Before that, I went years on end with no car.

And what do I get for not buying an SUV or Hummer? Nothing.

Yes, I'm feeling selfish and petty tonight. I'm sure I'll be my rosy self in the morning. Sorry.

[creeksneakers2]

31. It doesn't sound all bad

You got 15 years out of a used car? That's great! You probably saved a ton of money on gas too.

[BlooInBloo]

32. It's not about you. It's about the country.

I didn't get anything out of the program either. I can live with that.

I can also live with higher taxes on myself if they're going to health care, which helps out the country as a whole, although doesn't materially change things for me.

[DainBramaged]

33. Well said

there is too much ME ME ME here, not enough US US US

[taterguy]

36. Does the country really benefit from promoting automobile usuage?

Aren't there better ways to get around?

[HughMoran]

46. ...promoting MORE EFFICIENT automobile usage

It really depends on how you look at this - a lot of people have to drive to work and a new transportation system to provide rural routes is not going to happen in our lifetimes.

[taught_me_patience]

49. 1 mpg for trucks... whoopdee doo.

Meanwhile... more taxes down the road.

[HughMoran]

51. Hmmm, so you can only find negative? Look for the worst possible number?

You're really full of hate - gotta love DU at times.

[taterguy]

55. What percentage of car trips do you think are necessary?

I guess it all depends on your perspective.

In my town the standard excuses for needing a car don't apply.

The climate is good: It's rarely too hot or too cold to be outside.

There's affordable housing that's close to employers and places to shop. Hell, I know people that spend more time looking for a parking place than they would just walking or biking to work.

Nevertheless, the overwhelming majority of my neighbors rely on cars for transportation. Bicycles are rarely seen on the roads in my town, except for recreational usage.

There's no rational reason. It's just what everybody does. Programs like this perpetuate this mentality which is one of the reasons that I'm opposed to it.

If we wanted to make a serious effort to reduce our oil consumption there several things we could do that would be more effective. This is just about bailing out Detroit. (And yes, I'm still annoyed that 17 years ago I had to pay $20 cab fare to get from the Detroit train station to the airport because there's no mass transit in that damn city)

[RoccoR5955]

41. I hear you.

I opted for a 4 cylinder engine in my Grand Am, rather than the 6 or 8 cylinder. Had I bought the V8, I probably would have qualified. Oh well the 10 year old car has 138k on it, and maybe I can get 200k out of it if I am lucky!

[Divine Discontent]

42. no need to feel bad its not better for you, but remember, it was better for you when you bought your

gas-efficient car 15 years ago - many people who have these beasts took what they could with the 1000 or 2000 they had and bought them at auctions, and such, like me. I couldn't afford any other car at the time, and had to have one that had air for my handicapped brother. However, it sounds like I'm not going to be able to turn in the car if this isn't refunded. So, I'll continue struggling getting 15mpg but it's all I have to get him to his med appointments for his painful disease. Hopefully they'll refund it.

[fishwax]

44. you get all the money you've saved on fuel and fuel taxes for the last 15 years w/ an efficient car

[carlyhippy]

35. It lasted longer than I expected it to...I figured it would be suspended

n/t

[anonymous171]

47. They need more funds. nt

[Fuzz]

53. Ford calls 'Cash for Clunkers' a 'huge success'

http://www.detnews.com/article/20090730/AUTO01/907300460/1148/Ford+calls++Cash+for+Clunkers++a++huge+success+

Dearborn -- Ford Motor Co. says the government's "Cash for Clunkers" program is boosting sales and is concerned that funding could run out well ahead of its November cut-off date.

"It's a huge success," Ken Czubay, Ford's U.S. sales and marketing chief, told reporters Thursday. "(But) if you are planning on buying on Halloween night, I would probably move that forward."

The program, which offers consumers up to $4,500 to trade in older vehicles for new, more fuel-efficient models, began in earnest this week. Czubay said it is too early to tell just how big of an impact it is having on Ford's July sales, but he said the month appears poised to be up sharply, with the seasonally adjusted annualized selling rate passing 10 million units for the first time this year.

He said Ford is urging lawmakers to provide more funds for the cash-for-clunkers program, saying the money already allocated could be exhausted by the end of August.