Is Cash for Clunker Program really suspended? Actually the answer is no, not even at his very hour.
But, the question is, will the program be suspended and when? If you will base on the information from the (NADA) National Automobile Dealers Association, then it is likely to happen.
Cash for Clunkers is the name given to the Car Allowance Rebate Scheme (CARS) program.
In real meaning, take your old car, which at least less than 18 miles per gallon and 8 to 25 years of age and as long as it is scrapped then the program will give you a discount amounting to $3,500 to $4,500 on a new car that is more fuel efficient.
The U.
S Congress provided $1 billion for the CARS program to support the sales of car industry and the program is expected to run until the 1st of November or until the funds run out or whichever comes first.
It undoubtedly shows that the funds ran out but just on its first week though the true problem is that no one truly knows.
Since July 29, about 23,000 cars had been recorded sold under the program, which means that $96 million of the funds was already used.
But the operational term there is "recorded or registered".
So to become eligible for the program, the dealers need to accomplish what is supposed to be an intricate registration procedure.
A few 100 pages of policies directing it and there are news that it could take at least 90 minutes to accomplish one registration on an accurate computer system administer by National Highway Traffic Safety Administration (NHTSA).
In addition, there are reports that allege the system to be overloaded and that dealers are being bumped off in full flow and actually lead them to begin once more.
Thus, the vital question is not about how many car sales were already registered under the program, but how many cars have been sold all in all, either registered or awaiting to become.
This is indeed the main issue after a conducted survey by NADA.
The survey tells that approximately 25,000 deals have not yet been granted by NHTSA, which are about 13 sales per store (2,000 dealers).
It becomes an issue that with more or less 23,000 dealers participating in the CARS program, car dealers might have already exceeded the 250,000 car sales financed by the $1 billion Cash for Clunker program.
If the information is true, the program might not yet be suspended but is likely to happen anytime soon.
The officials of the Transportation Department have been informing the dealers that the program may be suspended in due time.
According to the White House, the program is not yet suspended, although options are being considered.
There are some options presented to lawmakers.
The CARS programs could merely be proclaimed a victory and bring to an end: the purpose was to support car sales and if the funds run out within four days, well that could positively be a stimulus.
One more option is to provide more funds for the CARS program.
But, the question is, will the program be suspended and when? If you will base on the information from the (NADA) National Automobile Dealers Association, then it is likely to happen.
Cash for Clunkers is the name given to the Car Allowance Rebate Scheme (CARS) program.
In real meaning, take your old car, which at least less than 18 miles per gallon and 8 to 25 years of age and as long as it is scrapped then the program will give you a discount amounting to $3,500 to $4,500 on a new car that is more fuel efficient.
The U.
S Congress provided $1 billion for the CARS program to support the sales of car industry and the program is expected to run until the 1st of November or until the funds run out or whichever comes first.
It undoubtedly shows that the funds ran out but just on its first week though the true problem is that no one truly knows.
Since July 29, about 23,000 cars had been recorded sold under the program, which means that $96 million of the funds was already used.
But the operational term there is "recorded or registered".
So to become eligible for the program, the dealers need to accomplish what is supposed to be an intricate registration procedure.
A few 100 pages of policies directing it and there are news that it could take at least 90 minutes to accomplish one registration on an accurate computer system administer by National Highway Traffic Safety Administration (NHTSA).
In addition, there are reports that allege the system to be overloaded and that dealers are being bumped off in full flow and actually lead them to begin once more.
Thus, the vital question is not about how many car sales were already registered under the program, but how many cars have been sold all in all, either registered or awaiting to become.
This is indeed the main issue after a conducted survey by NADA.
The survey tells that approximately 25,000 deals have not yet been granted by NHTSA, which are about 13 sales per store (2,000 dealers).
It becomes an issue that with more or less 23,000 dealers participating in the CARS program, car dealers might have already exceeded the 250,000 car sales financed by the $1 billion Cash for Clunker program.
If the information is true, the program might not yet be suspended but is likely to happen anytime soon.
The officials of the Transportation Department have been informing the dealers that the program may be suspended in due time.
According to the White House, the program is not yet suspended, although options are being considered.
There are some options presented to lawmakers.
The CARS programs could merely be proclaimed a victory and bring to an end: the purpose was to support car sales and if the funds run out within four days, well that could positively be a stimulus.
One more option is to provide more funds for the CARS program.
Source...