Cash for Clunkers Suspended

Date July 31, 2009

UPDATE: The House of Represenatatives this morning approved $2 Billion in additional funding for Cash for Clunkers, in an effort to avoid suspension. Still waiting for the Senate.

Though it will be “temporarily suspended” while they reformat the program, the White House has confirmed that the Cash for Clunkers program will be good through the weekend, or Sunday, August 2nd.

Despite this “promise” from the Obama Administration, I hear from local dealers that some have already stopped accepting clunkers because they have not yet been paid by the government for any that they have received. So, make sure you call the Dealership before you go shopping this weekend to make sure they are on board with the program.

Basically, the program was more popular than our friends in D.C. anticipated. Approximately 40,000 new vehicles had been purchased through the program but dealers estimate another 200,000 vehicles have been sold in transactions that have not yet been completed. They are seeking out alternative resources for funding the program, and hope to have it up and running soon.

For more information, here is a good article on what’s going on.

Comments or Questions? E-mail me at blogger@matadorsmoneymatters.com.

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