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Cash For Clunkers Burns Up $2.88B, Several Small Dealerships

Posted in auto industry, Beater Cars, Car Buying, Cars, Cash for Clunkers, New Cars, Newsworthy by Suzanne Denbow | August 26th, 2009 | 1 Response |


As of the Clusterfuck Cash for Clunkers’ official termination at 8:00PM EST Tuesday evening, the Department of Transportation is reporting that a total of $2.88 of the $3 billion fictitious taxpayer dollars allotted has been spent. A staggering 690,114 new vehicles have been purchased using the program, and at least half as many dealers are 6-figures in the hole as they await their rebate check.

To assuage any fears regarding a timely turnaround, the DoT has also reported that they have an estimated 2,000 highly enthusiastic federal employees working around the clock to assure all rebate applications are processed as quickly as possible. Thus, dealers can expect to be repaid sometime around the next lunar eclipse.

Source: AutoNews
Image Cred: Reuters Pictures

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  1. SeanKHotay says:

    There’s new energy companies still waiting for their 2005 ‘green’ incentive money…