Yesterday morning, multiple news sources were reporting that based on current activity, the Cash for Clunkers program could run out of said cash by September 1st. Come to find out, there are a lot more deals pending approval than expected, and the $1 billion allotted could be gone by as early as tomorrow.
The National Automobile Dealers Association (NADA) conducted a survey of 2,000 dealers and found among them roughly 25,000 deals still pending approval by the NHTSA. If this average holds true for the remaining 21,000 participating dealers, it could mean the goal of 250,000 cars sold has already been met (and possibly exceeded).
Expect a statement from the NHTSA shortly, and a shit-storm from the dealers. They were told to get out there and sell, sell, sell. The incentives have already been passed onto the customers and they are happily burning gas in their new ride. It was up to the dealer to jump through various hoops after the fact to get reimbursed for the program. Now many of them could be left holding the bag.