All the news channels have been happy to report that Cash for Clunkers money is already gone. Is it true? The answer is, “Sort of”.
The government has not paid out all that money…yet. In fact, the government has probably paid out very little of the $1 billion. Dealers were not able to in the program until only a week ago. The estimates are factoring in all the people that have signed purchase orders under the Cash for Clunkers program. Out of that total, several will not qualify. The dealers are probably still a week or two away from seeing the rebate money.
The CARS program probably has not yet issued the 240,000 +/- approval codes that will be required to fund the $1 billion total of the Cash for Clunkers program. However, we are probably getting close to that point. On the bright side, dealerships are selling some cars and the program has been so successful so far that the government is talking about issuing another $2 billion.
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