Hate to be the bearer of bad news, but the Cash for Clunkers program has been suspended. The fact is it ran Out of Money. It seems that it was funded with 1 Billion dollars and though this is a great deal of money, when you recognize that up to $4,500 was given away for each car, that is only 20,000 individuals who got funds. 20,000 out of 250 Million, and I am sure 50 million could have been eligible.
The NADA has released a statement:
We do not enclose verification yet of DOT suspending the clunkers program, but if the program is in fact suspended, NADA will persist to work with the Department of Transportation to highlight the importance that each dealer is reimbursed for a valid deal. We will also work with the Obama Administration and members of Congress to rally the demonstrated consumer importance in the cash-for-clunkers program.
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