Cash for clunkers information and update
Cash for Clunkers Information and Update
The CARA Allowance Rebate System referred to as CARS or Cash for Clunkers is $1 billion program used an incentive to have people buy or lease a new gas efficient vehicle when they trade in their old gas-guzzlers. The vehicle can be a car, truck, or SUV as long as it is not more than 25 years old.
See if Your Car Qualifies Here
The people using the program can start using the program as of July 23, 2009 and have only as long as the budgeted federal money is available to get their newer gas saving vehicles. It is designed to energize the economy, increase the declining auto sales, and put safer, cleaner, and more gas efficient vehicles on the roads.
The person using the program will receive either $3,500 or $4,500 for their trade in as a discount from the car dealership. They do not have to do anything other than bring in their old clunker, proof the vehicle was titled and insured in their name for at least one year, select the newer vehicle from the list and get the financing for the loan or lease.
See if Your Clunker Qualifies Here
Here are some important things you need to know about the program.
1. The vehicle cannot be older than 25 years old at the date of trade in.
2. Only a purchase or lease of the new vehicle is allowed.
3. The trade-in must get 18 MPG or less with large trucks and cargo vans having different requirements.
4. The trade-in vehicle must be registered and insured continuously for one year by the individual using it for the program.
5. The program runs until November 1, 2009 or until the federal money is exhausted.
6. The trade-in is going to be scrapped with the dealer telling the individual the estimated scrap value of the trade-in. The scrap value of the trade-in will be an additional savings to the rebate and not in place of the federal money.
7. The individual does not need a voucher, as the dealers are responsible for applying for the rebate from the government.