Dealers to Feds: Where's Our Clunker Cash?

(NEWSER) - Just as the "cash for clunkers" program sparked a boom in auto sales, its cancellation will likely depress the industry, CNNMoney reports. As of today, the last day of the government-funded incentive, rebate applications for 625,000 trade-ins totaling $2.58 billion had been submitted. “We're definitely going to have a hangover,” a dealer says. “I think you're going to be able to shoot a cannon through here and not hurt anybody.” More»

(NEWSER) - Cash for Clunkers revved into overdrive during its final weekend, the New York Times reports. After Thursday’s announcement that the Car Allowance Rebate System would end tomorrow at 8pm, consumers across the country raced to dealerships, resulting in long lines, epic haggling sessions, and hours of overtime work. “Everybody who was thinking about it is rushing through the door,” a salesman says. “The only problem is we’re running out of cars.” More»

(NEWSER) - General Motors will start making temporary loans to dealers who have yet to be reimbursed by the federal government under the Cash for Clunkers plan, the Wall Street Journal reports. Dealers, some now irate, essentially did the same thing for customers participating in the trade-in plan—covering the government rebate out of pocket. But the federal money has been slow in coming, putting dealers at risk of a loss. More»

Other groups also unhappy with government rebates

(NEWSER) - The Cash for Clunkers program has proven to be a shot in the arm for the new-car market, but not everyone's a fan. Used-car dealers say their business is suffering, the Sacramento Bee reports. "The used side sort of slipped" since the program started, said one Honda dealership manager. Three out of every five trashed clunkers normally would have ended up on a used-car lot, auto analysts estimate. More»

(NEWSER) - The Obama administration is hyping the cash-for-clunkers program as a chance for Americans to buy more fuel efficient cars, but not all buyers are going greener. Bulky SUVs and even trucks can be purchased with the $3 billion government subsidies, reports AP. Washington is refusing to release detailed records of the clunkers program, but one auto website has posted data showing buyers are gravitating toward gas guzzlers. More»