GM Will Advance Cash to Clunkered Dealers

(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) - The federal cash-for-clunkers program is sending demand through the roof for a chemical normally used to repel bugs or seal concrete, the Wall Street Journal reports. Sodium silicate, known as liquid glass, has been designated the agent of execution for old models traded in under the program. Auto dealers are required to pour the compound into engines, destroying them within minutes and making sure the vehicles can't be returned to the road. More»

(NEWSER) - The House voted today to beef up the "cash for clunkers" program to the tune of $2 billion, but that doesn’t mean shoppers and dealers are any clearer on the federal program, the Detroit Free Press reports. “It is an absolute total mess,” one dealer says. One customer who made a last-minute deal is more charitable. “I know how the laws go—they go through and they don’t have the processes in place to handle them.” She works for the Social Security Administration. More»

(NEWSER) - The government’s Car Allowance Rebate System—the “Cash for Clunkers” plan—goes into effect today, but it might not be such a good deal for you or the environment, Elisabeth Leamy and Nathalie Tadena write for ABC News. New-car buyers who trade up more than 4mpg in mileage get $3,500; make it 10 mpg and you get $4,500. But you could also skip the credit, buy a perfectly good used car, and save more than $10,000. More»