Cash for Clunkers

Need a new car? See 8 things you should know about the 'Cash for Clunkers' program.

Automakers' Dream - The federal government's "cash-for-clunkers" program, which turned out to be more successful than automakers dreamed it would be, will likely boost July's auto sales to the highest level of the year when figures are announced Monday.

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Automakers' Dream - The federal government's "cash-for-clunkers" program, which turned out to be more successful than automakers dreamed it would be, will likely boost July's auto sales to the highest level of the year when figures are announced Monday.

How It Works - When Congress approved the clunkers program early in July, it allocated $1 billion for the Car Allowance Rebate System, or CARS.  Under the program, owners of old cars and trucks that get less than 18 miles per gallon in fuel efficiency are offered $3,500 or $4,500 toward a new, more fuel-efficient vehicle, in exchange for scrapping their old vehicle.

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How It Works - When Congress approved the clunkers program early in July, it allocated $1 billion for the Car Allowance Rebate System, or CARS. Under the program, owners of old cars and trucks that get less than 18 miles per gallon in fuel efficiency are offered $3,500 or $4,500 toward a new, more fuel-efficient vehicle, in exchange for scrapping their old vehicle.

Program Gets Boost - But the $1 billion was used up in the first few days after the program's regulations were finalized, and the government even considered suspending it as the money neared depletion.  Yet the program continued and the House voted Friday to allocate another $2 billion to keep the sales going.

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Program Gets Boost - But the $1 billion was used up in the first few days after the program's regulations were finalized, and the government even considered suspending it as the money neared depletion. Yet the program continued and the House voted Friday to allocate another $2 billion to keep the sales going.

More Cash OK'd - Senate Majority Leader Harry Reid says the Senate will vote to replenish the popular "cash-for-clunkers program" before leaving on a monthlong vacation later this week. Reid spoke at the same time as Republican Sen. Jim DeMint of South Carolina told reporters he does not intend to try and block passage of the bill.  The popular program is on track to run out of money without action by Congress.

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More Cash OK'd - Senate Majority Leader Harry Reid says the Senate will vote to replenish the popular "cash-for-clunkers program" before leaving on a monthlong vacation later this week. Reid spoke at the same time as Republican Sen. Jim DeMint of South Carolina told reporters he does not intend to try and block passage of the bill. The popular program is on track to run out of money without action by Congress.

Ford Benefits - Thanks to the program, Ford, in July, posted it's first U.S. sales increase in nearly two years. Automakers such as Hyundai and Subaru turned in stronger performances, while Toyota Motor Co., whose sales have taken a beating in the downturn, posted a slower sales decline of 11 percent.

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Ford Benefits - Thanks to the program, Ford, in July, posted it's first U.S. sales increase in nearly two years. Automakers such as Hyundai and Subaru turned in stronger performances, while Toyota Motor Co., whose sales have taken a beating in the downturn, posted a slower sales decline of 11 percent.

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Does Your Clunker Qualify? - Your vehicle has to be less than 25 years old on the trade-in date.  Only purchase or lease of new vehicles qualifies.

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Does Your Clunker Qualify? - Your vehicle has to be less than 25 years old on the trade-in date. Only purchase or lease of new vehicles qualifies.

Your Trade-In - Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in.  You don't need a voucher; dealers will apply a credit at purchase.

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Your Trade-In - Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in. You don't need a voucher; dealers will apply a credit at purchase.

Scrap Value - The program requires the scrapping of your eligible trade-in vehicle and that the dealer discloses to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

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Scrap Value - The program requires the scrapping of your eligible trade-in vehicle and that the dealer discloses to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

Time's Running Out - The program is slated to run through Nov. 1, 2009 or when the funds are exhausted; whichever comes first.

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Time's Running Out - The program is slated to run through Nov. 1, 2009 or when the funds are exhausted; whichever comes first.

Locate a Dealer - Most all new car dealers will be participating in the CARS program. Consumers who want to qualify their clunker can visit www.cars.gov.  Once your car qualifies and you want to purchase a new car, just give a local dealer a call.  The NHTSA CARS program will give you cash for cars that qualify based on the Cash for Clunkers bill; it’s that simple.

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Locate a Dealer - Most all new car dealers will be participating in the CARS program. Consumers who want to qualify their clunker can visit www.cars.gov. Once your car qualifies and you want to purchase a new car, just give a local dealer a call. The NHTSA CARS program will give you cash for cars that qualify based on the Cash for Clunkers bill; it’s that simple.