Aug 20, 2009
Stop Cash For Clunkers Says National Automobile Dealers Association
Written under: Business, Finance
The National Automobile Dealers Association is asking the federal government to stop the Cash for Clunkers program immediately.
In a statement released Wednesday evening, NADA claims that given the rapid pace at which deals are being done, the program’s funds may run out sooner than anticipated.
Dealers are complaining of problems and delays in getting payments due to them under the program. However, Transportation Secretary Ray LaHood assures that all dealers would be reimbursed.
They’re gong to get their money. We have the money to provide to them. We have put an enormous number of people on the task of processing the paperwork. There will be no car dealer that won’t be reimbursed.
The Senate passed a $2 billion extension of the Cash for Clunkers program last Thursday. The program rapidly spent its initial $1 billion in funding after the program launched last July 24.
At present, about $1.5 billion of claims have been submitted by dealers who have sold a total of about 360,000 cars.
Related News: Cash For Clunkers List
Source: Yahoo! Finance