Cash for Clunkers program started in late July. To be able to participate in this your car had to be 25 years old or newer, get poor mileage, and be destroyed to trade it off. If your car qualified for this you could trade it in for a new car with better gas mileage. The trade in vehicles needed to get 18 miles per gallon or less. The government would give you from $3,500 to $4,500 off of the new car you purchase. The government first set 1 billion dollars into a fund available for the dealers by Labor Day. They sold so many cars that they had to add 2 billion to the fund.
Some people are regretting doing the Cash for Clunkers program because now they have to take on car payments. Many auto dealers are still waiting to get paid from the program. They have until Tuesday to send in their paper work to get their money back. Dealers said they liked the sales, but are having problems with getting the government to repay them. There were 690,114 sales consuming $2.88 billion government dollars. Cash for Clunkers was more popular than what lawmakers thought it would be.
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