The “Cash For Clunkers” Or Car Allowance Rebate System (CARS)

The Cash for Clunkers Bill or as it is known by its official name the Car Allowance Rebate System and for short (CARS) is a $ 1 billion government program that helps the consumer buy or lease a more environmentally – friendly vehicle from cash discount credit card processing  a participating dealer when they trade in a less fuel efficient car or truck. The program is designed to energize the economy be boosting auto sales and to put safer, cleaner and more fuel-efficient vehicles on the road.

The public will be able to take advantage of this program and receive a $3,500 or $4,500 discount from the car dealer when they trade in their old gas hog and purchase or lease a new more fuel-efficient one.

The U.S. Department of Transportation’s National Highway Traffic and Safety Administration have released the final eligibility requirements for the Car Allowance Rebate System (CARS).

o Qualified consumers may participate in the CARS program between August 1, 2009 and November 1, 2009 or when authorized funds are no longer available.

o Qualified consumers will receive the $3,500 or $4,500 credit at the time they purchase their new vehicle.

o Dealers must provide consumers with any other advertised rebates or discounts in addition to the credit they receive   the internet.

o The dealership will be required to supply the buyer with the best estimate of the scrap value for their eligible trade-in vehicle. Dealers will be allowed to deduct $50 from this value for their administrative costs.

o Social Security numbers are not required for a CARS Program transaction

How the CARS Program Works:

Owners of cars getting no more than 18mpg are permitted for a $3,500 voucher toward the purchase of a new car getting at least 22mpg. If the new car gets 10mpg or better mileage than the trade-in clunker, then the owner will receive a $4,500 discount. That’s for cars.

For light-truck plat-formed vehicles – SUVs and pickups – plu

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