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