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Friday, August 21, 2009

Cash For Clunkers a Lemon

The National Automobile Dealers Association, a nationwide trade group, wants the federal government to put Cash-for-Clunkers out of its misery immediately.
NADA surveyed nearly 800 dealers and the results may be the Obama administration’s worst nightmare:
97% of dealers who responded, say the government is not reimbursing fast enough
13% of dealers have dropped out the program because the government is not reimbursing fast enough and overall concern payment problems
87% percent of dealers are concerned the money will be exhausted

3% of CARS program deals have been reimbursed
66% of dealers have not received one payment from the government
25% of dealers are experiencing servere cash flow problems that require short-term loans to fix
11% of submitted applications have been approved (though dealers still are waiting for the money)
16% of submitted applications have been rejected

55% of dealers are not confident they will get reimbursed for every deal
40% do not want the program to continue, even if changes are made to the CARS program
IHateTheMedia.com source story and picture

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