Cash For Clunkers To Continue

Senate The Senate is expected to add $2 billion to
the "cash-for-clunkers" program today after considering some
changes that are not likely to be approved.

by Associated Press

Published: Thu, August 06, 2009 - 10:22 am CST

WASHINGTON (AP) - The Senate is expected to add $2 billion to
the "cash-for-clunkers" program today, after considering some
changes that are not likely to be approved.
Majority Leader Harry Reid says a "significant majority" wants
to move forward with the legislation, which would keep the program
going until Labor Day.
Reid agreed to allow senators to offer some amendments as a
goodwill gesture to those who otherwise might try to delay a final
vote on the measure already passed by the House.
Proposed changes include placing an income limit on those
benefiting from the vouchers. Iowa Democrat Tom Harkin wants to
limit eligibility to individuals earning less than $50,000 a year
or joint filers earning less than $75,000.
But that and other amendments are not expected to pass.
The program offers cash to car buyers who are trading in gas
guzzlers for more fuel-efficient models. It's proved so popular
that the original $1 billion for the program is expected to run out
by Friday.

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minimay87 Says:

Thu, Aug 06, 2009 at 10:57 am

These people apparently have these “clunkers” because at the time it is all they can afford. So know they are thinking, “Hey! I can trade this in for a nice car!.”, However they do not think about car notes, insurance and so forth. With their “clunkers” I am sure all they have is liability on their vehicle, if that. With a new car, or any car you are still making payments on, you have to have full coverage. The newer the car the more the insurance. So they probably just go in there with the assumption of trading in their old car for a new one with maybe a minimal payment each month. Odds are they will get it repossessed within months.

Wait4Me Says:

Thu, Aug 06, 2009 at 10:55 am

Also how many of these new cars will end up being repossessed (thinking foreclosed houses) by people that cant really afford new cars and are just buying out of their want not need of a new car? We the taxpayer will foot the bill once again for people that are making purchases they cant afford.

lth47 Says:

Thu, Aug 06, 2009 at 10:51 am

Just curious. . .what kind of (finance) interest rates are these buyers getting on their new fuel efficient vehicles? And even with this program, don’t most of the dealers/finance companies require perfect credit from the buyers?