| Cash TradeIn Credit for Clunker Cars |
| By Credit Federal |
Published
07/27/2009
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Auto Loan
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Get a tradein cash credit for clunker cars at participating dealerships
The cash for clunkers program kicked off this week and will be in effect until the government spends 1 Billion on the program. Consumers can check the cars.gov website for updates about the program and all the details of the program. For consumers who have a clunker and are in the market for a new or leased auto, now may be the time to buy. Apply online for a good or bad credit auto loan
Consumers who have a job and a clunker may well take advantage of the cash for clunker program. Consumers who are lucky to have a good income can make use of the credit, not to mention any other rebates or incentives offered.
For consumers who drive clunkers and who are affected by job loss or other financial problems, they may not be able to trade in a clunker and make new car payments. These consumers may be driving clunkers because they can't get auto financing due to bad credit or other hardships. This program will help get older gas guzzler cars off the road and help put more environmentally-friendly vehicles on the road. In addition, the program may stimulate the economy and boost auto sales. Auto sales have hit a 30 year dip and dealerships need customers badly. Many have been doing more advertising in preparation for the CARS program.Consumers who qualify will be able to take advantage of this program and receive a $3,500 or $4,500 discount from the dealership when they trade in their old vehicle and purchase or lease a new one. Consumers do not need to register for this program, just visit participating dealerships. General requirements of the clunker car program are below:- The vehicle must be less than 25 years old on the trade-in date.
- The offer is good toward the purchase or lease of new vehicles.
- The auto that is traded must get 18 or less MPG, large pick-up trucks and cargo vans may have different requirements.
- The vehicle that is traded in must be registered and insured continuously for the full year before the trade-in.
- Dealers will apply the credit at the time of purchase.
- The program will run from now until November 1, 2009 or when the funds are depleted, which ever is first.
- The trade in vehicle will be scrapped, an estimate of the scrap value of the trade-in will be given to the buyer. The scrap value will be in addition to the rebate, and not in place of the rebate, and dealers are allowed to deduct $50 for their administration fees.
- Consumers must visit their dealerships as this offer is not available online. Anyone interested should take proof of insurance and registration for one year, and have a clear title. If the clunker does not qualify for a credit, wait until fall for the 2010 autos to come out and look for a good deal. Once the 2010s are out the 2009s are depreciated.
Related Article:Free Trade In Vouchers for New Cars The federal government will soon offer free trade in vouchers for new cars. If you have an old junker, trade it in and use the money as a free downpayment on a new auto loan.
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