Park Auto Group

Monday, June 22, 2009

Cash For Clunkers


Park Auto Group will be participating in the US Government's Cash for Clunkers Bill.



At this time the bill has not been signed by President Obama, but we thought we could provide some details about it now.News Alert CFC is a GOJune 18, 2009 - Senators Harry Reid, Dick Durbin and Debbie Stabenow spoke on behalf of the Cash for Clunkers Bill. Republican Senators tried to cut the measure from the Wartime Spending Bill but they were NOT successful. Cash for Clunkers program will stay as part of the wartime spending bill.
Green Light for Cash For Clunkers ? The wartime spending bill will go to President to Sign.
The President has already said that he would sign the bill. Then the National Highway Traffic Safety Administration will have 30 days to put regulations in place for the program.We will be updating this page as more informationCash For Clunkers Overview
Lawmakers are proposing a ?cash-for-clunkers? bill that would give consumers up to $4,500 to purchase a new fuel efficient car. Since there are a few versions being pushed around Washington, specific details will not be worth discussing until we see which measure gets the most forward momentum in the coming weeks. Keep posted by signing up for our email alerts on the upper left corner of the site.
According to one version, consumers would have to trade in cars and trucks for a new fuel-efficient vehicle that delivers additional fuel savings of between 2 and 10 miles per gallon, depending on the type of vehicle purchased. According to a recent Edmunds.com article this table will aide consumers in knowing what cars would qualify for the program.Does Your Trade-In Qualify?
The #1 question from consumers is: When will the bill be passed? The second most frequently asked question is: Will my trade and the car I want to buy qualify for the $4,500 cash voucher?
Read below for the most Frequently Asked Questions listed on the official Cash For Clunkers website.
Frequently Asked QuestionsQ: Is the billed signed into law yet?
A: On Thursday, June 18th the Senate voted to KEEP the Cash for Clunkers provision in the $106 billion dollar wartime spending bill. This means that both the house and Senate have approved the spending bill and now it will go to President Obama to sign. Consumers can start purchasing cars that qualify on July 1, 2009.
Q: Are there updated conditions on the bill?
A: The purchased vehicles, which must be new and cost no more than $45,000, must be bought between July 1 and Nov. 1 to qualify. You cannot trade in a clunker for a motorcycle.
Q: Does the Cash for Clunkers bill apply to used car purchases?
A: Currently, the language of the proposed bill is only for new car purchases. If you are looking for a used car, click here.
Q: Is the value of the voucher tax-free to the consumer?
A: Yes.
Q: Is there an income limit that disqualifies certain vehicle owners?
A: No.
Q: If I already purchased a new car, in the last few months, can the voucher apply to my past purchase?
A: We can not answer that question until the final bill is signed into law but?the answer looks like a NO. This is because all cars traded in for the program will be sent to the scrapyard. If you already traded in your car, there is no guarantee that it is off the road. Update: Cars prior to July 1st will not qualify.
Q: If I want to buy a new car now and have a clunker that qualifies, can I get the voucher credit once the bill goes into effect by bringing in the old car to the dealership where I purchased my new car?
A: Again, we can?t answer that question until we see how the bill is implemented. If you can hold off until further information is available, it may be the best choice. If you need a car now, that is a chance you have to take. Update: Cars prior to July 1st will not qualify.
Q: If my car is worth more than $4,500, how would the Cash for Clunker voucher work?
A: The program would not provide any benefit if a car dealer would give you more than $4,500 for your trade-in. If you want to purchase a new car, do not wait on this bill if your trade is worth more than $4,500 since it will not provide any upside relief.
Q: If dealers are offering cash incentives toward a new car purchase, would that be in addition to this voucher?
A: The program is independant from manufacturer buying incentives. For example, if a car dealer is offering $3,000 off the list price of a car and you qualified for a $4,500 voucher from your trade, then the total reduction off the MSRP would be $7,500. You should always shop for the best deals before buying a car.
Q: I have two old clunkers, can I trade-in both cars for a $9,000 voucher toward a new car purchase?
A: The current wording of the bill would seem to indicate that only ONE voucher can be applied to a new car purchase.
Q: How do I know if I qualify for a $3,500 voucher or a $4,500 voucher?
A: We need to wait on the final wording of the bill. Since there are various versions of the measure in play, we will notify everyone on our email list when the final bill language is signed into law? The amount will depend on the car you purchase and the increase in average MPG.Be at the head of the line for the car you want because popular fuel efficient cars will be moving off dealer lots quickly. Since there will be a large ?rush? when the bill is signed, getting all your paperwork and loan approvals in place in advance could get you to the head of the paperwork line.
Q: Can I go to the junkyard a buy an old car and use it for a trade?
A: The final language of the bill is still to be decided but it seems that you will have to show that the car is operational and that you have owned the car for a period of time. Right now, that may be a one-year period.
Q: What will happen to the car I trade in?
A: Once again, we have to wait for the final language but it would seem that the car would be recycled so cars that are worth more than $4,500 on a trade would not be viable for this program.
Q: My car is old and originally got more than 18 mpg, but now it gets 14 mpg. Will it qualify?
A: That is another popular question. We will have to wait and see if the bill provides a reasonable assessment of current MPG versus original manufacturer EPA MPG.
Q: How long will the program last?
A: That is still unknown. Some insiders were hoping to get funding that would keep the program running for one year. However, if funding is reduced, the program may only last a few months. That is why we encourage all consumers to connect with a Cash for Clunkers Participating Dealer now, so your paperwork can be lined up when the bill is signed into law.
Q: Are there restriction on the year of my trade-in?
A: The car can not be any older than a 1984 model year vehicle?
Q: Why would some trades qualify for $3,500 and other trades get $4,500?
A: The difference in vouchers depends on the improved gas mileage as compared to your trade. For example, if your new car purchase gets 4 mpg more than your trade you get $3,500. If the new car gets 10 mpg better than your trade you get $4,500.
Q: What if my trade-in is worth more than $4,500?
A: This program does not apply to you because you will be better off trading the car in through traditional channels. All cars that are part of the Cash for Clunkers bill we be sent to the scrapyard.
Q: I have an old clunker truck that gets under 18 mpg. Can I trade that in for a car that gets over 22 MPG?
A: It would seem that you will be able to trade it in. We will wait on the final wording on the bill since this is a very popular question.
Q: My parents own an old clunker. Can I transfer the title into my name and use it for a Cash for Clunkers trade-in?
A: It would seem that unless you have the car register in your name for at least a year, the answer would be no.
Q: Can I buy any new car and still qualify? Does it have to be an American manufacturer?
A: You can buy any new car: foreign or domestic.
Q: Can I lease a car or do I have to purchase/finance it?
A: Qualifying leases must be at least 5 years long. You can finance the car under any term you qualify for.
Bonus AssistanceQ: How can I find out the current EPA MPG estimates for the car I drive?
A: Visit: http://www.fueleconomy.gov/Latest Update Information also available at the Cash for Clunkers Facts page.