The Alliance of Automobile Manufacturers’ Senior Director of Communications has informed TTAC via email that the CARS (AKA “Cash for Clunkers”) program has NOT been suspended. “All deals concluded before a suspension is announced (if that happens) will be honored,” promises Charles Territo. We’ve also heard that the President is urging Americans NOT to not buy a new car (i.e., go ahead and buy a car) under the program over the weekend.
DOT advises the following as of right now:
1. The CARS program is NOT SUSPENDED
2. Deals should continue; all deals concluded before a suspension is announced (if that happens) will be honored
3. The Administration is looking at all options to add funds to the program
4. They expect to have an update later today – hopefully sooner rather than later
5. As of this morning, $250 million worth of vouchers is committed based on submitted transactions
6. NHTSA is doubling the number of personnel reviewing transactions, in order to speed up the reimbursement process
7. Importantly, OEMs should advise their dealers to take the time to file complete and accurate reimbursement requests with the agency. Many submissions are being rejected because of basic mistakes or omissions, that are easily corrected but when resubmitted, these requests go to the back of the line. Therefore, the best way to get reimbursed quickly is to ensure a complete and accurate submittal the first time. Once again, NHTSA commits that all legitimate CARS deals made up until the program is formally suspended (if that happens) will be honored.