By on August 4, 2009

Official Department of Transportation stats as of 4:00 p.m. on Monday, August 3, 2009.

Dealer Registrations:

Number Submitted – 24,238
Number Approved – 20,495

Dealer Transactions:

Number Submitted – 133,767
Dollars Submitted – $563.8 million

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11 Comments on “More Evidence that Cash for Clunkers Didn’t Run Out of Cash...”

  • avatar

    I’m sure that there was still an immense backlog by Monday.

    But, taking a step back from the money talk, 133,767 cars to be destroyed is a huge figure.

  • avatar
    William C Montgomery

    The paperwork the dealerships are required to complete is ridiculous. Maybe the other half billion got soaked up on all the overpaid federal pencil pushers required to sort through the garbage.

  • avatar

    I hope they still have some money left… waiting for the BMV to fax my prior year registration, then it’s go time!

  • avatar
    The Walking Eye

    But, but, but…Fox News has been saying they ran out of money 4 days ago! Who am I to believe?!

    While I don’t agree with the rules on what can be traded, this seems to be a smashing success for consumers thus far.

  • avatar

    Where did that information come from? Can we get a link?

  • avatar

    You didn’t think the Feds were going to let something as silly as the facts get in the way of pissing away more taxpayer money, did you?

  • avatar
    John Horner

    There has never been any official notification that the CARS program was out of cash. Last weekend’s news panic was mostly driven by the NADA sending dire warnings out to the dealer base.

    The program seems to be on pace to run through its funding this week, but it all depends what people actually do.

    “Dealer Registrations:
    Number Submitted – 24,238
    Number Approved – 20,495”

    That means that a bit under 4,000 of the dealers who attempted to register for the program failed to do so for one or more reasons. Many will probably get approved once they sort out whatever concerns their application raised. Sounds like anti-fraud efforts at work.

  • avatar

    Perhaps an edit is in order:

    “Through early Tuesday, the clunkers program had recorded 157,000 transactions worth $664 million.”

    -Associated Press

  • avatar

    My google news feed was pretty clear on this – half a billion has been spent, but they expect the other half to go by the end of the month so they will need to re-up.

  • avatar

    Government gives $3,500 or $4,500 vouchers, many to people who do not need a new car, but want one (that’s okay).

    The 14% of the population that actually pays more in taxes than they receive in benefits pay for the program (not okay).

    Dealers and manufacturers, with few exceptions, roll back incentives and rebates when CFC is implemented (not okay).

    Consumers pay as much, if mot more, for that new car, even with the vouchers, than they would had CFC never been implemented (not okay).

    The estimated cost of each trade-in under CFC to the taxpayer is between $24,000 and $43,000, depending on the analysis (not okay).

    Dealers and manufacturers essentially get the full benefit of the vouchers, rather than consumers, at the expense of the taxpayer (not okay).

    Prices of used cars rise as supply shrinks (not okay).

    Salvage yards and recyclers get screwed (not okay).

    Working class and working poor get shafted as there are fewer used cars to choose from at higher prices (not okay).

    More Americans, even if not all who traded in a car, go into deeper debt, at a time when the economy blows, and they should be building a cash cushion (not okay).

    This program is a real POS all around, unless you are a dealership, work at one, or are a automobile manufacturer.

  • avatar

    At $1 billion, we’re not even talking about ‘real money’ yet.

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