Cash for Clunkers Filing Deadline Extended

Cash for Clunkers is over, but if you squeaked in under the deadline with a late-Monday deal, you can relax about the paperwork.  The government has extended the deadline for dealers to submit applications for vouchers.

The Los Angeles Times reports, "The $3-billion "cash for clunkers" program limped to a close for consumers Monday evening after packing an economic punch for the nation -- and a nightmare of red tape and computer glitches for dealerships that are owed millions of dollars by the government."  Dealers were required to stop completing Cash for Clunkers deals by 8 p.m. Monday.   Many stopped accepting the voucher-driven deals hours earlier, since program rules required them to submit all paperwork for each deal - a time-consuming process - by the same deadline.

Automotive News explains, "The original filing deadline was to be Monday at 8 p.m. EDT. That was postponed Monday afternoon until Tuesday at noon following a computer outage that has not yet ended after about 12 hours."  A second extension was granted late Monday night.  Dealers, unable to access the Department of Transportation's online system for submitting Cash for Clunkers claims, flooded the department with calls about the crash.  DOT spokesperson Jill Zuckerman "didn't specify a particular time for the deadline, and said it depended on how long it would take the government to get the clunkers Web site up so that dealers could file claims."

Program rules require dealers to complete transactions before applying for the government voucher, meaning the dealer is at risk for the value of the voucher if reimbursement is denied. The Dallas Morning News notes, "Under the original plan, those deals that weren't submitted on time would not be repaid, leaving many dealers fearful they would be left on the hook for clunker sales" that were made before the deadline, but not submitted because of the website's failure.

Dealers may also be at risk if, when the final tally is taken, they've submitted claims for more money than Congress allocated for the program.  The Detroit Free Press reports, "With the money in the program running low, Congress would have to approve any amount of claims from dealers over the $3 billion already granted, of which about $100 million will be needed to cover the government's operating costs."

The Cash for Clunkers program has wound down, but if you have any lingering questions, you may find answers on our Cash for Clunkers page. 

Latest Cash for Clunkers News:

08/24/2009 What Did Cash for Clunkers Accomplish?

Now that the government's Cash for Clunkers rebate program is largely over, the debate has begun - did it do any good? Supporters said the program would spur consumer spending to help the economy recover from the current recession, save thousands of jobs in the ailing auto industry, remove hundreds of thousands of heavy-polluting vehicles from America's roads and cut into our demand for foreign oil. But opponents argue that none of those goals were truly accomplished by the $3 billion program. Continue

08/24/2009 Cash for Clunkers -- Just Hours Left

Car dealerships across America faced a wave of last-minute shoppers this weekend, rushing to complete Cash for Clunkers trade-in deals before the government shuts down the popular program this evening at 8 pm. The program offers Americans a voucher worth up to $4,500 toward the purchase of a new car when they turn in an older, less-efficient car. Continue

08/24/2009 Thousands of Dealers Pull Out of Cash for Clunkers Early

The government's wildly successful Cash for Clunkers trade-in program ends in a matter of hours, but if you've waited until the last day to take advantage of the opportunity, you may have a hard time finding a dealer who will take your clunker. Thousands of dealerships pulled out of the program early. Continue

08/21/2009 You Can Still Get Cash for that Clunker

he end of the government's Cash for Clunkers trade-in program, set for Monday night, is dominating the day's news, but despite media reports, it is still possible to complete a Cash for Clunkers-driven deal this weekend.

Not all dealerships will be participating -- many have pulled out of the program. The New York Times notes, "The Greater New York Automobile Dealers Association, which represents dealerships in the New York metro area, said that about half its 425 members had left the program."  Continue

08/20/2009 Breaking News: Cash for Clunkers Will End Monday at 8:00 pm

Hurry up. This is your last chance to trade in the old Explorer for more than it's worth.

The AP reports, "The Obama administration plans to end the popular $3 billion Cash for Clunkers program on Monday at 8 p.m EDT."

The New York Times explains, "Since the Transportation Department finalized the rules for the Car Allowance Rebate System, as it's formally known, consumers have been flooding dealerships to take advantage of the program. The initial funding of $1 billion disappeared after the first week, which led to the Senate approving an additional $2 billion." In recent days, car dealers have begun to warn that even that funding may have run out.

Continue

08/20/2009 Dealer Group Asks Government To End Cash For Clunkers

A trade group representing most of the nation's car dealerships has asked the federal government to end its wildly popular Cash for Clunkers rebate program, worried that the pile of unprocessed rebate applications may be unmanageable for the government agency tasked with processing them.

CNN Money reports, "The National Automobile Dealers Association is urging the federal government to begin shutting down the Cash for Clunkers program immediately.  In a statement released Wednesday evening, NADA said that, given the rapid ...

08/19/2009 Gov't Adding Staff to Speed Up Cash for Clunkers

By most measures, the Cash for Clunkers trade-in program has been a success. So many Americans took advantage of the opportunity to trade in an aging vehicle for up to $4,500 toward a more fuel-efficient car that the program nearly ran out of funding in its first week - pulling hundreds of thousands of gas guzzlers off the road and pouring a shot of adrenaline into the economy. The program hasn't been without snags, however. Many dealers, in fact, say they still haven't received government payments for most of the clunkers they have taken in. Continue

08/17/2009 Cash for Clunkers Catches on Globally  -- Russia Joins Up

Think of it as V8 Perestroika. 

MarketWatch reports, "Russia plans to boost its struggling car industry by adopting a scheme similar to the so-called cash for clunkers program used in the U.S."  Under the program, Moscow will offer discounts of up to 50,000 Rubles (about $1,500) to buyers who trade in a vehicle that is at least ten years old when buying a new vehicle. Continue

08/14/2009  Clunker Vouchers No Longer Limited to Dealer Inventories

In an effort to alleviate dealers' concerns over dwindling inventories and provide consumers with a wider range of cars to choose from, the federal government has agreed to let dealers submit cash-for-clunkers vouchers for vehicles not yet on their lots. Continue

08/13/2009 Government May Allow Clunker Buyers to Take Later Delivery of Cars

The wildly successful Cash for Clunkers program is only in its fourth week -- and in just a month of operation, the government has already had to allocate more funding. Now, automakers may have to add more cars to their lots. And if they can't do it quickly enough, the government is willing to help them out - again. Continue

08/11/2009 Dealers Claimed All Cash for Clunkers Funds Before Feds Added More

The federal government injected $2 billion worth of funding into the Cash for Clunkers trade-in program just in time, it appears. The initial $1 billion worth of funding dried up on the day President Obama signed the extension into law.

Continue

08/10/2009  Cash for Clunkers Slows Donations to Some Charities

The federal government's Cash for Clunkers rebate program seems like an easy win for everyone, right? The program has boosted the economy by spurring new car sales, helped the environment by cutting carbon emissions, and even reduced America's dependence on foreign oil by getting many gas guzzlers off the road in favor of fuel-sipping rides. But not everyone is pleased.

In fact, some charities have taken a hit.

Continue

08/10/09 Report: Cash for CLunkers Benifitting SUV Sales the Most

 The government says that the best-selling vehicles under its new Cash for Clunkers trade-in program have been small cars like the Ford Focusand Toyota Corolla.  A new report, however, disagrees.  The source of the conflict lies in the way the government counts vehicle sales. Continue

08/07/2009 Cash for Clunkers Keeps Running with New Funding

If you're hoping to trade in your clunker this weekend, we have good news for you.

The federal government's wildly popular Cash for Clunkers trade-in program will run at least until Labor Day, officials estimate, thanks to $2 billion in additional funding passed by the Senate last night.

Continue

08/07/2009 Cash for Clunkers Leads to Shortages of Some Models

 Hoping to trade in your clunker for a new Ford Focus this weekend?  Or perhaps a Toyota Prius?  Good luck finding one.  The Cash for Clunkers program has been so successful, automakers are simply running out of some of their most fuel-efficient cars. Continue

08/07/2009 Car Dealers Launch Alternative Cash for Clunkers Program

 The federal government's Cash for Clunkers rebate system has been wildly successful, but the program has certainly left some potential car buyers out.  Car dealers, however, don't want to miss out on those sales.  A group of automotive retailers have launched their own alternative program in an attempt to catch buyers who've slipped through the cracks of the governments' rebate plan. Continue

08/06/2009 Senate to Refuel Cash for Clunkers with $2 Billion More

The federal government's Cash for Clunkers trade-in program is expected to receive a major funding boost today, after it blew through most of its initial $1 billion budget in just over a week.  Continue

08/06/2009 Toyota Corolla Overtakes Ford Focus as Top Cash for Clunkers Buy

 

The Ford Focus didn't last long as king of the hill.  Reuters reports, "Sales under the U.S. government's ‘cash for clunkers' auto incentive topped 180,000 with Toyota Motor Corp overtaking Ford Motor Co with the top-selling vehicle, officials said Wednesday."

Continue

08/06/2009 Cash for  . . .Um . . .Camaros?

Most Americans who've traded in a gas guzzler under the federal government's Cash for Clunkers rebate program have purchased a new small or midsize car.  But that isn't necessary.  It is possible, Kicking Tires reports, to "trade in a clunker for a mean machine. Well, maybe not a top-of-the-line mean machine, but many fun-to-drive cars qualify, including the base version of the new Camaro."  Continue

08/05/2009 $2 Billion More for Cash for Clunkers Likely to Pass Senate

Republican opposition to a proposal to add $2 billion in funding to the federal government's wildly popular Cash for Clunkers trade-in program seems to be softening. Many analysts now expect the additional funding to pass before the Senate leaves Washington for its annual summer recess this Friday.
 Continue

08/04/2009 White House: Cash for Clunkers Will Operate Through Friday

The federal government's Cash for Clunkers rebate program is still in operation this morning, but the program's future is in doubt.

An announcement posted this morning to the front page of Cars.gov, the government website administering the program, reads simply "The CAR Allowance Rebate System (CARS) is still operating. Consumers can still take advantage of the government program and receive a $3,500 or $4,500 discount for their trade-in vehicle when purchasing or leasing a new ...

08/04/2009 July Auto Sales Surge on Cash for Clunkers

Several major automakers saw a sales increase in July, when compared to figures from one year ago. For most, that marks the first sales boost they've seen since late 2007. The government's Cash for Clunkers trade-in program is winning most of the credit for the surge. Continue

08/04/2009 Top Cash for Clunkers Trade-Ins and New Cars

America has a lot fewer functioning Ford Explorers these days.

The number one vehicle destroyed under the Cash for Clunkers program, the Transportation Department says, was the Ford Explorer (1998 edition). Number two, the Ford Explorer (1997). Number Three...you guessed it. The '96 model. Continue

08/03/2009 Cash for Clunkers Will End Tuesday Unless Senate Acts

Have a clunker you're looking to trade in? Do it today. You may not have an opportunity tomorrow.

The Wall Street Journal reports, "Transportation Secretary Ray LaHood said Sunday that unless the Senate approves $2 billion in additional funding, the Obama administration could be forced to halt as early as Tuesday the ‘cash for clunkers' program that has become one of the most visible and fast-acting of the government's economic-stimulus programs." Continue

07/31/2009 Breaking:  House Passes $2 Billion Cash for Clunkers Extension; Program Alive Through Weekend

The federal government's Cash for Clunkers program will live on through the weekend, White House officials told reporters today.  The House of Representatives, meanwhile, passed a measure to add an additional $2 billion to the program, before members adjourn this afternoon for an August recess.  The Senate is expected to take up the measure early next week, where its fate is uncertain.

White House Press Secretary Robert Gibbs told reporters, "If you were planning on going to buy a ...

07/31/2009 Breaking: Cash for Clunkers Will Run Through Weekend; Congress Works to Add Funds

"If you were planning on going to buy a car this weekend using [the federal 'cash for clunkers'] program, the program continues to run," White House Press Secretary Robert Gibbs told reporters this morning, according to the New York Times.  "If you meet the requirements of the program, the certificates will be honored." 

The government's Cash for Clunkers rebate program has not been suspended, administration officials insist, despite media reports to the contrary.  Congress is considering additional funding

07/31/2009 U.S. Out of Cash for Clunkers; Program Not Suspended, But Dealers Uncertain

Well, that was fast.  Uncle Sam is out of cash for clunkers. 

The New York Times reports, "New-car shoppers appear to have already snapped up all the $1 billion that Congress appropriated for the 'cash for clunkers' program, leading the Transportation Department to tell auto dealers Thursday night to stop offering the rebates."  White House Press Secretary Robert Gibbs, however, says the program has not been formally suspended.  In a late Thursday statement, Gibbs told reporters, "We are working tonight ...

07/30/2009 Clunker Cash is Going Fast

On day one of Cash for Clunkers, 4,000 old cars poured in. Then, the pace really started to pick up.

The Detroit News reports, "More than 10 percent of money in the $1 billion "Cash for Clunkers" pot was claimed in the first days of the incentive program. The National Highway Traffic Safety Administration said that, as of Wednesday afternoon, dealers had submitted requests for reimbursement for vouchers of up to $4,500 on 22,782 vehicles, for a ...

07/30/2009 What Clunkers Are We Trading In?

So, Uncle Sam is buying back our junkiest cars. What are we selling him?

For the most part, we're trading our SUVs in for cars. The Houston Chronicle reports, "More than 70 percent of the clunkers are SUVs, and 84 percent of the new vehicles are passenger cars." That means the program is helping to meet some of its goals, such as cutting into our oil consumption. "Early statistics provided by CARS show that the average clunker trade-in gets 17 miles per gallon and the average new vehicle gets 25."

Continue

07/29/09 Cash for Clunkers Junked 4,000 Cars on First Day

 As Uncle Sam sees it, the point of the Cash for Clunkers rebate system wasn't to get you into a better set of wheels. It was to jump start the flagging auto industry and pull old, polluting gas guzzlers off the road. And it's working.  Continue

07/28/09  EPA Mileage Changes Wreck Some Cash for Clunkers Deals

 Planning to turn in your clunker for a government voucher? Double check the Environmental Protection Agency's mileage numbers before you leave the house. If your old car was eligible last week, it might not be eligible today. Continue

07/27/09 Cash for Clunkers Kicks Off Today

The Cash for Clunkers program is finally here.  The New York Times reports, "After all the talk, debate and anticipation, the Car Allowance Rebate System (C.A.R.S.), better known as ‘cash for clunkers,' finally kicks off with a press conference this morning by the transportation secretary, Ray LaHood."  The program will offer Americans up to $4,500 toward the purchase of a new, more fuel-efficient car when they trade in an older, less fuel-efficient car. Continue

07/27/09  Don't Get Screwed by Cash for Clunkers

Dozens of media reports this morning tout the benefits of the so-called Cash for Clunkers program kicking off this morning - but a few offer important cautions.

The Houston Chronicle warns, "The only way the CARS cash incentive makes good financial sense is if you can afford to buy a new car... Taking on new debt in this economy is not a decision to take lightly, no matter how much money will be knocked off the purchase price to get you in a car today." Continue

07/27/09 Mazda, Toyota Add Cash for Clunkers Incentives

The federal Car Allowance Rebate System (CARS), also known as Cash for Clunkers, officially kicks off with a media event at the headquarters of the Department of Transportation today - and at car dealerships across the country, many of which have already started accepting old cars.  Toyota and Mazda dealers will now greet the event with new incentives. Continue

07/24/09 Breaking News: Cash for Clunkers Launched Postponed by Computer Crash 

The federal government's much-hyped Car Allowance Rebate System, which will give Americans up to $4,500 toward the purchase of a new, more fuel-efficient car when they turn in an older, less-efficient car for destruction, has been delayed. Planned for launch today, the program will now officially kick off Monday morning. Continue

07/24/09  Cash for Clunkers Officially Launches Amid Hopes, Doubts

Update:  The program's launch has been delayed until Monday, July 27, apparently due to a problem with the computer system used to register dealerships to participate.

It's official. The federal government is now buying back gas guzzlers and sending them to the crusher.

ABC News reports, "Americans will get a new incentive to trade-in their gas-guzzling cars today when a government rebate program that offers cash vouchers to people who trade in their cars for new fuel-efficient vehicles ...

0/7/24/2009 BMW Will Match Cash for Clunkers Rebate on New Diesels

Now, the cash-for-clunkers deals get interesting.

The program, which offers Americans up to $4,500 toward the purchase of a new car when buyers trade in an older, less-efficient car to be scrapped, officially launches today. Automakers have begun to announce a number of promotions tied to the program. Continue

07/23/2009 Make the Most of Cash for Clunkers

Cash for Clunkers kicks off tomorrow, and anticipation is high that the program will help jump start the lagging auto industry.  But, on the eve of the program's implementation, some are warning that consumers who want to take advantage of it need to have a game plan.

Bloomberg explains, "President Barack Obama's "cash-for-clunkers" program expected to begin July 24 to jump-start new-car sales may depend as much on consumers' negotiating skills as meeting the rules to qualify for a rebate."  Continue

07/22/2009 Chrysler Offers to Double Cash for Clunkers Rebate

Friday morning, your 1987 Ford Windstar could be worth $4,500 toward the purchase of a new, more fuel-efficient car.  Or $9,000, if your new car is built by Chrysler.

The federal government's Car Allowance Rebate System (CARS), the so-called ‘Cash for Clunkers' program, launches Friday.  Chrysler is marking the occasion with a new incentive tied to the program.  The AP explains, "Chrysler says it will match the $4,500 government incentive for people to trade in their old gas guzzlers for new vehicles under the ‘cash for clunkers' program. The automaker announced Wednesday that it will offer up to $4,500 cash or zero percent financing for six years on most of its 2009 Chrysler, Dodge or Jeep models." Continue.

07/20/2009 Cash for Clunkers Anticipation Grows

The official Cash for Clunkers start date isn't until July 24, but already the program is generating some movement in auto sales.

The New York Times reports that Hyundai, which started giving the trade-in rebate early, says the program "is driving 10 percent of the company's new car sales." Also, according to the Times, "Mr. Zuchowski also cited Hyundai survey data from late May, which indicated that 38 percent of potential car buyers knew about the C.A.R.S. program and 11 percent were delaying purchases and waiting for the program to go into effect." Continue.

 07/13/2009 Early Cash for Clunkers Gamble Paying Off for Hyundai

Hyundai will take your Cash for Clunkers trade-in early.  The official Car Allowance Rebate System (CARS) program, which pays Americans up to $4,500 toward the purchase of a new car when they turn in an older, less-efficient car for destruction, won't launch until July 23.  But Hyundai dealers began accepting trade-ins for destruction last week, using loans from Hyundai itself to provide the rebates and planning to process the cars on the first day the government begins accepting them. Continue

07/10/2009 Cash for Clunkers Extension Sought

The government's cash for clunkers program hasn't even officially begun, and some are already calling for an extension of the program. Left Lane News reports, "lawmakers on Capitol Hill are said to be mulling an extension for the scrappage program. Congress could revisit the incentive program as soon as this fall."  Continue

07/06/2009 Hyundai is Fist to Accept Cash for Clunkers Trade Ins

The federal government's Car Allowance Rebate System (CARS), known as the "Cash for Clunkers" program, officially begins in about three weeks. The program gives Americans a voucher worth up to $4,500 toward the purchase of a new car when they turn in an older, less-efficient car. It launches July 23 -- unless you're buying a Hyundai. In that case, it's already started. Continue

07/02/2009 GM Announces 72-Hour Sale, Cash for Clunkers Promotion

General Motors has announced a new "72 Hour Sale" that began yesterday and ends on July 6, offering 0 percent interest for up to 72 months on select models.  (Apparently the company is in bankruptcy due to poor math skills.  Even we know there are more than 72 hours in six days, and we're editors - we failed math).  Continue

07/01/2009 Cash for Clunkers Starts July 23

You have three weeks to get the Monte Carlo running, at least well enough to drive it to a dealership.  The "Cash for Clunkers" program, which will pay consumers a rebate of up to $4,500 toward the purchase of a new car when they turn in an older, less efficient car, is about to begin. Continue

06/26/2009 Ford Tries to Cash in on Cash for Clunkers

Do you need a new car? Do you have an old car to part with? Are you confused about how to participate in the "Cash for Clunkers" program you've heard so much about? Ford Motor Company would like to talk to you. Continue

06/25/09 Beware of "Cash for Clunkers" Scams

President Obama signed the cash for clunkers bill into law less than 24 hours ago, and already scams have started popping up.

CNNMoney reports, "Some purported 'Cash for Clunkers' Web sites are asking consumers to provide personal information, including names, addresses and social security numbers, so they can ˜register' for the program, said Patricia Swift-Oladeinde, a spokeswoman for the National Highway Traffic Safety Administration (NHTSA), the government agency assigned to administer the program. "

Luckily for consumers, the National Highway Transportation ...

Continue

06/25/09  Obama Signs "Cash for Clunkers" into Law

President Obama has signed the controversial "Cash for Clunkers" bill into law.  The provision, the AP notes, was attached to "a measure keeping the wars in Iraq and Afghanistan from running out of money." 

Continue.

06/25/09 "Cash for Clunkers" Worries Charity Groups 

Turn in your old gas-guzzler, and the government will help you buy a more efficient car.  That's the idea behind the "cash for clunkers" bill that President Obama signed yesterday.  The government cuts pollution by taking emissions-belching cars off the road, we cut our nationwide intake of foreign oil, help revive the struggling auto industry - and you get a new car in the process.  Sounds like a win for everyone, right?

Not everyone.  Continue

06/24/09 Poll: Most Americans Oppose "Cash for Clunkers"

Apparently, we don't want to part with our Oldsmobile Auroras.

Autoblog reports, "According to a new survey by Rasmussen Reports, a majority of U.S. citizens aren't in favor of the plan. According to the telephone survey, fully 54% of those queried are against the measure, while 35% are in favor and 12% aren't sure how they feel about it." Continue

06/19/09 Senate Passes "Cash for Clunkers" Bill

The U.S. Senate has passed a proposal to give Americans a voucher, worth up to $4,500 toward the purchase of a new car when they trade in an older, less fuel-efficient model. The measure has already passed the House of Representatives and has the support of President Obama, so it is expected to become law this summer. Continue

06/17/09    House Passes "Cash for Clunkers" Deal With Less Funding

 

The House of Representatives has passed a version of the "Cash for Clunkers" bill, but one that lacks much of the funding the bill's authors had envisioned.  The watered-down bill now heads to the Senate. continue

06/16/09 Cash for Clunkers Could Pass this Week

It appears that passage of the Cash for Clunkers Bill could happen this week.

Fox News reports, "After bailing out banks and brokers, Congress is ready to pass out another billion dollars to those Americans who are still driving their old gas guzzlers."  Continue

06/15/09  House, Senate Agree on Cash for Clunkers

The Detroit News reports that House and Senate negotiators have "reached agreement...on a $106 billion wartime spending bill that includes $1 billion for a "cash for clunkers" program to boost auto sales."  The proposal would provide Americans with a voucher worth up to $4,500 towards a new car when they turn in an older, less fuel-efficient car, which would be destroyed. Continue

06/10/09 "Cash for Clunkers" Bill Passes House

The House of Representatives has passed a bill that would provide car shoppers with a cash voucher for trading in an old car with poor fuel economy when purchasing a new, more efficient car.  A similar bill has been proposed pass the Senate, and has the support of President Barack Obama.  Continue

 06/04/09 Cash for Clunkers Bill Could Reach Vote Today 

The U.S. Senate is preparing to vote on the "cash for clunkers" bill at last. Motor Trend reports, "A vote could come today on proposed ‘cash for clunkers' legislation that would give new car buyers up to $4500 to trade in vehicles with lesser mpg ratings for new vehicles that are more fuel efficient."  Continue

05/06/09 Congress Reaches Deal on "Cash for Clunkers"

Hold onto your old beater just a little longer, and your Uncle Sam may make you an offer on it.

Reuters reports, "President Barack Obama and Democratic lawmakers reached agreement on Tuesday on a legislative proposal designed to stimulate U.S. auto sales, which have fallen to near 30-year lows.   Continue

04/27/09 "Cash for Clunkers" Deal Gets Closer 

There's good news for those of you still wondering what to do with the '85 Ford Bronco parked next to the driveway. The Detroit News reports," Congressional sponsors of two competing bills to offer cash vouchers to retire older vehicles and spur auto sales said Thursday they are nearing agreement on a compromise." Congress is considering "two sharply differing competing proposal...to offer cash vouchers of up to $5,000" to those who trade in an older car on a newer, lower-emissions model. Continue

04/02/09 "Cash For Clunkers" -- How Europe is Boosting Car Sales

While the U.S. saw a 37 percent decline in auto sales last month, AFP reports, "German auto sales shot up 40 percent in March compared with the same month in 2008 in what analysts on Thursday called a "shopping frenzy" that will lighten the recession in Europe's top economy." The boost, the German VDA Automobile Federation says, "was due to a government bonus for scrapping old cars for newer, greener models as well as a larger number of business days this year." In a research note analyzing the German sales surge, the Italian banking group Unicredit said, "Something has started which had not occurred for a long time in Germany: a shopping frenzy ... Applications for the car-scrapping premium literally skyrocketed, exceeding one million." They cautioned, however, that "this did not mean an end to recession."  Continue

03/18/09 Report: Cash for Clunkers Bill Returns

We hope you haven't sold the Cutlass Supreme to the junk man just yet. 

The Detroit News reports, "An Ohio congresswoman has proposed a wide-ranging program to give consumers up to a $5,000 cash voucher to buy new, more fuel-efficient vehicles.  Rep. Betty Sutton (D-Ohio) proposes giving consumers vouchers in exchange for turning in vehicles at least eight years old, dubbed the Consumer Assistan