Is the rumor true? Has the United States Government suspended the "Cash for Clunkers" incentive buy back program indefinitely due to flood of sales trades from American auto dealerships? According to the Detroit Free Press, an organization firmly entrenched in the war zone of the American auto industry and on top of all the latest US auto market news, it's true. Confused from reading conflicting reports? Me, too. OBAMA NATION OOPS! CASH FOR CLUNKERS MEETS EARLY END DUE TO HUGE UNEXPECTED RESPONSE [See what all that online marketing will do to you?] Here's the breaking headline news that the free $4500 cash for car ride program may have met its quick demise and end in the Obama nation:
WASHINGTON – The U.S. government is suspending the popular cash-for-clunkers program after dealers warned that all of the $950 million set aside for the plan could be claimed in a few days.
A congressional official speaking on condition of anonymity said Obama administration officials were alerting Congress to the move this evening.
The plan offering owners of old cars and trucks $3,500 or $4,500 toward a new, more efficient vehicle has proven wildly popular, with 22,782 trades certified by federal officials since Monday. But the National Highway Traffic Safety Administration told dealers Wednesday that a “vast majority” of transactions submitted were being rejected for incomplete or illegible paperwork.
A survey of 2,000 dealers by the National Automobile Dealers Association, the results of which were obtained by the Free Press, found about 25,000 deals not yet approved by NHTSA, or about 13 trades per store. With 23,005 dealers asking to be part of the program, auto dealers may have already arranged the sale of more than the 250,000 vehicles that federal officials expected the plan to generate.
click link for more: http://www.freep.com/article/20090730/BUSINESS01/90730081/Government-suspending-cash-for-clunkers-plan
Do you believe it or not -- and if so, why?
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