Cash-for-Clunkers is leading to piles of problems for car dealers.
The National Automobile Dealers Association, a nationwide trade group, wants the federal government to put Cash-for-Clunkers out of its misery immediately.
NADA surveyed nearly 800 dealers and the results may be the Obama administration’s worst nightmare:
- 97% of dealers who responded, say the government is not reimbursing fast enough
- 13% of dealers have dropped out the program because the government is not reimbursing fast enough and overall concern payment problems
- 87% percent of dealers are concerned the money will be exhausted
- 3% of CARS program deals have been reimbursed
- 66% of dealers have not received one payment from the government
- 25% of dealers are experiencing servere cash flow problems that require short-term loans to fix
- 11% of submitted applications have been approved (though dealers still are waiting for the money)
- 16% of submitted applications have been rejected
- 55% of dealers are not confident they will get reimbursed for every deal
- 40% do not want the program to continue, even if changes are made to the CARS program
Hell, times are tough. It’s time for the President to improvise. Let’s consolidate two less than successful Obama programs and turn the out-of-business car dealerships into death counseling centers.
Two birds, one stone.
Source: CarDealerReviews.org
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{ 4 comments… read them below or add one }
I have yet to hear even one hard core Conservative deplore the fact that MY tax dollars (in theory only, since Obama is merely printing money and my tax dollars have long ago been given to Acorn) are helping my marxist neighbors buy their new 3rd generation Prius or some other ‘green’ machine! They have NO right to MY money to buy themselves a car. Sheesh!
You forgot to mention that this post turtle program cost about $6,000.00 for each $4,500.00 clunker.
They can’t even run something simple like this, but they are convinced that they can run health care.
Hopefully, the one has overreached so much that the democrats will go down in flames next year.
“The top-selling car under the program is the Toyota Corolla, followed by the Honda Civic, Ford Focus, Toyota Camry and Toyota Prius. The top vehicles being traded in are the Ford Explorer 4WD, Ford F-150 2WD, Jeep Grand Cherokee, Jeep Cherokee and Ford Explorer 2WD.” http://bit.ly/VqKau
Yea, trade your American car for a foreign car. That’s patriotic!
Watch a beautiful Vette destroyed for the C4C program. Its actually quite sad.
http://www.youtube.com/watch?v=fRc2fIq-5Q8