Cash for Clunkers Needs More Funding
By: Mitch Carr
Updated: August 3, 2009
This week, the Senate will vote if the Cash for Clunkers program will hit the end of the road after it outspent it's original $1 billion allowance in less than a week.
Friday, the House voted to pour an additional $2 billion into the program, which allows car owners to receive up to $4,500 in government subsidies if they trade in their old car for a more fuel efficient one.
It began just a week ago, but by friday, dealerships were already being warned that the program was running out of money.
Local dealers say not to worry. Cash for Clunker deals will still be honored. "When a customer signs a contract here, whatever we can or can't do with that contract is our responsibility not theres," said Jimmy Stallings, General Manager of Gene Messer Ford.
"The customer's not going to have to worry about us going back to them and saying we want our car back or we want $3,500," Stallings said.
