📰 Auto News Cash For Clunkers - Out of money already?

[Oreif]

The Cash for Clunkers appears to be out of money already.
http://www.foxnews.com/politics/200...government-set-suspend-cash-clunkers-program/

WASHINGTON - The White House said Thursday it was reviewing what has turned out to be a wildly popular "cash for clunkers" program amid concerns the $1 billion budget for rebates for new auto purchases may have been exhausted in only a week.

Guess the automobile manufacturers and the auto insurance companies sales/profits will drop again.

So they've went thru $1billion dollars?!?!
At $4500 per car (at the most) that means they have sold at least 222,222 new cars already??? In one week??? I guess there is a huge line of vehicles on trucks waiting outside salvage yards. I mean 222,222 clunkers need to be crushed, right?

Wished I worked for an auto insurance company. Can you imagine the profits made on insuring 222,222 new cars in one week? Wonder how many of the clunkers originally had just liability? Now all those folks are paying full coverage on a new vehicle.

Let's see,
Enact a program that is paid for by the working tax payers.
Brain wash them into trading their older running car in so now the working taxpayer has a car payment and higher auto insurance premiums.
Increase profits/sales for automobile manufacturers, dealers, and insurance companies.

Wonder what stocks of the government officials have put their personal money into?

Click to read more...

 

[Poopshinanigans]

lol

 

[Eagle]

Yep, it was on the today show this morning that the program has been froze until they can determine the state of the funding, if dealers have enough inventory to support the demand, and whether or not Obama wants to pony up more funding.

Gotta love good ol uncle sam!

 

[skeezer]

My tax dollars so people can trade in their Delta 88's for new Escalades.

Then they can use their Link cards to get some 26's on it.

 

[Yaj Yak]

lmao @ link cards

 

[PANDA]

When I worked at Jewel people would come in with link cards, buy a bunch of garbage. Then buy alcohol and pay with $100 bills. After that would gather the 5 kids and hop in the escalade on 26's and drive away.

 

[Bru]

There are conflicting reports this morning, but it looks like there are 200,000 backlogged pending claims. That's what AutoNews is reporting, though. Guess the Govt saw this and then freaked out a little

But the program is still active, according to the White House.

 

[EmersonHart13]

When I worked at Jewel people would come in with link cards, buy a bunch of garbage. Then buy alcohol and pay with $100 bills. After that would gather the 5 kids and hop in the escalade on 26's and drive away.

This is exactly why I hate going grocery shopping... Don't forget their nice leather jackets and brand new expensive cell phone!

 

[Primalzer]

Yeah when I used to work at Osco people used to come in and buy alcohol with their stamps (twas before link cards apparently), I really didn't think they could use them to buy alcohol, but they must've tricked our register people (they weren't the smartest to begin with)

 

[James]

The Cash for Clunkers appears to be out of money already. Blah blah blah, one billion dollars.

You're bitching like that over a measly one billion?!? Been under a rock the last year? Talk about dense.

 

[sickmint79]

it was sized poorly to begin with, i think germany's was larger. not that i think the idea is anything but retarded. during a crisis of too much debt we are encouraging people to go further into it. the gov doesn't have this money anyway and is borrowing it from your future revenue and your kids future revenue and china to pay for it. and then they have the gall to tell you that it's GREEN because the new car gets 4 mpg better. unless you're an idiot the obvious goal is to clear the over-supply in dealer inventory. to believe it's green you'd have to ignore the environmental impact of actually producing a whole new car and the environmental and economic stupidity of destroying the old working car.

 

[Oreif]

You're bitching like that over a measly one billion?!? Been under a rock the last year? Talk about dense.

Who's bitching?

You really can't understand when someone is being facetious?
I am making fun of it not bitching about it.
Come on, It's so obvious that if they have 200,000 backlogged claims that there is fraud going on. It's like any government program like the Links cards.
Many will find a way to scam the money.

Geez, I really think you need to up the voltage on your shock therapy or at least increase the dosage of your meds. :nuts:

 

[gtolord]

My tax dollars so people can trade in their Delta 88's for new Escalades.

Then they can use their Link cards to get some 26's on it.

ROTFL


Hey Link has been good to me.

 

[James]

The final details of the law/program went released last Friday.
But eligible transactions are allowed back to July 1st....hence backlog hence processing.
Cars.gov mmmkay

And since the program works so well, Obama just threw in another two billion.
Government Motors should see some nice action out of this...cough, I mean GM.
We own 60% of it so maybe we should care.

 

[sickmint79]

i've found that free money usually works pretty well james.

somehow i don't feel like taking taxpayer money to subsidize a failing business and then using more taxpayer money to buy its products is going to really give me a great return on investment.

 

[L36 SS]

When I worked at Jewel people would come in with link cards, buy a bunch of garbage. Then buy alcohol and pay with $100 bills. After that would gather the 5 kids and hop in the escalade on 26's and drive away.

Yep that's the same way it is today.

 

[blakbearddelite]

I just read that they freed up another $2bil for this program.

 

[Mook]

usa! usa!

 

[Eagle]

I just read that they freed up another $2bil for this program.

usa! usa!

http://www.politico.com/news/stories/0709/25662.html

Congress is moving quickly to save the depleted cash-for-clunkers program, as the House passed a $2 billion spending measure Friday afternoon that would keep alive a program that has encouraged American car owners to trade in their old gas guzzlers for more fuel efficient vehicles.

Read more: http://www.politico.com/news/stories/0709/25662.html#ixzz0MsBIAaQF

 

[sickmint79]

for fun, and because i am a nerd, and am surprised no one else seems to have done it, i ran some interesting numbers quantifying the retardedness of this program, which i will post tonight or tomorrow.

 

[bikrboy128]

go obama go! another billion!

 

[Aircal]

The final details of the law/program went released last Friday.
But eligible transactions are allowed back to July 1st....hence backlog hence processing.
Cars.gov mmmkay

And since the program works so well, Obama just threw in another two billion.
Government Motors should see some nice action out of this...cough, I mean GM.
We own 60% of it so maybe we should care.

So far word is that the Jap cars are the ones being bought in huge numbers compared to the 3 US companys.

 

[James]

for fun, and because i am a nerd, and am surprised no one else seems to have done it, i ran some interesting numbers quantifying the retardedness of this program, which i will post tonight or tomorrow.

Oh yeah, how about you do some research on the German system of Cash for Clunkers, how it's a failure, and how the U.S. system was put in place having learned from their mistakes. But of course you just have a one track mind, aren't informed, and don't think big picture.

Carry on, lol.

 

[James]

So far word is that the Jap cars are the ones being bought in huge numbers compared to the 3 US companys.

Because they're better. You think GM going bankrupt happened overnight or because they made good cars? Who would be stupid enough to buy American?

And if you want the $4,500 rebate more than the $3,500 rebate then the only way is to buy a more fuel efficient vehicle....let's get real, domestics don't have that many offerings.

 

[Aircal]

Because they're better. You think GM going bankrupt happened overnight or because they made good cars? Who would be stupid enough to buy American?

And if you want the $4,500 rebate more than the $3,500 rebate then the only way is to buy a more fuel efficient vehicle....let's get real, domestics don't have that many offerings.

So whos economy are we helping then?