Monday, July 20, 2009

Cash for Clunkers

Amazing new program set in place by the government to revamp the automotive industry,

Customers can turn a $500 trade-in car into a $4,500 trade-in by getting up to $4500 from the governments automotive stimulus program the public has called "Cash for Clunkers" - a program that allows consumers with older, less fuel efficient vehicles to trade in their "clunker" for a voucher worth up to $4,500 toward the purchase or lease of a new car with improved gas mileage of between 1 and 10 miles per gallon, depending on the vehicle purchased. The official name is the Car Allowance Rebate System (CARS). Consumers that are not eligible for the government program may be eligible for dealership incentive programs.

5 Easy Steps:

Step 1
Review the Program Guidelines below to check if you qualify and you can also view them at Use MPG calculator to see if your current vehicle qualifies.
Step 2
Submit an inquiry to get pricing information on the vehicle you want to purchase in the form to the left.
Step 3
To get a head start you may want to get pre-approved through one of the many credit applications that are on dealer websites and automotive buying sites.
Warning: make sure they are secured applications with privacy policies and visitor agreements to ensure your information is safe and secure. See Scam Alert on top right.
Step 4
Visit dealership to buy or lease a new vehicle. The dealer handles the submission of all required information to NHTSA. Remember to bring papers showing continuous title, registration and insurance coverage for the past full year in your name.
Step 5
NHTSA will issue a financial credit to the dealer on your behalf 10 days later assuming all program requirements have been met
The NHTSA says, "You are not required to sign up or enroll in this program. Participating new car dealers will apply a credit, reducing the price you pay at the time of your purchase or lease, provided the vehicle meets the program requirements."
To get product and pricing information from a franchised dealer complete the form on the left. Once the dealer receives the process for redeeming the voucher they can contact you.
5 Important Things to Know(according to NHTSA)

1. Your vehicle must be less than 25 years old on the trade-in date
2. Only purchase or lease of new vehicles qualify
3. Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements, 15mpg)
4. Trade-in vehicles must be registered and insured in your name continuously for the full year preceding the trade-in
5. You don't need a voucher, dealers will apply a credit at purchase

Source: - official website of the NHTSA