Cash for Clunkers Details | Cash for Clunkers Rulers
Cash for Clunkers Details - Yesterday, the US Senate passed the cash for Clunkers Program aimed to stabilize the Us car market. Now people are getting more interested in the Cash for clunkers rules and details, as it has been found out that there are incentives of up to $4500 for the purchase of a new car.
Here are more details:
H.R. 2751 would establish a new $4 billion program for the Secretary of Transportation to provide vouchers to offset the purchase or lease of a new vehicle upon the trade-in of a less fuel-efficient used vehicle. The program, known as the “Cash for Clunkers Temporary Vehicle Trade-in Program,” would be established within the National Highway Traffic Safety Administration.
Voucher Program: The bill would establish a program to issue electronic vouchers between $3,500 and $4,500 to offset the purchase of a new vehicle upon the trade-in of a vehicle with less fuel efficiency. H.R. 2751 would require the Secretary to register dealers into the program and require all registered dealers to accept vouchers as a partial payment or down payment for the purchase of a qualifying automobile. The dealer would also be required to transfer each eligible trade-in to an entity for disposal. The Secretary would then make an electronic payment to the dealers.
Voucher Qualifications: Under the legislation, vouchers would be issued at a value of $3,500 or $4,500, based on the fuel-efficiency of the new automobile as compared to the trade-in.
You can read the whole Cash for Clunkers details at GOP.gov.
Tags: cash for clunkers, Economy