Final regulations have been passed for the $1 billion Cash for Clunkers program. Meaning dealers can start collecting money from the government for those junkers starting Monday.
Dealers made a quick scramble Friday to register on-line for the Cash for Clunkers program.
"And it took me about 12 hours to get into the website," says Shawn Harrison, general sales manager for Grand Valley Hyundai. Harrison says the concept that the government would give you money for your old car was a hit right off the bat, "It’s not a gimmick its not a trick."
The program, designed to take older less fuel efficient cars off the road started July 1st. However Monday will be the first day dealerships will be able to collect on those cars, meaning many dealerships held off on the trade waiting for final regulations.
"We have directly sold 12 vehicles from the clunker program this week," says Harrison. $1 billion has been allocated to the Cash for Clunkers program which was supposed to hold dealerships over till November, but Harrison thinks it won't take that long. "I would think that probably within 30 days that money will be gone… it came out caught everyone’s attention its really kinda catchy," says Harrison.
There are only about 250,000 vouchers that dealers can turn in nation wide so this deal could be gone before you know it.