Here's the figure: $2.878 billion. That's how much money the government owes car dealers for the "Cash for Clunkers" program.
More than $200 million of that is owed to dealers in Illinois and Indiana, so CBS 2's Mai Martinez checked with some of them to see how much money they've collected from Uncle Sam.
Now that the popular program has ended, many dealerships are asking the federal government to "show me the money."
(snippet)
"We had 102 cash for clunkers," Carm Scarpace of Westfield Ford said. "We've been paid for one."
With each Cash for Clunkers deal worth between $3,500 and $4,500, many dealerships are anxiously awaiting their government payday.
Some, like Advantage Chevrolet, which sold cars up until the last minute, have more than half a million dollars on the line.
Greed knows no bounds and the greedy car dealers believed the FED GOV was going to take care of them,,,,,all I can say is SUCKERS YOU BEEN HAD. Welcome to the real world of social government.
ReplyDeleteI agree ! not all, but most car salesmen have been screwing the public for generations, and are about as trust worthy as a snake/politician ! turn about is fair play and long overdue ! that'll teach em to trust the Government ! awww poor car salesmen waahh !
ReplyDeletewelcome to the party ! now I'd like to see some politicians get theirs ! what goes around comes around.
Signed; PrickLeePair
The car dealers should feel right at home. Everything should be rosy in screwville! The bad news is that eventually (could be light years away) the money will be paid, but it may be too late to stop bankruptcy. I have no sympathy for the car dealer crowd. "Let us put you in that car today--what will it take?" "How can we earn your business today?". When you hear things like that, take a good hold of your wallet and run! They are sure you will pay thousands too much for one of their shiny plastic and tin and glass money losers and almost beg them to sell it to you. I personally have three (3) clunkers, and every nut and bolt in them belongs to me, and not some finance company. They have, and will continue, to serve me well. When they will no longer run or serve me, there is always the scrap yard.
ReplyDeleteCash for clunkers was just a way to help the manufacturers move some inventory.
ReplyDeleteI don't think the car dealerships were a prime consideration.
As someone else pointed out, the money will be paid eventually but likely not in time to prevent bankruptcy.
What a perfect government scam. This was a bad idea on so many levels and reminds me of the "toxic assets" term. Instead we sell you a clunker for more than it is worth and in exchange you the consumer take on more debt and bring future consumption forward to make current GDP numbers look better at the expense of future more sustainable consumption. Sound familiar. Isn't that why they kept interest rates ridiculously low. Anyway, much like when people realize it will take at minimum 5-7 months to get your cash from FDIC if a bank collapses. Double or triple that for when these dealerships get there money. As a matter of fact things will head south in a hurry AGAIN and they will say they can't pay it anymore...how convenient. Once you been around long enough and paid attention long enough to see how these guys think. They get pretty predictable.
ReplyDeleteExactly Morpheus> once you see how they operate you can see things coming before there next scam is announced. Sabotage.
ReplyDelete