Has the "Cash for Clunkers" program been suspended? Cancelled? Is it already out of money, or just backlogged so much that the feds don't know how much money they have to send out, or to whom?
“I’m waiting for the government to reimburse me for over $80,000,” Barry Magnus, general manager of DCH Paramus Honda, in Paramus, N.J., told us. He has completed deals on about two dozen cars, advancing his customers the rebates of between $3,500 and $4,500 each while he waits for the government to repay him.So has the program been suspended or has it been ended due to exhaustion of funds? No one knows, even the people running the program. Says the Times writer,
In an unexpected move, the government halted the program, saying it proved so popular with the public that it ran out of money in just four days of official operation. The White House later told us and others on background that the program had not been suspended, but hastened to add that all deals in the hopper before midnight Thursday would be honored — making it sound as if it had been suspended.My take:
- the CARS agency was unprepared for the number of applications it would receive.
- It was neither staffed, equipped nor trained to handle the workload.
- While CARS probably knows how much money it has actually mailed out ("probably" know, I said) it has no idea how much money is tied up in unprocessed applications