Clunkers Program Yields 690,114 Deals for $2.88 Billion

WASHINGTON -- Dealers submitted a total of 690,114 cash-for-clunkers deals for $2.88 billion in rebates by last night's 8 p.m. deadline, coming in under the $3 billion budget for the popular program, the U.S. Transportation Department said today. The potential cost of the four-week program precludes for now the need for the Obama administration to ask Congress for more money. But the figures do not include dealer reapplications that might be submitted after deadline, Transportation spokeswoman Jill Zuckman said. “We gave you the total figure of applications submitted, period,” she said in an e-mail to Automotive News. Transportation Secretary Ray LaHood said last week that rejected filings could be resubmitted after the claims deadline. The National Automobile Dealers Association has estimated that the rejection rate was as high as 80 percent at one time, though department officials later said that rate had been “dramatically” reduced. Transportation plans to add to the public and private staff that already includes 2,000 employees who are processing dealer applications for rebates, the statement said.
Source: Automotive News