Car Buyers Race To Beat Tonight’s Cash-for-Clunkers Deadline


cash-for-clunkersThe government’s Cash for Clunkers program is nearly out of gas. More precisely, it’s running out of money – and it will end tonight. Now, drivers are racing to get the last deals. “The pressure was on, so actually we got up, said let’s go before it’s over tomorrow see what we can get,” Whitestone, Queens resident Joe Scibilia said. Scibilia is getting a deal on a Chevy Malibu. He’s trading in his 10-year-old SUV for it, and the older vehicle was eligible for a $4,500 Clunkers rebate.

He’s trading his ten year old SUV in for it… the older vehicle was eligible for a 45-hundred dollar Cash for Clunkers rebate.

Dennis Aberle of Major World Chevrolet is handling the transaction.

“All the last minute shoppers have been coming in,” Aberle said. “Friday, Saturday and Sunday we did about 75 to 85 Clunker deals.”

But time is running out on the rebate program many dealers love – but not unconditionally.

“Of all the transactions that all our dealers have gone through, only 2 percent have actually been funded so far by the federal government,” Mark Schienberg, of the Greater New York Auto Dealers Association, said.

In less than 24 hours, those Cash for Clunkers deals will be a thing of the past.

Now less than a day from ending, dealers are facing mountains of paperwork, and perhaps months of wondering when the rebates will be finalized and when they’ll finally get their money from the government.

{CBS-TV/ Newscenter}