Cash For Clunkers Stays Alive: Gets additional $2 billion in relief

After the speculation of fast approaching end to Cash for Clunkers, the House has passed legislation to inject another $2 billion into “Cash for Clunkers”. First it was the administration reporting that the $1 billion initially allocated for Cash for Clunkers, was quickly running out. The bill is slated to go to the Senate next week.

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Cash for Clunkers Suspended Indefinitely: $1 billion Already Gone

White House officials and lawmakers were studying late Thursday how to keep alive the government’s cash-for-clunkers incentive program because of concerns the program’s $1 billion budget may have been exhausted after just one week. Read more

Cash For Clunkers: The Official Rules

After you turn your car in, all the valuable parts will be sold off except the engine, which will be destroyed so it doesn’t end up in an old Volvo. The only major change from the previous summaries of the bill is the removal of a “voucher” system for getting a new vehicle. There are no vouchers. You’ll instead get a credit for the car, just like with any other discount. Read more