As of last Friday, August 7, US dealers submitted 245,384 Clunker claims totaling $1,030,000,000. That's an awful lot of government cheese, so to speak. According to data released by the Department of Transportation (DOT), claims were up an amazing 33% in two days since Wednesday, August 5. There's no information on how many of the dealer claims Uncle Sam has approved for reimbursement, but the DOT data does show the average claim per vehicle is for $4,197, meaning most consumers are getting $4500 C4C rebates, as opposed to $3500 ones.
What's notable about the 33% jump from Wednesday to Friday is that there was no guarantee that the Senate would approve an additional $2 billion in C4C funding on Wednesday. So the dealers selling new cars were flying without a net. Luckily, for those same dealers, the Senate approved the extra dollars on Thursday and President Obama signed the extension into law on Friday. Also, the technical glitches that were haunting C4C early on have largely been worked out and the entire process is reportedly flowing more smoothly. Any guesses as to when the new $2 billion is maxed out?
[Source: Automotive News - Sub. Req. | Image Source: Gabriel Bouys/Getty]
What's notable about the 33% jump from Wednesday to Friday is that there was no guarantee that the Senate would approve an additional $2 billion in C4C funding on Wednesday. So the dealers selling new cars were flying without a net. Luckily, for those same dealers, the Senate approved the extra dollars on Thursday and President Obama signed the extension into law on Friday. Also, the technical glitches that were haunting C4C early on have largely been worked out and the entire process is reportedly flowing more smoothly. Any guesses as to when the new $2 billion is maxed out?
[Source: Automotive News - Sub. Req. | Image Source: Gabriel Bouys/Getty]
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