Quote:
WASHINGTON (AP) -- The White House said Thursday it was reviewing what has turned out to be a wildly popular "cash for clunkers" program amid concerns the $1 billion budget for rebates for new auto purchases may have been exhausted in only a week.
Through late Wednesday, 22,782 vehicles had been purchased through the program and nearly $96 million had been spent. But dealers raised concerns about large backlogs in the processing of the deals in the government system, prompting talk of a possible suspension.
A survey of 2,000 dealers by the National Automobile Dealers Association found about 25,000 deals had not yet been approved by NHTSA, or nearly 13 trades per store. It raised concerns that with about 23,000 dealers taking part in the program, auto dealers may already have surpassed the 250,000 vehicle sales funded by the $1 billion program.
"There's a significant backlog of 'cash for clunkers' deals that make us question how much funding is still available in the program," said Bailey Wood, a spokesman for the dealers association.
End quote.
Welcome to Government Run Auto/Financial industry.
And get used to it. This will happen with "Health" Care too. Just insert "doctor's visit" in for "Clunkers for Cash" and you'll get the picture.
Guess where the money's coming from to fund these dealerships? YOU. And the government doesn't have enough to go around. So its getting more. Maybe. But it can't last long.
HELLO?
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