Well, it was good while it lasted. Apparently, the folks in Washington have gotten spooked by the popularity of the program. I posted about the clunker bill a few weeks ago, and though I was not excited about the plan, it has certainly sparked some deals in the car
industry, which needed the boost. So much so, that the auto dealerships have spoken up about the huge backlog that currently exists in the system. Since the Gov allowed the rebates to be retroactive to July 1st, there are thousands of deals that have not been processed. To date, there has been over $96 million in rebates, a total of 22,782 cars. The program was officially launched July 27th, that was last Monday. Seriously? $96 million in less than a week? Since there is such a heavy backlog, Congress called a late meeting today (that’s Thursday the 30th of July) to suspending the cash for clunkers plan. At least for now, cash for clunkers has been crushed.