Cash Tight As Clunkers-Dealer Deadline Extended Again
Last night, the Cash for Clunkers program officially ended at 8 p.m. EST. However, the Department of Transportation has extended the deadline for dealers to file paperwork a second time; they have until 8 p.m. EST tonight to get their forms in order.
As of this morning, the government said that 665,000 deals — totaling $2.77 billion — had been registered. After the $100 million set aside for administrative costs that leaves only $130 million in the pot for the backlog of orders. That’s roughly 32,500 more vehicles at an average of $4,000 per clunker credit.
Leading up to this weekend, the average number of sales in a day hovered in the 20,000 range, but an onslaught of last-minute shoppers might mean there could be more deals than money.
Clunker paperwork deadline extended again (Detroit Free Press)