Skip to comments.Car dealers steamed about slow pay on Cash for Clunkers
Posted on 08/19/2009 6:44:17 PM PDT by george76
U.S. Transportation Secretary Ray LaHood assured car dealers Wednesday that they will be reimbursed for the money they have fronted to customers buying vehicles under the Cash for Clunkers program.
LaHood was responding to complaints over a backlog of rebate payments. Dealers must cover customer rebates out of pocket and wait for reimbursement from the federal government. Some have said their reimbursement requests have not been approved, leading to a cash crunch. Thats key because dealers typically borrow money to put new cars on their lots and must repay lenders within a few days of a sale.
I know dealers are frustrated. Theyre going to get their money, LaHood told reporters in Washington, D.C.
In Tulsa, dealership owner Henry Primeaux said he has yet to receive a single refund from the Department of Transportation on $450,000 worth of rebates his company has submitted.
Were going to run out of money pretty fast, said Primeaux, owner of Primeaux Kia. Thats a lot of money out of our pocket.
(Excerpt) Read more at tulsaworld.com ...
THINK of the mess if the Fed.gov tries to implement a gun “buyback” program! LOL.
If they offered me $4500 for my old .45, I would sell it to them in a minute!
C4C is a quagmire.
(see my tagline!)
I just know they would gain market share!
I don't understand this lack of connection with the consumer. At first Ford did not take money from the government and they blew that opportunity to drum up customers.
Now they take part in this bull.