The original one billion dollars was supposed to originally last until October 1st. Obviously it didn't make it an entire week. More people wanted to get the subsidy than the government predicted. Even the additional $2 billion didn't last until September as promised. On the other side is the problems that the government is failing miserably
at getting the money it should to car dealers.
Through early Tuesday, dealers had submitted 665,000 vouchers totaling $2.77 billion. Many dealerships have worked overnight in recent days to submit each trade-in vehicle's 13-page reimbursement application, including the title, proof of registration and proof of insurance.
Chuck Eddy, a Chrysler dealer in Youngstown, Ohio, completed more than 100 Clunker deals in late July and August and wrapped up his final deal on Saturday afternoon. He considers the program a "true, true stimulus" but said he's still owed $390,000. "I still haven't been paid my first dollar," Eddy said. "That just makes you a little nervous."
"It's the best program we all hate," Eddy said.
Jim Arrigo, who owns two Chrysler dealerships in south Florida, estimated that his two stores are owed more than $1 million for 270 deals through the program. He has only received payment for six vehicle sales.
"Thank god that we have the cash flow to make it but in some cases, a lot of dealers, it's been very difficult for them," Arrigo said. . . .
Labels: healthcare, Regulation, stimulus