"Cash for Clunkers To End on Monday"

"Car shoppers have until Monday night to take advantage of lucrative Cash for Clunkers rebates from the government, and the Obama administration is hoping for a smooth ending to a program that has spurred auto sales but created headaches for many auto dealers.

The popular program will end at 8 p.m. EDT Monday after burning through much of its $3 billion in funding in just a month. All new deals will have to be completed and dealers must file their paperwork by the deadline in order to get repaid for the big incentives.

President Barack Obama and administration officials declared the program a success Thursday, saying it has revitalized the ailing auto industry and finally brought reluctant car buyers back to dealership lots. Originally a $1 billion program, Cash for Clunkers was boosted to $3 billion in early August after heavy customer demand nearly depleted its funds in just one week."

Ken Thomas and Stephen Manning report for the Associated Press August 21, 2009.


Source: AP, 08/21/2009