Cash for Clunkers program nears end, and residents are buying in

Got a 1986 bronze Cadillac DeVille that’s visually stinking up the neighborhood and burning a hole in your wallet?

You have today and, realistically, half a day Monday to dump that dinosaur for a new, fuel-efficient chariot before the federal government’s Cash for Clunkers program shuts down at 6 p.m. Monday, after spending $3 billion to help spur more than 457,000 car purchases nationwide.

Apparently, some of your neighbors already got in on the deal.

As of mid-day Friday, Phil Long Ford in Motor City had taken in 69 clunkers and sent folks out in new Focus compact cars, Fusion hybrids and Escape SUVs since the program began July 1, said Brent Hall, general sales manager.

And sometimes for wacky prices, he said. Consider: With the maximum government credit of $4,500, plus trade-in and various manufactures’ rebates, folks can pick up a $15,900 Focus – the No. 1 selling car in the program – for $7,000 to $7,999.

Who said only fat-cat Wall Street types have been getting a bailout?

It’s a similar story at South Colorado Springs Nissan. The dealership has taken in about 40 clunkers, and many customers have been leaving the lot in new Versa subcompacts, the most fuel-efficient car in Nissan’s line-up, said sales manager Sean Parker. The car has a base price of $9,900. With the maximum credit of $4,500, that’s a new car for $5,490.

That’s so good it hurts, said Parker. More than a few of his Cash for Clunkers customers have come in real “grumpy,” he said. The shoppers, most of them older with excellent credit, have told sales staff they weren’t planning to trade in their old cars, didn’t really want to part with the old beast, but felt forced to because they couldn’t pass up a deal that made economic sense. Still, they wanted to let the sales staff know they weren’t all that happy about it, Parker said.

“We’ve had some real tough characters,” said Parker, letting loose with a rip-roaring laugh.

Charles Benitez, general manager at Phil Long Hyundai in Motor City, said he sold out of mid-priced Elantra automatics and had to buy nine from a dealer in California and have them shipped in to meet demand. He sold out of the Accent models — the manufacturer’s most inexpensive models — until he got some additional ones in this week.

And he’s making some killer deals on those little bad boys: After the government credit and manufacturers’ rebates and a trade-in, it’s possible to walk out paying less than $5,000. Heck, for that price, you can use them to accessorize. …

The only cloud in the sky from the dealers’ perspective: They have reduced the price of their cars by either $3,500 or $4,500 but they haven’t been reimbursed yet by the government. Well, that’s not exactly true; Benitez said his dealership has been paid for one of the 66 deals it has made.

It’s a bit disconcerting carrying that much in IOUs, they said, but the car dealers reckon they’ll eventually get paid. After all, politicians have promised. …

But, hey, that’s not your problem. Your problem is getting the paperwork together, pulling off that St. Christopher medal you glued to the dashboard of your 10 mpg death trap and COME ON DOWN TODAY! for DEALS! DEALS! DEALS!

DETAILS
If you plan to take advantage of the last two days of the Cash for Clunkers program, you will need to visit www.cars.gov to see if your old car qualifies and how much rebate you will get. Rebates, either $3,500 or $4,500, are figured by computing the difference in fuel mileage between your old car and the one you plan to buy.
Since the program ends 6 p.m. Monday and paperwork can take more than an hour, dealers recommend you go to the dealership no later than noon that day.
In addition to your drivers license and banking information, you must take three documents with you:
--- A clear title or, if you have a lien, a title that has both your name and that of the lender on it.
--- Insurance documents proving you have had continuous and current insurance coverage for a year on your clunker.
--- Documents that show you have had the car registered for the past year. The registration must be current at least through the date of your new car purchase.