U.S. Cash for Clunkers Program shutting down (from CNN Money.com)
The “Cash for Clunkers” program ends Monday, August 24, 2009, providing almost $2 billion in rebates for older auto trade-ins.
“It’s been a thrill to be part of the best economic news story in America,” said Transportation Secretary Ray LaHood. “Now we are working toward an orderly wind down of this very popular program.”
Officials decided to wind down the program, which Congress passed to spur flagging auto sales, after determining that it would soon run out of money.
As of Thursday, the program has recorded more than 457,000 dealer transactions worth $1.9 billion in rebates