America, the land of
nervous car dealers:
Here's the figure: $2.878 billion. That's how much money the government owes car dealers for the "Cash for Clunkers" program.
More than $200 million of that is owed to dealers in Illinois and Indiana, so CBS 2's Mai Martinez checked with some of them to see how much money they've collected from Uncle Sam.
Now that the popular program has ended, many dealerships are asking the federal government to "show me the money."
"Out of 142 deals they owe us for, we've gotten paid on seven," Lou Tornabeni of Ettleson Hyundai said.
"We had 102 cash for clunkers," Carm Scarpace of Westfield Ford said. "We've been paid for one."
Another dealer offers
this observation:
Billion Automotive cashed in during Cash for Clunkers, but owner Dave Billion is still waiting for the rest of his money from the government run program, $3.2 million.
"I wonder how long they'd wait if I owed them $3.2 million. I think they'd be at my door or at least my banker's door," Billion said.
After what was probably a record breaking August, what do you want to bet that September will be a complete washout? And October. And possibly November. Shoving demand forward unnaturally, as this program did, is bound to leave a hole in future months that won't be filled.
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1 comment:
This is a program which Obama can be proud of! This is what happens when you don't know where you've been, don't know where you are, and certainly don't have any idea where you are going. I wouldn't doubt that many of these dealers will find themselves going broke until the Obama asks that the printing presses start rolling to print more money.
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