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|08-27-2009, 08:49 AM||#81|
Join Date: Apr 2007
Location: Akron, Ohio Home of LeBron James
Member Number: 5353
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Re: Remember that POS Bill "Cash For Clunkers"?
Anyway, as a follow-up concerning local dealers, the Cleveland Auto Dealers Association released something about local dealers being owed between $45,000 and 3 million per dealership in clunkers money from the government, and how, at this point, it's basically become a loan. Also, to date, less than 5% of these "CARS" loans have been paid by the government. Here's a quote from the Pres of the GCADA:
Basically, dealerships have fronted this money to the federal government in what amounts to an interest-free loan, even though the dealerships must continue to pay interest on that money from their lending sources.
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