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Old 07-31-2009, 08:51 AM   #21
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Default Re: Remember that POS Bill "Cash For Clunkers"?

I'm surprised by a couple things, namely that up to a million cars could be bought. My next question is, who is this helping out, and how? There could be a little silver lining to it if US companies are actually benefiting from this. I'd like to see some hard numbers first, though.

But I do see plenty of problems...it looks like another government run cluster f**k, where it's mismanaged, the right hand doesn't know what the lest is doing, and there's no available "impact statement" letting us know who, if anyone, is really making out on this deal in the long run.
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Old 07-31-2009, 08:57 AM   #22
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Default Re: Cash for clunkers...Not!

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4500 for a clunker... to go by a new car that they probably cannot afford.

it was this kind of thinking that sunk the mortgage business. GREAT.
Exactly. $4500 is enough for a down payment on a new car, but the people participating in this program more than likely don't have the financial wherewithal to make the $300-$500 monthly payments for a new car for the next 4-5 years, which is more than likely why they were driving a broken-down dilapidated POS to begin with. And that's assuming they can even get the financing for a new car. I also doubt many folks participating in this program have credit scores of 750 or above, which is about what a person needs to secure credit in this environment without either getting turned down flat or getting out-and-out raped on the interest.
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Old 07-31-2009, 09:30 AM   #23
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Default Re: Cash for clunkers...Not!

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Exactly. $4500 is enough for a down payment on a new car, but the people participating in this program more than likely don't have the financial wherewithal to make the $300-$500 monthly payments for a new car for the next 4-5 years, which is more than likely why they were driving a broken-down dilapidated POS to begin with. And that's assuming they can even get the financing for a new car. I also doubt many folks participating in this program have credit scores of 750 or above, which is about what a person needs to secure credit in this environment without either getting turned down flat or getting out-and-out raped on the interest.
I have to agree here. It's a good program IF the person buying the new car buys something that fits within their budget. Hopefully I will be in the market for a car in the next 2 months, and I've already figured out that I can afford about a $200 per month payment as an absolute maximum if I buy a new one. That's not going to buy me a luxury car, but it'll get me something decent that will get me around and will save on gas. My credit is not good though, so it'll be more likely I'll be going used. Plus, at many dealerships you can get an extended loan term of up to 84 months rather than the standard 48-60, and that will lessen the payments as well.
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Old 07-31-2009, 09:30 AM   #24
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Default Re: Remember that POS Bill "Cash For Clunkers"?

You right-wing radicals will never be happy.

The program was a failure...because it was so successful?

I demand free money too!
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Old 07-31-2009, 09:32 AM   #25
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Default Re: Remember that POS Bill "Cash For Clunkers"?

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You right-wing radicals will never be happy.

The program was a failure...because it was so successful?

I demand free money too!
Who's getting well from all this?
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Old 07-31-2009, 09:34 AM   #26
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Default Re: Remember that POS Bill "Cash For Clunkers"?

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You right-wing radicals will never be happy.

The program was a failure...because it was so successful?

I demand free money too!
Nah, it's just that once again, the government underestimated the popularity of the program and left themselves handcuffed and the program underfunded. Par for the course for the joke that is the U.S. Federal Government.
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Old 07-31-2009, 09:38 AM   #27
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Default Re: Remember that POS Bill "Cash For Clunkers"?

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Who's getting well from all this?
It's pretty obvious that it's meant to give the automakers a boost. You give the people a discount, they go out and buy new cars, and the auto companies benefit. It's a "bailout" in a different sense. If anyone may end up getting hosed on this deal, it's the dealerships and possibly the banks...again...through people buying cars they can't afford.
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Old 07-31-2009, 09:51 AM   #28
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Default Re: Remember that POS Bill "Cash For Clunkers"?

Just checked...the combined gas mileage necessary to be eligible is 18 MPH or worse.

My car gets 19.

Yet ANOTHER government plan that I pay for, but can't take advantage of...

I also learned that my "carbon footprint" shows that my car emits 10.9 tons of CO2 a year. Since CO2 is actually tree food, I feel pretty good about that! I also consume 20.4 barrels of oil a year! w00t!
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Old 07-31-2009, 10:04 AM   #29
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Default Re: Remember that POS Bill "Cash For Clunkers"?

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You right-wing radicals will never be happy.

The program was a failure...because it was so successful?

I demand free money too!
What was it successful at? Running out of TAX PAYER money way ahead of schedule and putting buyers into deeper debt as they traded in working cars for cars that cost between 15,000 and 30,000 bucks? Great plan.
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Old 07-31-2009, 10:10 AM   #30
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Default Re: Remember that POS Bill "Cash For Clunkers"?

Great News!!! The government just approved a additional 2 billion to the program.
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