In the "Cash for Clunkers" program, do I have to purchase a brand-new vehicle?

Posted on June 2nd, 2010 by admin

Cash for Clunkers looks like it’s going to be signed into law. Basically, if one has a car that is old, and gets less than 18 mpg’s they can scrap it and get $3500-$4500 voucher towards a more fuel-efficient vehicle. However, I do not know if it has to be a brand new car, or just one that is more fuel efficient. Does anyone know?

Cash For Clunkers Program – News Results
Feds consider ‘Cash for Clunkers’ to get guzzlers off the streets Post-Bulletin – 5 hours ago
No ‘cash for clunkers’ Seattle Times – Jun 15 02:15am
House, Senate teams OK $1B ‘cash for clunkers’ program Detroit News – Jun 11 09:06pm

Yahoo! Shortcut – About
Scan latest headlines with the Y! News ToolbarSearch resultsCash for Clunkers Program| Cash for Guzzlers | Cash-for-Clunkers Bill
Cash for Clunkers Bill is legislation that will allow consumers to trade in … This bill includes $1 billion for a cash for clunkers program. …http://www.cash-for-clunkers-program.com – Cached ~~

Can I get an auto loan with poor credit?

Posted on May 31st, 2010 by admin

My credit score is possibly 520-560. I have about $4500 in credit card debt that I consumed when I was 18-19 (I’m now 20). I want a car around $13,000-16,000. I’m using a voucher that gives me $3000 to put down on a car and I have about $1500 more if they ask me for something. Also, I’ve been on my job a year and I make 2200 dollars a month in Texas. So, I have a few questions:
Do you think it’s possible to get a loan period?
How much do you think they’d approve?
What will my interest rate be?
Is my down payment enough?
Do I have to pay my credit cards off completely before I get a car?

You’ll have to disregard all of the spammers that are going to reply to your question. No loan concern is legit that has to spam a site like this to advertise, and for reasons unknown, Yahoo won’t delete their posts.

Now to answer your question, yes, you probably will be able to secure an auto loan if you go to a dealership that partners with subprime finance companies as long as your salary minus your living expenses and other obligations will make you able to meet monthly payments and insurance.

Now for the downside. All of them will have requirements (age of car, mileage are two of the biggies).
Second, you will be required to pay a substantial down payment. How much that will be depends on the price of the car and your ability to make payments (ie, if you can’t afford to make, for example, $400 a month payments, you will need to pay enough down to bring the loan amount down to a payment you can afford).
Third, the interest rate is going to be sky high (expect 22-29%).
Fourth, the loan term may be short making payments higher (4 years may be as much as you can get and really that is better…you don’t want to be paying off a high interest loan for 5 or 6 years and you won’t be able to refinance at a lower rate because you will most likely be upside down on the loan…owe more than the car is worth…in just a couple of years because of that high interest).
Fifth, you will be required to have full insurance coverage for the life of the loan. Insurance premiums for those with bad credit are typically much higher. The fact that you are young will also add to that cost.

My advice to you would be to do what you can to clean up your credit report. Pay off those old debts if they are still being reported as open. Then wait for your credit score to climb back to the mid 600’s. You can do this by continuing to make any open account payments on time and bring credit card utilization to below 30% of your credit line and keep it there, always. You would then be much more likely to secure a regular auto loan at a much more reasonable APR. Either that, or keep your expectations lower. Buy a car you can afford to pay for outright or finance for only a couple of thousand dollars.

If you don’t want to do that, then you’ll have to suffer the consequences of your credit score when you get a loan.

Should the US government take our tax $ to give one company owned by foreigners, unfair advantage over another?

Posted on May 28th, 2010 by admin

The US government is giving Chrysler money to buy old cars for $4500 towards the sale of a new Chrysler. Chrysler already took many billions of $$, foreign interests have pretty much been given a huge chunk of the company and certain politicians supporters more of it.

This will hurt Ford’s business, a company who stayed afloat taking None of our money at a time when things have been very hard for them.

Isn’t this extremely twisted and wrong? Not to mention taking our money to just give away to individuals who got part of the company for nothing, but being political ally’s, and others for supporting one business over another because of cheaper prices paid for by US to support favoritism for one company over another.

How would you like it if you worked for Ford and your job was put in jeopardy over this? Or if Obama just decided he liked a competing company better than the one you work for and decided to give them a competitive advantage?

It’s not like this isn’t already going on. The tarp money is being used to support friends of the administration and hard foes. To bail out banks Senators have interest in that don’t qualify. To help some banks steal other banks assets and leave their stock holders with nothing.

WHAT CAN COME OF ALL THIS?

I’m telling you, if this doesn’t stop we will all be working for the government. Directly or by large corporations owned or otherwise controlled by the government. Like everyone in the health care industry. Insurance industry, Auto industry, energy industry, Banking industry, home industry, farming industry, media, State and Local governments are being given money and controlled by the feds as well. If these people are not pushed back, the government will control your medical, your job, make it impossible for you to start or own a small business or any way of making a living not controlled by the federal government. They will control your thermostat, where your children go to school because they will ally with teachers unions to crush private and home schooling, and they have made it evident that the alliance with the Union is more important than children’s education when they scrapped a hugely money saving (saved 45% off the cost of public education) voucher program that got kids in DC out of horrible dangerous schools with terrible results in education and helped them into private schools with excellent results and a nice environment for the children in stead of dangerous, but the alliance with the teachers Union was more important than the children’s safety, the quality of the education, and the huge money they were saving on the program. That has to tell you something.

The Obama’s have also profited richly when Michelle Obama devised a program to shove the poor out to crappy clinics so the rich could have better access to the nice facilities in a University Hospital in Chicago. There is a congressional investigation underway started by democrats and involving the extremely leftist democrat Bobby Rush.

This is not about what’s good for you. The Obama administration is not about what is good for the poor, but they are elitists who align with the rich and lie to and use the poor for political support to help their big support in the circles of the world’s elite billionaires. Yes, the world’s billionaires, people like George from Belgium who hates the position of the US in the world and seeks to bring down our standard of living, while he and his billionaire friends, the ruling class and the Oligarchy they create are of course above all those rules and restrictions they place on the little people.

Take a really good look at what you are getting here. You may also want to take a good look at how the people have ever fared in a popular uprising involving taking from one group to supposedly give to the masses. The poor screwed the producers in the country, got a little to start and keep them going, and it ended up with the extremely rich and the governing class getting it all, those with enough money getting out, and the poor stuck in much worse conditions than they started with. Russia, Cuba, Burma, Germany (under the National Socialist Nazi Party) Iran, and so many other examples around the world.

When the government takes control and there is no one to stop them, they will never look out for the little guy, ever. They take it all for themselves and their friends. That is where we are headed people.
George = George Soros, didn’t get that last name in.
Will, You are Wrong, or Dishonest. The Federal Government is not giving the incentive to Ford. Why is it democrats without an argument invariably turn to lies? And invariably don’t really have a good argument? This is not a partisan thing.

It is absolutely unconstitutional. The duties of the Federal government are laid out and they are not to push outside of those limits. Obama is an enemy to the constitution, but it’s not just democrats. There is a conspiracy to set up an Oligarchy by and for a cabal of Ivy League graduates and many of the extremely rich in the world, like George Soros, you need to really check his record. Convicted in Europe for currency manipulations and booted out of more than one country. He is the tip of the ice burg from Europe, and there are middle eastern interest, Oriental interests and billionaires from all over the world who are beyond laws and borders you will NEVER hear about.

This is an attempted culmination of a plan to pluck the US and put it under the domination of a world wide Oligarchy. To them we are live stock and they don’t think we deserve such a quality of life as we have here in the US. The live stock can get by and survive to fill their purpose on much less, and be much less trouble that way.

No cash, no credit, no problem?

Posted on May 25th, 2010 by admin

The federal government will fund your new car purchase so that you are able to get rid of your current gas guzzler.

I wonder if the promised $4500 is an advance on future income taxes like the tax rebate was. I also wonder who would be qualified for the car vouchers.

Sweet, more government takeover of private industry! I’m sure the voucher will only be good towards the purchase of a GM car. I mean, now that the government has control of GM, the next step is to put Toyota and Honda out of business, right?

Do you think "Cash for Clunkers" was poorly thought out?

Posted on May 22nd, 2010 by admin

I have spoken to several new car salespeople that said "Cash for Clunkers" only helped the people with good credit and jobs and a few new car dealers if they ever get their money and did nothing but hurt others.It hasn’t created any new jobs or very few. Good usable autos will be crushed IF they are ever picked up.It hurt small used car dealers and people that have to go to Tote the Note dealers. It hurts the makers and dealers of used car parts. It wasn’t big enough to help pollution control. Why didn’t they just hand out $4500 vouchers to the qualified new car buyers. Now they have to use more of our tax dollars to dispose of the vehicles.Do they plan to sell that steel to China so they can make bombs to point back at us. I expect the health care plan they want is even less thought out and would hurt most americans as well. Do you really trust government to do what is best for you.

Even NPR didn’t give it the green light.- see the Link

Seperately, this is from Automotive Magazine:

Here are the top 5 trade-ins and top 5 purchased.

Top five vehicles (20% Domestic)
1.Toyota Corrola
2.Ford Focus
3.Honda civic
4.Toyota Prius
5.Toyota Camry

Top five trade ins (all domestic)
1.Ford Explorer
2.Ford F-150
3.Jeep Grand Cherokee
4.Jeep Cherokee
5.Dodge Caravan

Also, the average beacon score was 700, so not the bottom rung of scoiety.

Is this illegal: I get paid full cash value for my car and instead of junking it I trade it in?

Posted on May 19th, 2010 by admin

My car was rear ended and damage exceeds the value of the vehicle.

Other insurance company will pay me full cash value which is around $5000. After they pay me, I want to trade the car in and get the $4500 Cash 4 Clunkers voucher from the government. It qualifies cause it is still driveable as the only damage were the bumpers are crushed in and costly to fix.

Is this legal to do or will the insurance company find out and demand their $5000 back?
Few years ago, someone ran a red light and totalled my car. Their insurance company did not take the car and I sold it to junk yard and kept the money.

So I don’t think that’s true that they come get it.

Once your car is declared a total, it belongs to the insurance company. If they neglected once to come and pick it up, and you junked it, that was an error on their part.

Usually they will make arrangements to have the car towed to a salvage yard where they will sell parts off it to try and recoup some of their loss.

Sometimes you can buy it back from the insurance company for salvage value. If they allow that, and you opt to do that, you will keep the car, but be issued a salvage title. There is no way around the salvage title.

If your car qualifies for the Car Allowance Rebate System (CARS) you could use it to trade for a new car. That assumes that it is less than 25 years old, got less than 18 miles per gallon when new, and has been continuously registered and insured by you for at least a year.

I don’t see anything that says you can’t use a car with a salvage title, but you might call the hot-line at (866) CAR-7861 and ask, just to be sure.

does my 2002 buick rendezvous counts as a car that can be traded in as the Obama trade in law?

Posted on May 12th, 2010 by admin

will i get a 4500 voucher toward a new car getting better gas mileage if i trade in my 2002 buick rendezvous

In a nutshell, your vehicle qualifies for trade-in credit if:
• It is at most 25 years old.
• It gets 18 miles a gallon or less.
• It is drivable.
• It is registered.
• It has been insured for the past year.

Your vehicle gets 20 mpg, so the answer is no.

cash for clunkers…Do I have to trade in a truck to get a truck or can I trade in a truck to get a car?

Posted on May 10th, 2010 by admin

I have an older Dodge Dakota pick up with the 4.7 liter engine. I am looking at getting either a Toyota Corolla or a Mazda 3. My question is-Can I get a voucher on my truck to get a car? I think I’ll qualify for the $4500 voucher if its allowed. Also does the voucher come off of the negotiated price or the sticker price?

this is a sales gimmick to get you into the show room , they pay you to trade on a new vehicle

CARS Program- additional money for your scrap value, in addition to the $4500 voucher. Or are you limited?

Posted on May 7th, 2010 by admin

to the $4500.
I am turning in an Eddie Bower that is in great shape, lots of good parts on it such as the seats, fenders, etc.

Here is what is stated on the homepage of the cars.gov site:
The program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate.

I just spoke to the folks at the website. The dealer, by law, has to give you any amount above $50 in scrap value. If they are not doing that they either do not fully understand the program or are intentionally ripping off the customer. I do not know how scrap value is determined, probably by locality, but that is the answer as written into the program.

The vouchers for the car trade in of $4500..when does it start and how do I go about getting in on it?

Posted on May 5th, 2010 by admin


It may depend on both your state and the dealer you go to.

I was lucky to have an honest dealer. He pointed me to an official website where I can get the TRUE official tradein price for my car.

Try this: http://samfosterauto.info

It should give you the best official trade in quote for your car. Good Luck!

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