NADA on Cash for Clunkers

Editor's Note: This video contained details that became outdated after the House and Senate passed the NADA-backed 'Cash for Clunkers' legislation. To avoid confusion, we have removed the video. 

On June 24, President Obama signed the bill into law. It directs the Department of Transportation (DOT) to complete finalized rules and implement the program within 30 days.
 
Until all the details are known, dealers are encouraged to advise consumers to consult the DOT's Web site, cars.gov and the EPA's fueleconomy.gov for further information. Dealers can find more information at www.nada.org/cashforclunkers.

Dealers are advised that “clunker” transactions completed prior to the publication of Department of Transportation (DOT) regulations may not qualify for reimbursement by DOT. Dealers are advised to wait until the final regulations are published sometime in mid-to-late July so they can be certain to comply with the program.

From the signing date of the bill, the DOT will have 30 days to finalize the appropriate guidelines. NADA, which was instrumental in the passage of the bill in Congress, is now working with DOT to implement a program that makes sense for both dealers and consumers.

Please see the Program Eligibility Chart and NADA's press release for more details on the legislation.