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Author: Subject: Dealers want end to Cash for Clunkers

Ultimate Peach





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  posted on 8/20/2009 at 07:44 AM
This is from CNNMoney.com

quote:
Dealers want end to Cash for Clunkers

National Automobile Dealers Association wants an orderly closure of program and again expresses concerns that funds are running out.

NEW YORK (CNNMoney.com) -- The National Automobile Dealers Association is urging the federal government to begin shutting down the Cash for Clunkers program immediately.

In a statement released Wednesday evening, NADA said that, given the rapid pace at which deals are being done, it will be difficult to say when the program's funds may run out.

Dealers have complained of problems and delays in getting payments due to them under the program. But Transportation Secretary Ray LaHood said earlier Wednesday that all dealers would be reimbursed.

"They're going to get their money," LaHood said during a press conference. "We have the money to provide to them. We have put an enormous number of people on the task of processing the paperwork. There will be no car dealer that won't be reimbursed."

The NADA said, in its statement, that the group had "confirmed elsewhere" that dealers would not get paid if cash ran out.

Still, the dealers' group said that it had held meetings with officials from the Department of Transportation and National Highway Traffic Safety Administration Wednesday morning in order to reiterate concerns about the program.

"As the first order of business, NADA stressed the importance of addressing - as soon as possible - how the program will end, including the possible suspension of the program," the organization said.

NADA further warned that dealers who accept Clunkers deals at this point "face a growing risk that they may not be reimbursed.

The Senate passed a $2 billion extension of the Cash for Clunkers program on Thursday. The program quickly burned through an initial $1 billion in funding after its official kick-off on July 24. So far, about $1.5 billion of claims have been submitted by dealers who have sold a total of about 360,000 cars.


 
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Zen Peach



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  posted on 8/20/2009 at 08:12 AM
Crash For Clunkers.

http://www.breitbart.tv/watch-as-wisconsin-rednecks-crash-their-clunkers/

 

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Zen Peach



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  posted on 8/20/2009 at 08:13 AM
Seemed like one of the stronger programs to me, wanted to see it work. Better than a bailout of the auto industry, this put people to work manufacturing cars that were actually being purchased. In addition, putting newer cars on the road, less emissions...we'll see.

 

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Maximum Peach



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  posted on 8/20/2009 at 09:04 AM
You mean the government is not efficient, and loaded with bureaucracy? Imagine they want to get their hands into healthcare, and they can't even pay the auto dealers in the cash for clunkers program in a timely manner.
 

True Peach



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  posted on 8/20/2009 at 09:15 AM
Look at it this way. But for cash for clunkers, the dealers would not have money by now either, just a lot full of inventory. Ingrates.
 

Zen Peach



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  posted on 8/20/2009 at 09:33 AM
Seems as if the government end of this program really wasn't ready for the overwhelming sales . Looks like the program has been much more of a success than was forecast and in much quicker time. Maybe the anylists were listening to too much talk radio.
Dealers like Toyota are pretty fortunate that the corporate headquarters will cover the monies needed until the checks or bank transfers start rolling in for the program.

 

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Maximum Peach



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  posted on 8/20/2009 at 09:54 AM
quote:
Look at it this way. But for cash for clunkers, the dealers would not have money by now either, just a lot full of inventory. Ingrates.


Or you could look at it from the dealers point of view.....yes, they sold cars, but they also didn't get the money they expected under the deal in a timely manner. If I owned my own business, that would not make me happy either. I don't think they are being ingrates, I think they were expecting the government to pay them in a timely manner.

A little off topic, but still has to do with doing business with the government....I am anxious to see if the investment firms chosen to run the PPIP will be able to meet their proposed capital raises. Just curious to see if investors are willing to jump in with the government. The one glaring omission from the list of managers was PIMCO. I found that odd considering Bill Gross was offering to take care of this toxic asset program for free. Wondering if he got some cold feet with regard to doing business with Uncle Sam?

 

Peach Extraordinaire



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  posted on 8/20/2009 at 01:53 PM
Funny, I mentioned this very thing earlier this week and our 'best and brightest' poo-poohed it.

The dealer simply can't make a point-and-a-half on a $25,000 Obamamobile and afford to be on the hook for time immemorial for the $4,500 they fronted to close the sale. We have people who have never run anything but their mouths telling the auto industry how to sell cars. Unreal.

 

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Zen Peach



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  posted on 8/20/2009 at 02:08 PM
quote:
We have people who have never run anything but their mouths...
We have people like that around here, too! (Too funny when you make these posts that just ooze irony, comrade. )

 

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  posted on 8/20/2009 at 02:51 PM
I think it would serve us all well to try to not call any group of people by any dismissive or deragatory names. When we do that, it diminishes us more than the person we're talking about.

As for the cash for clunkers......okay....let's end the program, lay off the recently re-hired workers and go back to the status quo. Better to have no prospect of money coming in than to have to wait a while for it.

 

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Zen Peach



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  posted on 8/20/2009 at 03:00 PM
This is off topic but speaks to racism. When Oteil moved to the south to play with Co. Bruce, his parents were nervous because of the reputation of prejudice in this part of the country. He admitted he was apprehensive at first and was amazed when that wasn't the case. It's fitting that he ended up with the Brothers.

 

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Ultimate Peach



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  posted on 8/20/2009 at 03:29 PM
Just an FYI, most dealers finance 100% of a cars cost under a floorplan line of credit. On the day they transfer title to the buyer, it is mandatory that the dealer pay down the line by the amount of the cars cost. That means they must "front" the clunker money, and can't use it to pay expenses, and if the profit on the sale is less than the clunker cash, they're out of pocket. This is not insignificant as most dealers are cash strapped to start.

 

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Zen Peach



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  posted on 8/20/2009 at 03:37 PM
Well, I admit, that sucks.

 

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  posted on 8/20/2009 at 03:53 PM
I dont know about anyone else, but every time I turn on the TV, I am inundated with cash for clunker TV ads. Im not surprised that a few dealers dont want to participate, but I dont think the world is ending just yet. By all accounts, this program has been extremely successful.

 

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Peach Extraordinaire



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  posted on 8/20/2009 at 03:53 PM
quote:
Just an FYI, most dealers finance 100% of a cars cost under a floorplan line of credit. On the day they transfer title to the buyer, it is mandatory that the dealer pay down the line by the amount of the cars cost. That means they must "front" the clunker money, and can't use it to pay expenses, and if the profit on the sale is less than the clunker cash, they're out of pocket. This is not insignificant as most dealers are cash strapped to start.



Thank you. I've been trying to get people here to understand that as well. Now I assume we're both going to be branded Rightwing crackpots.

 

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Peach Extraordinaire



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  posted on 8/20/2009 at 04:01 PM
quote:
quote:
quote:
Just an FYI, most dealers finance 100% of a cars cost under a floorplan line of credit. On the day they transfer title to the buyer, it is mandatory that the dealer pay down the line by the amount of the cars cost. That means they must "front" the clunker money, and can't use it to pay expenses, and if the profit on the sale is less than the clunker cash, they're out of pocket. This is not insignificant as most dealers are cash strapped to start.



Thank you. I've been trying to get people here to understand that as well. Now I assume we're both going to be branded Rightwing crackpots.


Nah, there is enough other stuff that has proven it already.


Why are you obsessed with me? Do you realize how many of my posts you've jumped on just today - none of which engaged you to begin with, Johnnyboy? Won't your legion of friends talk to you?

 

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Sublime Peach



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  posted on 8/20/2009 at 06:03 PM

 

Ultimate Peach



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  posted on 8/21/2009 at 04:28 AM
quote:
The federal government, acknowledging that the "Cash for Clunkers" program was running out of money, declared it a success Thursday and killed it off, effective 8 p.m. Monday.

 

Zen Peach



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  posted on 8/21/2009 at 05:49 AM
quote:
quote:
The federal government, acknowledging that the "Cash for Clunkers" program was running out of money, declared it a success Thursday and killed it off, effective 8 p.m. Monday.



Source for this out of context quip?

 

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Zen Peach



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  posted on 8/21/2009 at 05:54 AM
Nevermind. Ill provide something more substantial.

http://www.msnbc.msn.com/id/32490342/ns/business-autos/

 

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Ultimate Peach



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  posted on 8/21/2009 at 12:15 PM
quote:
quote:
Just an FYI, most dealers finance 100% of a cars cost under a floorplan line of credit. On the day they transfer title to the buyer, it is mandatory that the dealer pay down the line by the amount of the cars cost. That means they must "front" the clunker money, and can't use it to pay expenses, and if the profit on the sale is less than the clunker cash, they're out of pocket. This is not insignificant as most dealers are cash strapped to start.



Thank you. I've been trying to get people here to understand that as well. Now I assume we're both going to be branded Rightwing crackpots.


I'm already branded a crackpot - I'm an extremist of the worst kind when it comes to most issues. However, I think my environmental rantings would preclude me from joining any right wing cabal.

But I'm not overly critical of the program itself - as a way to get gas guzzlers off the road, inventories moving and workers rehired, it's pretty damn creative. I do have a problem with targetting one industry over others, but these are manufacturing jobs and those ripple and bring growth to other sectors. All I'm pointing out is the fed gov't should pay this money as fast as possible.

 

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Zen Peach



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  posted on 8/21/2009 at 12:19 PM
quote:
I'm already branded a crackpot - I'm an extremist of the worst kind when it comes to most issues.


You're no crackpot. Too polite.

 

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Ultimate Peach



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  posted on 8/21/2009 at 12:22 PM
quote:
quote:
I'm already branded a crackpot - I'm an extremist of the worst kind when it comes to most issues.


You're no crackpot. Too polite.


So, if I get a bit ruder and obnoxious, I can achieve crackpot status.....

 

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Maximum Peach



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  posted on 8/21/2009 at 12:34 PM
quote:
A little off topic, but still has to do with doing business with the government....I am anxious to see if the investment firms chosen to run the PPIP will be able to meet their proposed capital raises. Just curious to see if investors are willing to jump in with the government. The one glaring omission from the list of managers was PIMCO. I found that odd considering Bill Gross was offering to take care of this toxic asset program for free. Wondering if he got some cold feet with regard to doing business with Uncle Sam?
There is a lot of interest on the street and I don't think they'll have any problem with their raises. I know of one fund who is claiming to be at capacity already.

The PIMCO thing did raise some eyebrows...

 

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Maximum Peach



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  posted on 8/24/2009 at 01:42 PM
quote:
But I'm not overly critical of the program itself - as a way to get gas guzzlers off the road, inventories moving and workers rehired, it's pretty damn creative. I do have a problem with targetting one industry over others, but these are manufacturing jobs and those ripple and bring growth to other sectors. All I'm pointing out is the fed gov't should pay this money as fast as possible.


Good points, although I would imagine we will be able to judge real success when the sales just keep on coming after the program expires. Okay, so I was being a little sarcastic. It may have been a good temporary solution, and I am not sure if the following was ever intended, but I don’t think a temporary subsidy program will catapult the auto industry into higher production and sales. While I agree with Gregg’s sentiment, I just have a problem with the Washington fantasy (not just Obama, but many before him too) that the key to prosperity is to force feed the consumer so they spend, as opposed to creating incentives for Americans to invest. Essentially, folks got anywhere from a $3500-$4500 check that was financed by other taxpayers.

 
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