LaHood says car dealers will get their 'Clunker' money
Washington (AP) — Transportation Secretary Ray LaHood is assuring car dealers that they will be reimbursed for the popular Cash for Clunkers program. LaHood told reporters Wednesday he understands that some dealers are frustrated about delays in getting paid for the $3 billion car rebate program. But he promised, "They're going to get their money."
LaHood says the Obama administration plans to provide more details this week on how much longer the car incentive program will last.
Some dealers have said their reimbursement requests have not been approved, leading to a cash crunch. Through Tuesday, auto dealers have made deals worth $1.72 billion. The program offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models.