Will the Cash for Clunkers program be around much longer? That’s what many consumers, and car dealers, are wondering. Reports that the money has run out much sooner than expected are circulating. Some congress members say it will be good through the weekend, while others say they are working to add another $2 billion to the program. So what’s really going on?

Cash for Clunkers, or the Car Allowance Rebate System (CARS) as it is called by the government, is a credit of $3,500 or $4,500 for trading in an older, less fuel-efficient car for a new, greener car. It was originally set up to last through November 1, 2009–or until the money ran out. No one expected it to last only 1 week.

According to the Associated Press, Senator Carl Levin of Michigan said the Obama administration assured him that “deals will be honored until otherwise noted by the White House.” Though Levin suggested that “people ought to get in and buy their cars.”

White House press secretary Robert Gibbs told reported that the Cash for Clunkers program will be alive “this weekend.” He also said that Obama administration is working Friday with bipartisan leaders from congress to “find and develop ways to continue to fund this program.”

The long and short of it: go get your cars this weekend, while the Cash for Clunkers money lasts. Get them while they’re hot.

More Cash for Clunkers Information:

• Your trade-in vehicle must be less than 25 years old
• Only purchase or lease of new vehicles qualify
• Trade-in cars must get 18 or less MPG (some very large trucks and cargo vans have different requirements)
• Trade-in cars must be registered and have car insurance continuously for the full year preceding the trade-in
• You don’t need a voucher, car dealers will apply a credit at purchase
• The program runs through Nov 1, 2009 or when the funds run out, whichever comes first
• Your trade-in is required to be destroyed. So the value you negotiate with the dealer for your trade-in is not likely to exceed its scrap value. The law requires the dealer to disclose to you an estimate of the scrap value of your trade-in vehicle.

For more information on the Cash for clunkers program visit Cars.gov.

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