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Local take on Cash for Clunkers

The Maine Bureau of Motor Vehicles says it's fielding more than 100 calls per day  from people seeking copies of their registration who want to benefit from the federal Cash for Clunkers program. The initiative, which offers cash rebates to consumers who trade in their older, less-fuel-efficient cars for newer ones that aren't gas guzzlers, came close to running out of money; now the House has authorized a $2 billion recharge, and Obama's urging the Senate to do the same

Meanwhile, the regional Better Business Bureau sent out a cautionary email, reminding consumers of the following points:

  • You do not need to register or receive a voucher to participate in the program; it is the responsibility of the dealership to fill out all appropriate paperwork.
  • Not all dealers are participating in the program. Participating dealers must register with the Federal government.
  • The program applies toward new cars and trucks that are either leased or purchased.
  • Not all new vehicles will qualify for receiving the credit. The new vehicle must be priced less than $45,000 and passenger vehicles must have a combined fuel economy value of at least 22 miles per gallon.
  • The amount of the credit is $3,500 or $4,500 depending upon the difference between the combined fuel economy of the vehicle that is traded in and that of the new vehicle. The credit will be applied toward the cost of the new car.
  • Trade-ins that qualify must be no older that 25 years and have a combined city/highway fuel economy of 18 miles per gallon or less at the time it was originally purchased. Visit www.fueleconomy.gov to learn the fuel economy of specific vehicles.
  • The trade-in vehicle must have been continuously insured, in accordance with State law, and registered in the same owner's name for the one-year period immediately prior to the trade-in.
  • The program ends November 1, 2009 or until the amount of funds allotted for the program run out.

Plus, check out this interesting article about what actually happens to those cars that are turned in

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