The government is putting the brakes on its “Cash for Clunkers” program Monday night.
Some dealers along the Grand Strand say they though the program brought their business much needed boost they are still waiting to be reimbursed by the government.
“Since the program started business has been very well we've had a lot of exciting customers a lot of happy people,” said Myrtle Beach Chrysler Jeep Director of sales and finance Robert Hayner, “on the flip side we have approximately have 35 deals out there that we have applied for but haven’t gotten pain on yet.”
The government is pulling the plug Monday because the $3 billion allocated to the program, is estimated to run out over the weekend.
The program offers car buyers rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models.
"It’s kind of like floating in and out of limbo. One it limits cash flow but two if the program ends Monday like they say it's going to and they reject our deals, are we going to be allowed to resubmit these deals afterwards?"
Some customers at the dealership said they’re happy with trading in their gas guzzlers for newer more “green” cars.
"We’ve definitely gained big,” said Margaret Bole who traded in her minivan for a Jeep, “I sure was ready to buy a new car and I probably saved by the time I traded in, about $10,000.”
While thousands took advantage of the programs some stae caw makers said the plan was not a good idea.
"The clunker program is not working,” said U.S. Congressman Henry Brown Friday morning,” they put a billion dollars in there in which they were only able to redeem some 250 thousand cars.”
Hayner said his inventory was down 60% meaning good thing for business as he sold most of his cars to customers trading in their clunkers leaving him with only four new cars.
"The only thing that is negative it kind of restricts cash flow a little and the unknown of are we going to get the money or not.”
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