Cash for Clunkers ending

The popular program cash for clunkers will end on Monday 8:00 PM after almost depleting the $3 Billion funding in a month. The program helps the ailing car industry but also creates problems to car dealers.

But President Obama and government officials declared the program a success.

Secretary of Transportation Ray La Hood said the program "has been a lifeline to the automobile industry, jump starting a major sector of the industry and putting people back to work". He added that the department was "working toward an orderly wind down of this very popular program".

The cash for clunkers program has also created problems to car dealers, many of them still yet to be repaid for the clunker deals they made. Under the cash for clunkers program, dealers take rebates of $3,500 or $4,500 off the price of a new vehicle, in return for the trade in old inefficient cars that are sent to the scrap yard. Then they must submit application papers with proper documentation to be repaid. Many dealers are still on the wait for their unpaid claims.

According to some dealers there was a lot of bureaucracy int his cash for clunkers program.

But President Obama and LaHood pledge that dealers will get their money back.

Alright, everybody happy? The car industrialist, the Obama government and the dealers, they will all profit from this cash for clunkers program. But wait, some people are saying that sales of cars will drop in the following months because people have already bought new cars?