Cash for Clunkers shutting down - WTVM.com-Columbus, GA News Weather & Sports

Cash for Clunkers shutting down

NEW YORK (CNNMoney.com) -- The $3 billion Cash for Clunkers program will end on Monday, the government said Thursday.

         Dealers must submit any pending Clunker deals, including any necessary paperwork, by 8 p.m. Monday.

         "It's been a thrill to be part of the best economic news story in America," said Treasury Secretary Ray LaHood. "Now we are working toward an orderly wind down of this very popular program."

         Officials decided to wind down the program, which Congress passed to spur flagging auto sales, after determining that it would soon run out of money.

         As of Thursday, the program has recorded more than 457,000 dealer transactions worth $1.9 billion in rebates.

         Under the Clunkers program, which launched July 27, vehicles purchased after July 1 are eligible for refund vouchers worth $3,500 to $4,500 on traded-in cars with a fuel economy rating of 18 miles per gallon or less.

         The program proved wildly popular, running through its initial $1 billion in its first week and leading lawmakers to approve an additional $2 billion in funding on Aug. 7.

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