30 Jul Cash For Clunkers: Short Deal
The government announced today that it may be suspending the Cash for Clunkers program, which began officially July 1, 2009, but funds began flowing this wee (and which was discussed by my colleague, Dana Wilkinson, South Carolina bankruptcy attorney, earlier this week). Congress appropriate $1 Billion in funds and according to cnn.com, that money may well be used up within one week of the program’s start. The program was supposed to run until November 1, 2009. As of July 30, 2009, only $779 Million remains available for all but Category Three trucks. And an additional $75 Million remains for Category Three trucks.
A category 1 truck is a nonpassenger automobile. This category includes sport utility vehicles (SUVs), small and medium pickup trucks and small and medium passenger and cargo vans.
A category 2 truck is a large van or a large pickup truck, based upon the length of the wheelbase (more than 115 inches for pickup trucks and more than 124 inches for vans). Note: some pickup trucks and cargo vans exceeding these thresholds are treated as category 3 trucks instead of category 2 trucks.
A category 3 truck is a work truck and is rated between 8,500 and 10,000 pounds gross vehicle weight. This category includes very large pickup trucks (those with cargo beds 72 inches or more in length) and very large cargo vans.
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