The funding did not run out way too soon. It ran out EXACTLY as fast as anyone with even a cursory knowledge in economics would guess it would: very fast.
When you put a pile of free money on the street with a sign saying "Come'n git it!", the money's not going to last long.
BTW: KBOnly, I just read my above message. I Apologize, it sounds kind of like I'm taking you to task, I'm not. I'm just annoyed with this CFC program is all.
No offense taken man! I'm really annoyed at this crap too and i knew what you were getting at, read between the lines!
What i'm worried about, and what hardly anyone has talked about, is that its going to turn into another MORTGAGE FIASCO...
Ok, what am i talking about??
I hear this over and over and over, "since we got $4500 credit on the new car we figured heck why not get a new vehicle now instead of wait"... Umm, yeah, but the problem is a lot of people are jumping on this program because of valid reason that might end up biting them in the ass.
Let me give you an example.
An older couple two blocks down from me traded in their older 88 Royale last week, it was a 93 and had 192,000 miles on it and the Dodge dealership they took it to out of town qualified it and wrote it up. They got a new 300M i think it is, nice looking car, and they got it for a good price. But these people are living on social security and retirement benefits and haven't had to make a car payment in ten years. Now they are taking on a car payment, higher insurance cost not only because of the newer car but because of being a senior driver as well, and you should have seen the looks on their faces when they found out how much plates and tabs were going to cost them. I can't imagine what they will do when the tabs come due next year, they will probably have to give up eating for a couple weeks to pay the $96 for the tabs. Their old car was costing them state minimum, $39.50.
Some people don't factor in all the costs involved. If however you were planning on getting a newer vehicle, had the money to do it, and can afford everything thats one thing, go for it, get a good deal while you can! But if your using the program to get a discount on a new car that you might not otherwise buy because you can barely afford to then DON'T PLEASE!!
I'm waiting to see how many of these new vehicles get repo'd and how many banks take a hit on unpaid auto loans being defaulted on. The next loan crisis is coming now, even experts being interviewed on MSNBC the other day were mentioning this possibility.
Oh, and to the OP, it needed a power steering pump, $50 or less... I still think you could have sold it private party for a good amount, someone out there would have loved the chance at a fixer upper when they can't afford a new one. Thats the other unfortunate backlash here, its taking used vehicles off the market that could go to help out people less fortunate to be able to afford something new and the costs that go with it. Used car lots around me are darn near empty, the last used car dealer auction was a flop, about a dozen vehicles that were too new and overpriced for the small dealers to buy.
