CARS payments nearly complete

by Wally Northway

Published: September 28,2009

Tags: federal agency, recession, retail, stimulus

WASHINGTON — With final dealer payments being processed under the CARS program, U.S. Transportation Secretary Ray LaHood announced that the agency has “crossed the finish line for paying back eligible and complete dealer submissions.”

According to the U.S. Department of Transportation, $12.301 million was requested by dealers in Mississippi, and $11.92 million has been paid or was ready for payment as of Sept. 25.

With the $3 billion provided by Congress to run the CARS program, consumers bought nearly 700,000 vehicles in fewer than 30 days. In August alone, retail sales rose by 2.7 percent, due in large part to a notable 10.6 percent boost in sales by auto dealers.

To date, 98 percent of CARS program rebates totaling apprixmately $2.8 billion have been approved for payment under the program. All applications for rebates have been reviewed at least once, and all eligible and complete applications have been approved for payment.

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