Did you hear the one about the government giveaway program where they convinced auto dealers to sell new cars to consumers and give them a $4,500 credit for their trade-in, and then not pay the dealers the rebate amount - leaving the dealers on the hook for the money?
This is happening all across America. Dealers must - by law - if they participate in this program, deliver the new car immediately if it is in stock, not have a financing contingency, and not have a contigency or "Plan B" if the government is tardy in repaying them - or chooses not to do it at all. The risk is entirely on the dealer.
The dealer, once the sale is made must deliver the car - even if later the buyer can't qualify for the loan, must destroy the trade-in and therefore not return it to the buyer if there is a snafu later on, and must use their own $4,500 to float the deal.
Brought to you by the same forward thinking, fiscally responsible administration that wants to give you government health care.
──
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I'm sorry to hear this...there's always a catch to things that appear good on the outside.
Michael,
There's always a catch when the government is involved - it's time we all realize this. :)
Steve
You know, I gave it a half-thought until I realized that the car that has served me well, would be fully and completed destroyed. I am sorry - that is not good "Carma". I will keep my car for a couple more years.
Steve, The benefits seem to be favoring Japanese cars also. How does that benefit Detroit and the 2 car companies now owned by tax payers?
Cathy,
Absolutely right about the "carma." Great comments. Thanks. :)
Steve
Paul,
As I said before, this program was never about selling cars (although that's what they wanted us to think). It is about government intervention and control - into the markets and our lives. :)
Steve
Steve,,,
Now that's a lot of stuff that I didn't hear about before. It really is something to think about.
Richard,
This is all coming to light just in the last few days. Gotta keep the government out of our lives. :)
Steve
What is that tried all so true line? Oh yes, "trust me!" Sure.
Steve - The entire program is just out of whack. They're destroying perfectly good cars that could be used by deserving families/individuals; They're removing millions of used auto parts from the market that won't be available for lower income families to repair their cars; and now they're going to stick the very car dealers who need the help. It would be hard to understand if we didn't already know it was a government program.
Hi Steve
That would be like the real estate industry closing on a home with a finance contingency before the mortgage is approved.
Good luck and success.
Lou Ludwig
We've local dealers that credited hundreds of thousands of dollars in good faith ... still waiting for their money.
Steve, Maybe it is like the stimulus plan and most of the checks wont be mailed out until 2011
Gary,
Everytime I hear that "trust me" I think of Eddie Murphy in Beverly Hills Cop. :)
Steve
John,
The real crime is that they are manipulating the market - just like they have done with every other fiasco of theirs. :)
Steve
Lou,
Something like that. Kind of like "don't read it just pass it" also. :)
Steve
Jim,
And it may be a very long wait. I wonder if any are the dealers that were restored against Obama's wishes. :)
Steve
Hugh,
No, because the new Congress in January 2011 can and will cancel that wasteful bill. :)
Steve
Hi Steve:
I hadn't heard that this is happening.
Not good at all...
Toula,
The whole program is what is not good because the government is attempting to manipulate the market. :)
Steve
Steve, Once again the government proves it can't do anything right. Imagine the cluster----- it will be when they try to run health care.
Bob,
I'd rather not imagine our government not try to do anything with business. They have the reverse midas touch. :)
Steve
Steve, that is a total LIE! The dealers need only wait for their checks from the government. What did you think Obama would do, hand out wads of money to the car dealers, just like the last president handed out wads of money to the banks? Car dealers choose to participate. If they don't want to wait for payment, then they shouldn't participate.
Terry,
I agree with your last statement. No one should participate.
However, the dealers are waiting, and waiting, and waiting to be paid. So where's the lie? :)
Steve