Welcome to EightCap.
  Friday, July 03, 2009        Search   

 Home Links Minimize
  

The Minnesota Automobile Dealers Association is a nonprofit membership organization which represents all 400 franchised new car and truck dealers throughout the state of Minnesota. 

MADA is an advocate for Minnesota's retail motor vehicle industry and an important source of legal, legislative and industry information.  
Minimize
"Cash for Clunkers": An information service of MADA

President Obama signed the “Cash for Clunkers” legislation on June 24, 2009. The new law is more politely known as “Fleet Modernization” or “Car Allowance Rebate System (CARS).” The law creates a federal program that provides cash incentives - $3500 or $4500 - to help consumers purchase a new, more fuel efficient vehicle when they trade in a less fuel efficient vehicle.


5 Important Things For Dealers and Consumers to Know
  • The trade in vehicle must be less than 25 years old on the trade-in date
  • Only purchase or lease of new vehicles qualify
  • Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)
  • Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
  • Target effective date of Program is July 24, 2009.  It lasts until November 1, 2009 or until the $1 billion funding runs out.  It's not retroactive to vehicle purchases made before the effective date.

    Links
    		•
     Print   
      www.mada.org 200 Lothenbach Avenue West St. Paul, MN 55118 p 651.291.2400 f 651.291.2894 toll free 800.652.9029