Cash for Clunkers Scam Alert
The program will give consumers a voucher of up to $4,500 towards the purchase of a new car as long as the trade-in meets certain mpg requirements.
Before you get all excited, there's a couple warnings you should know about so you don't get duped.
Many dealers are excited about this program and some are jumping the gun in order to lure buyers early. Although the bill states vehicles purchased after July 1, 2009 are eligible, the details haven't been ironed out and finalized yet.
The official start date for the program is July 23rd. DO NOT do a cash for clunkers deal before July 23rd unless the dealer is willing to give you cash on the spot. If a dealer claims you will get reimbursed on July 23rd, simply walk away or you could find yourself in a legal loop-hole and out of pocket.
Another more serious scam to watch out for are sites claiming to be a part of the government program. They ask that you fill out personal information including address and social security numbers in order to "register" for the program.
This is pure fraud. DO NOT SUBMIT any personal information in regards to the cash for clunkers program. The only official government site related to the program is at www.cars.gov
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid