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U.S. to release 'clunkers' funds

September 04, 2009|Times Wire Reports

The government has approved $500 million in reimbursements to car dealers for sales under the "cash for clunkers" program, and dealers should be paid by Sept. 30, a Transportation Department official said.

The rebates of up to $4,500 led to 690,114 sales at a taxpayer cost of $2.88 billion.

The official said 120,000 submissions from dealers, or about 17%, had been approved under the program, which ended Aug. 24. The official, who spoke on condition of anonymity, was not authorized to speak publicly about the data before a congressional briefing.

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