Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Do you know how this works with the "Cash for Clunkers?"

Ok, my car started having major trouble like one thing after another and my hubby took over his fathers truck payments so I would have something to drive. His truck was ok then and is now having alot of electrical malfunctions. So we are thinking of trading them both in since the cash for clunkers deal will probably give us the most for them since they are both disfunctional. We have always gone to buy here pay here car lots.

SO I am wondering if I get a $10,000 Jeep Liberty if we have to be approved for the entire amount before trade ins and down payment is applied or if we will only need the credit for the balance that our payments will be based on. What do you know about this?

 
Anonymous

Asked by Anonymous at 11:13 AM on May. 6, 2013 in Shopping

This question is closed.
Answers (7)
  • Sounds like that dealer has created their own program. I do recall in the govt program that in order to qualify you had to buy certain makes and models. You might want to make sure that your dealer doesn't have those same kinds of rules. The whole point (or so they said) for the govt program restrictions was to get high emissions vehicles off the road and replace them with more fuel efficient vehicles. That was their reasoning for it only applying to certain makes and models.
    QuinnMae

    Answer by QuinnMae at 11:32 AM on May. 6, 2013

  • Are you talking about the programs where you donate your old cars? I think they would offer you a fraction of the worth of the car, basically like scrap metal. The government actually had a cash for clunkers program to get you to buy new cars years ago, but their program only lasted a short time.
    QuinnMae

    Answer by QuinnMae at 11:17 AM on May. 6, 2013

  • i didnt know they were still doing the cash for clunkers program...
    okmanders

    Answer by okmanders at 11:15 AM on May. 6, 2013

  • The government's Cash for Clunkers program is long gone. You're years too late for that. If you take the used cars to the lot, they will give you low blue book value.

    If you call a vehicle donation program, the blue book value of the car goes to the charity.

    If you take it to a scrap yard, you get the scrap value, whatever they think it is.

    Check the low blue book value at kbb.com. Then go to a credit union and see what you can qualify for. Go to the car lot with cash in hand, DO NOT get financed through the car lot. You'll pay the highest amount there.

    You can also get financing info through kbb.com.
    gdiamante

    Answer by gdiamante at 11:23 AM on May. 6, 2013

  • we got an offer from a car lot stating they were doing the cash for clunkers and they'd give us $3,000 min for a trade in. we have cash too but didnt want to get another $4,000 car outright that would only last me 3 yrs. So we figure with our trade in we could get one cash if we find one with the right price but that's only really if they will take 2 vehicles for $3,000 each.
    Anonymous

    Comment by Anonymous (original poster) at 11:28 AM on May. 6, 2013

  • Come to think of it, I bet it's a company program too. They have trucks on the list and some others aren't even fuel efficient. We got a list of certain vehicles and I know it has to be priced over $8,000.
    Anonymous

    Comment by Anonymous (original poster) at 11:41 AM on May. 6, 2013

  • No dealer is going to offer a program where you come out on top. I would not expect they'll take two clunkers. They're looking to finance at least $5K, from your numbers, and I'd bet the interest rate is pretty ugly.
    gdiamante

    Answer by gdiamante at 12:46 AM on May. 7, 2013