Cash for Clunkers/Beefcake

[4barrel]

Beefcake, you're a car salesmen. Has your dealership recieved any money from the government yet? I know of two dealerships here that have stopped doing the Cash for Clunkers program. One of them has made ten CfC sales and not recieved one red cent to cover the $45,000 investment.

[Waffles]

I have a few friends that are car salesmen. Nick Skaatks told me his dealership stopped the CFC deals a couple weeks ago because they hadn't received one cent to back it up. Other friends have similar stories. Even if they get the money, you know what it's like getting the money late. Especially in this economy, it could be devestating.

[Wolvrin704]

Gov't says they're shutting the prgram down now anyways. As usual getting money from the gov't takes forever and 2 days.

[beefcake]

we have submitted around 100 to 120 or so deals for approval

we have received about 43 approvals, no add'l approvals for almost 2 weeks until today

we have been paid on 13 of those deals

[SMOKE]

I am the finance director at Middletown Ford. We have done 30 deals, none have been approved yet, and we are on the hook for $120,000.00.

We stopped today. The submission/rejection system is TERRIBLE. I am the one dealing with all of this crap and it's a mess!

[Waffles]

I've got an idea.... lets put these same people in charge of our healthcare! YES!

[93cobra]

I've got an idea.... lets put these same people in charge of our healthcare! YES!

no doubt...:lol::bigthumb

[mach_u]

Talked to one of our dealership clients today who said they are on the hook for $100k so far with no payout.


I've got an idea.... lets put these same people in charge of our healthcare! YES!
:lol: Couldn't have said it better! Makes perfect sense to me... :rolleyes:


we have submitted around 100 to 120 or so deals for approval

we have received about 43 approvals, no add'l approvals for almost 2 weeks until today

we have been paid on 13 of those deals
Side note, if I am not mistaken your car is a "Mystichrome" Cobra and not a "Mystic" Cobra ;)

[Blackpony]

The checks in the mail

[4barrel]

What would happen if WE were to take forever to pay our tax dollars to THEM?

[Waffles]

Jail. Of course.

[RIXXX93GT]

What would happen if WE were to take forever to pay our tax dollars to THEM?

They swoop in without notice and lock up your accounts and all credit until you pay them every last penny. No wonder why people still keep cash hidden.

[4barrel]

Update. I hear now that the $4,500 is TAXABLE income for those that bought a car through the program. I also hear that sales tax is payed on the sale price of the car BEFORE the $4,500 is subtracted either by the dealer, or the customer. That's double taxation.

Can anyone confirm this?

[04 Venom]

Update. I hear now that the $4,500 is TAXABLE income for those that bought a car through the program. I also hear that sales tax is payed on the sale price of the car BEFORE the $4,500 is subtracted either by the dealer, or the customer. That's double taxation.

Can anyone confirm this?

It is not taxable income. Don't believe everything you see on the internet.

[4barrel]

Cool, thanks.

[SMOKE]

Update. I hear now that the $4,500 is TAXABLE income for those that bought a car through the program. I also hear that sales tax is payed on the sale price of the car BEFORE the $4,500 is subtracted either by the dealer, or the customer. That's double taxation.

Can anyone confirm this?

It's not taxable income.

Sales tax in Ohio is figured on the sales price minus trade allowance, but you are taxed on the difference of your trade allowance and the sales price on NEW vehicles.
Example: You look at a $20,000.00 car, and you have a trade in worth $5000.00... You would pay taxes on $15,000.00 as long as you are looking at a NEW vehicle. On USED vehicles, you pay taxes on the full sales price.

On the same $20,000.00 car, if you do not have a trade in and you have a $5000.00 rebate, you would still pay taxes on the full $20,000.00.

The CARS program was a rebate, therefore, you would have paid taxes on the full sales price amount.

Hopefully this helps!

[dedpedal]

Heres my outlook on the whole deal. The economy sucks! My clunker is paid for. Why should i go to the risk of a car payment when Im not confident of having a job to pay it?

[Waffles]

Amen. This is exactly what I've been screaming Kev.

[dedpedal]

also, my insurance would go up considerably to boot.

[Blackballed]

The government has ruined this country. The sad part about it is that the same idiots will be running the healthcare system. Something has got to give.

[4barrel]

Yeah, they're now claiming the economy is worse than they thought it was. Truth that they won't admit is, they MADE the economy worse than it already was.

[BigBadStang]

also, my insurance would go up considerably to boot.

I know people in the insurance biz, and they have spoken of many people calling in getting insurance coverage rolled over to new vehicles. Many were left wondering how they are going to make the payments on both car and insurance. There were a lot of folks that ran out to get a deal before the money ran out, and didn't factor the insurance into the equation. I forsee a HUGE spike in repo's about 6-8 months from now.

[BigBadStang]

It is not taxable income. Don't believe everything you see on the internet.

He's correct, it is NOT taxable.(which actually shocks the hell out of me!)

HERE (http://www.cars.gov/faq#category-01) is the link to the CARS Program. The question at hand is almost all the way at the bottom.

[CNTLOSE]

2.44 Billion dollars wasted so people could scrap good cars for cars they really did not need. (I have drove around several lots and I see more "nice" cars than true clunkers.) Now lord knows we don't all "need" our Mustangs, but they were not paid for with US Taxpayer money...well unless you just bought a new one.

Okay yeah we all need our Mustangs but you get the idea.

[Blackballed]

. I forsee a HUGE spike in repo's about 6-8 months from now.

;).....

[Waffles]

I forsee a HUGE spike in repo's about 6-8 months from now.

Oh, you mean like the huge spike in home forclosures that created the entire economic crisis in the beginning? And who was behind that? :-? Wasn't it the same guy who's running the show now?

[04 Venom]

Oh, you mean like the huge spike in home forclosures that created the entire economic crisis in the beginning? And who was behind that? :-? Wasn't it the same guy who's running the show now?

Uh.....the housing/foreclosure crisis began in late 2006.

[NickBeam]

Uh.....the housing/foreclosure crisis began in late 2006.

Uh..... What's your point? Obama used to be a lawyer for ACORN, and he sued banks who wouldn't give loans to people who couldn't afford to pay them back. Then the loans went bad and Fannie and Freddie bought them up. It's pretty simple really. It started with Carter back in the late 70's with the CRA, that gave more credit availability to lower and middle income areas. And let's not forget about the Clinton administration, who pressured Fannie Mae and Freddie Mac to lower their criteria for buying loans. That gave the lenders more confidence that they could make bad loans because they knew Fannie Mae and Freddie Mac would buy them. And buy them they did, and then they collapsed, all the while Franklin Raines was making millions and Barney Frank was doing his best to keep them from getting investigated for fraud. Don't you just love Liberals?

It's a nice idea to be able to give loans to poor people or people with really low credit scores so they can buy a house. But, that's where it should have been left... an IDEA. When are the Libs going to learn about the law of unintended consequences. Let's hope they do before they pass this health care bill.

[Waffles]

Uh.....the housing/foreclosure crisis began in late 2006.

If it "started" late in 2006, why did the Senate Banking Committee attempt to reign in Fannie and Freddie in 2005 with the GSE Reform Bill? Seems to me that the bill was attempting to fix an existing problem.

You're being very misleading by stating that it started late in 2006. That's like saying the internet started in the mid 90s.

[04 Venom]

If it "started" late in 2006, why did the Senate Banking Committee attempt to reign in Fannie and Freddie in 2005 with the GSE Reform Bill? Seems to me that the bill was attempting to fix an existing problem.

You're being very misleading by stating that it started late in 2006. That's like saying the internet started in the mid 90s.

I was trying to point out that your cause and effect couldn't have occurred unless you have mastered time travel. In your prior post you state that "the guy who's running the show" was behind "the huge spike in home foreclosures". Obviously if "the guy running who's running the show" took office in January 2009 and the mortgage foreclosures began to rise in late 2006, the former can't cause the latter. The problems/causes, which there are many, as you point out, began well before the rise in foreclosures in late 2006, but trying to blame one individual, or one political party, as NickBeam does, is ludicrous. The Democrats blamed Bush for everything, whether or not it was his fault, and the Republicans are doing the same with Obama. Meanwhile, the hard choices that must be made to control ever growing budget deficits, just to name one example, aren't made. The longer the bickering goes on, the worst the eventual cost will be. Both political parties have failed the American public--but then again, who keeps electing them?

[Rick93coupe]

Uh.....the housing/foreclosure crisis began in late 2006.

http://www.youtube.com/watch?v=hxMInSfanqg&eurl=http%3A%2F%2Fwww.srdayton.com%2Fforum%2Fshowt hread.php%3Ft%3D29841&feature=player_embedded#t=208

[Rick93coupe]

Ya gotta love Barney Frank...
http://www.youtube.com/watch?v=u1Mazjm_A5k&feature=player_embedded

[Rick93coupe]

This one makes me sick.

http://www.youtube.com/watch?v=PUaY3LhJ-IQ

[Waffles]

I was trying to point out that your cause and effect couldn't have occurred unless you have mastered time travel. In your prior post you state that "the guy who's running the show" was behind "the huge spike in home foreclosures". Obviously if "the guy running who's running the show" took office in January 2009 and the mortgage foreclosures began to rise in late 2006, the former can't cause the latter. The problems/causes, which there are many, as you point out, began well before the rise in foreclosures in late 2006, but trying to blame one individual, or one political party, as NickBeam does, is ludicrous. The Democrats blamed Bush for everything, whether or not it was his fault, and the Republicans are doing the same with Obama. Meanwhile, the hard choices that must be made to control ever growing budget deficits, just to name one example, aren't made. The longer the bickering goes on, the worst the eventual cost will be. Both political parties have failed the American public--but then again, who keeps electing them?

http://www.youtube.com/watch?v=ivmL-lXNy64

http://www.youtube.com/watch?v=BngyucCCAtc

I think Obama knows exactly what he's doing. Call it paranoia if you want, but he's surrounded himself with marxists, communists, and other radicals. I think what he's doing has a very deliberate intentional motive.

[Waffles]

This one makes me sick.

http://www.youtube.com/watch?v=PUaY3LhJ-IQ

How do these idiots get elected? Her district must have the lowest mean IQ in the country.