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The CARS rebate program, informally known as the cash for clunkers program is a great incentive for people to trade in their old gas guzzlers and walk away with a brand new car. It offers up to $4500 in cash incentives payable by a car dealership (not direct to the buyer) when you trade in a qualifying clunker car. Here's what you need to know...
Here are some common myths and facts about the popular CARS rebate program...

• You don't need a cars voucher, your automotive dealer credits your new car purchase right at the dealer.
• There are no special forms to fill out. If a dealer tells you you must fill out a form to get a cash for clunkers rebate, do not accept the deal or the terms. This is simply no true. The government pays the dealership directly and does not pay the individual.
• This CARS rebate program runs only until Nov 1, 2009 or when the funds are exhausted, whichever comes first. New funds have been appropriated for the program.
• The CARS rebate program requires the scrapping of your eligible trade-in vehicle, and that the dealer disclose to you an estimate of the scrap value of your trade-in. The scrap value, however minimal, will be in addition to the rebate, and not in place of the rebate. So, you could earn more on your trade-in.
• All dealers are required to scrap the vehicles immediately after purchase, no exceptions.
• Only qualifying vehicles that are 25 years old or less, with 18 miles per gallon or less qualify.
• A list of the qualifying vehicles is available at the cars.gov website.

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