As consumers continue to cash in on the government's "cash for clunkers" program, local car dealers are still waiting for reimbursement. At Pearson Toyota in Newport News, the dealership has been reimbursed for only two of the more than 80 clunkers it has collected. "The response time that it takes to get approval is unbelievable," said Pearson Toyota general manager Butch Capps. "There's o
ver $300,000 out there that we're waiting for the government to pay." Virginia Automobile Dealers Association spokesman Michael Allen said most dealers are turning to standard business lines of credit when feeling strained by the slow reimbursement process. Allen said that in other cases, dealers are working with their lenders, who might offer to delay receipt of payment as long as interest is paid on the loan. "They're working through it, but for a lot of dealers, it's stretching them to the limit," Allen said. The delay is due to a national backlog in applications. Statewide, dealers have been paid on less than 3 percent of the deals they've submitted, according to a recent survey by the Virginia Automobile Dealers Association. Less than 10 percent of applications have been approved statewide.
For further details visit as : http://www.dailypress.com/news/dp-local_clunkers_0817aug17,0,6391525.story
ver $300,000 out there that we're waiting for the government to pay." Virginia Automobile Dealers Association spokesman Michael Allen said most dealers are turning to standard business lines of credit when feeling strained by the slow reimbursement process. Allen said that in other cases, dealers are working with their lenders, who might offer to delay receipt of payment as long as interest is paid on the loan. "They're working through it, but for a lot of dealers, it's stretching them to the limit," Allen said. The delay is due to a national backlog in applications. Statewide, dealers have been paid on less than 3 percent of the deals they've submitted, according to a recent survey by the Virginia Automobile Dealers Association. Less than 10 percent of applications have been approved statewide.For further details visit as : http://www.dailypress.com/news/dp-local_clunkers_0817aug17,0,6391525.story
