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Article: U.S. says 90% of clunker claims have been approved.
- Article from:
- Automotive News
- Article date:
- September 21, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Neil Roland
The U.S. Transportation Department says it has paid or approved $2.6 billion in cash-for-clunkers transactions, or 90 percent of the $2.9 billion submitted, as accelerated payments to dealers continue.
A total of 534,598 claims for $2.3 billion were paid as of Sept. 18, said a posting today on the federal cars.gov Web site. An additional 76,775 submissions for $322.3 million have been approved but not paid yet.
A claim approval is the next-to-last step before the Treasury Department wires payment to the dealer's bank.
The latest figures show that Transportation may have to pay 146,828 claims for $615.1 million if it ...