Cash For Clunkers - Important Information
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| Chapman BMW is a Participating Cash for Clunkers Dealer, we are currently providing this information page to help answer common questions and keep you informed of changes. |
What is Cash for Clunkers or Car Allowance Rebate System (CARS)?
President Obama signed into law a program NHTSA is calling the Car Allowance Rebate System (CARS). This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle. |
| 5 Important Things to Know |
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Your vehicle must be less than 25 years old on the trade-in date |
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Only purchase or lease of new vehicles qualify |
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You don't need a voucher, dealers will apply a credit at purchase |
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Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements) |
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Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in |
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How Will Cash for Clunkers (CARS) work?
Watch for Program Start Date, estimated start date right now is in the middle to end of July. |
Step 1:
Determine if your car qualifies the shop for a New Car - browse inventory
Step 2:
Bring the title, registration and insurance papers showing continuous registration and insurance coverage for the past full year.
Step 3:
When you buy or lease a new vehicle, we handle the submission of all required information to the NHTSA
Step 4:
NHTSA ensures that your purchase meets all requirements
Step 5:
About 10 Days later, the NHTSA will issue a financial credit to the dealer - assuming all program requirements have been met.
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