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Fountain Valley's Hyundai trades 'Cash for Clunkers'
Automaker advances funds to its dealers participating in the government program.
By Kristen SchottPublished: July 05, 2009 10:00 AM
Looking to get rid of that gas guzzler? Well, now you can, with the government's "Cash for Clunkers" program, which Fountain Valley-based Hyundai Motor America is launching at participating dealers.
The automaker is advancing short-term cash to dealers while the government organizes the implementation of the program across the industry. Hyundai is the first to extend the incentive to customers, according to the company.
"We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they've been hearing from consumers," says Hyundai President and CEO John Krafcik. According to a survey released in May by Hyundai, 11 percent of car buyers were delaying their purchases until the program was implemented.
The Car Allowance Rebate System – which was signed into law June 24 – helps consumers purchase a new, more fuel-efficient vehicle when a less fuel-efficient car is traded in. Consumers qualify for a $4,500 rebate on the purchase or lease of new vehicles that maintain 10 miles per gallon more than a trade-in automobile, or 5 miles per gallon or more than a trade-in light truck. New vehicles that get between 4 to 9 miles per gallon more than a trade-in car, or 2 to 4 more than a trade-in light truck qualify for a $3,500 incentive.
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The automaker is advancing short-term cash to dealers while the government organizes the implementation of the program across the industry. Hyundai is the first to extend the incentive to customers, according to the company. "We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they've been hearing from consumers," says Hyundai President and CEO John Krafcik. According to a survey released in May by Hyundai, 11 percent of car buyers were delaying their purchases until the program was implemented. The Car Allowance Rebate System – which was signed into law June 24 – helps consumers purchase a new, more fuel-efficient vehicle when a less fuel-efficient car is traded in. Consumers qualify for a $4,500 rebate on the purchase or lease of new vehicles that maintain 10 miles per gallon more than a trade-in automobile, or 5 miles per gallon or more than a trade-in light truck. New vehicles that get between 4 to 9 miles per gallon more than a trade-in car, or 2 to 4 more than a trade-in light truck qualify for a $3,500 incentive. NEXT PAGE >> Related headlines Orange County auto sales continue to slide Fountain Valley's Hyundai locks in gas prices for buyers Irvine-based Fisker's Karma Sunset named Concept Vehicle of the Year Irvine-based Kelley Blue Book releases list of car brands on the rise and fall |
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