"new cars and trucks that got.... even worse mileage.... dealers that submitted invalid trade-ins will be directed to return the government rebate"
So -- as I said way back when -- HOW are you going to feel when you GET THAT REJECTION LETTER?! Do you even have the "new" clunker yet?
And YOU KNOW WHO is ultimately on the hook, right, readers?
"‘Clunkers’ mileage impact queried; In most swaps, fuel efficiency took a back seat" by Ted Bridis, Associated Press | November 5, 2009
WASHINGTON - The most common deals under the government’s $3 billion Cash for Clunkers program, aimed at putting more fuel-efficient cars on the road, replaced old Ford or Chevrolet pickups with new ones that got only marginally better gas mileage, according to an analysis of new federal data by the Associated Press....
In scores of deals, the government reported spending a total of $562,500 in rebates for new cars and trucks that got the same mileage as the trade-ins, or even worse mileage - in apparent violation of the program’s requirements. The government said it is investigating those reports, adding that in some cases the figures were probably entered incorrectly by dealers.The National Highway Traffic Safety Administration is still reviewing the reports, and any dealers that submitted invalid trade-ins will be directed to return the government rebate, spokesman Eric Bolton said.
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"Toyota posts a surprise profit" by Yuri Kageyama, Associated Press | November 6, 2009
TOKYO - Toyota Motor Corp. reported a surprise profit yesterday and cut its projected red ink for the year by half, adding to growing evidence that carmakers are starting to recover from the deepest industry downturn in years.
Although far from a full-fledged turnaround, Toyota’s results showed the healing effects of government stimulus measures to spur sales of environmentally friendly cars and other vehicles, as well as soaring demand in emerging markets like China....
So, who benefited?
Related: Auto Insurers Accelerate Clunker
For the July-September quarter, Toyota, the world’s largest car company, posted better-than-expected net income of $242 million.... That marked an 84 percent tumble from the same quarter a year earlier, but was still one of the clearest signs yet Toyota is rebounding from its biggest loss ever during the last fiscal year. Especially positive were gains in China....
China’s auto market is on track to become the world’s biggest, replacing the US market, this year....
Related: We're Not Number One?
Empire is over, America!
On Wednesday, Toyota pulled out of expensive but glamorous Formula One racing, acknowledging it has to focus on its core car business. In the United States, it faces an investigation into problem floor mats, suspected of jamming the gas pedal and possibly causing crashes....
Look out!!!!!
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