The Department of Transportation will soon be making an announcement about the balance of the Cash For Clunkers account (it started with $1 billion), and, quite frankly, it could already be dwindling close to zero. Washington sources spoke with our friends over at AutoObserver , saying that although no announcement has been scheduled yet, the program could be temporarily put on hiatus or even suspended completely. As of 10 a.m. this morning the CARS Web site showed $779 million remaining for the program, but it's unknown how much money today was requested by dealers for pending transactions. Many dealers are concerned that there are many more transactions being made than the program can handle, meaning there is a prospect that dealers could be stuck with paying the $3,500 or $4,500 bill per voucher if the government funds dry up too quickly. The Detroit Free Press quoted the National Auto Dealers Association president John McEleny saying, "We feel that we're much closer to exhausting that $1 billion than anyone thought. We're not telling dealers what we should or shouldn't do but that we think the billion might be close to exhausted if not exhausted already." The program officially kicked-off Monday of this week, although dealers started acknowledging the vouchers July 1. It looks like people have been taking full advantage of the program; let's hope there are funds remaining and the government doesn't throw dealers under a bus with a bunch of worthless $3,500 or $4,500 vouchers in hand. Cash-for-clunkers being suspended AutoObserver : Cash For Clunkers Could Be Done Or On Hiatus Read more from the original source: Cash For Clunkers Fund Might Already Be Exhausted

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Cash For Clunkers Fund Might Already Be Exhausted