Obama signed into law a great new program that the (NHTSA) National Highway Traffic Safety Administration has named (CARS) the Car Allowance Rebate System. This is a government program that helps you purchase a new, more fuel efficient car when you trade in a less fuel efficient car, truck or any gas guzzler really. See the Frequently Asked Questions for more details.

Criteria:

• Your vehicle must be less than 25 years old.
• Only purchase or leases of new vehicles qualify
• Trade-in vehicles must get 18 or less MPG (some pick-up trucks, cargo vans have different criteria)
• Must be registered and insured continuously for the full year preceding the trade-in.
• Up to $4500 will apply as a credit at purchase.
• The program runs through Nov 1, 2009 or when the funds are expire, whichever comes first. First come first served
• The vehicle that you are trading in will be destroyed. The value you negotiate with the dealer should not exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value when trading in your vehicle.

Beginning date is around July 23. See Program Rollout

How their guarding against fraud during the program? Click here for more information.

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