What the public doesn't know is that many dealers have not received any money fron the government yet. I talked to the owner of the dealership I work at, and he said they had only gotten authorization for TWO cars out of the 300+ cars they have sold on this program. We have not destroyed any cars yet, at least until the government kicks in its share.
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Cash for Clunkers - Vehicles Traded In
- Thread starter teamque
- Start date
polarisrider1
New member
jroz, They will get their money. It just takes awhile to print it.
well all you get for charitable donated cars now days is what the charity gets for the car you donate. and around my parts alot go to auction .in years past I would go out and buy used cars to donate because you got bluebook. It would keep me in the zone for not getting as <font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font> from the fed.now I work less
Yes, the $4500 will be taxed according to reliable sources.
Top 10 Trade-in Vehicles
1.
Ford Explorer 4WD
2.
Ford F150 Pickup 2WD
3.
Jeep Grand Cherokee 4WD
4.
Ford Explorer 2WD
5.
Dodge Caravan/Grand Caravan 2WD
6.
Jeep Cherokee 4WD
7.
Chevrolet Blazer 4WD
8.
Chevrolet C1500 Pickup 2WD
9.
Ford F150 Pickup 4WD
10.
Ford Windstar FWD Van
here is a link to stats
http://www.cars.gov/files/official-information/August26Stats.pdf
Top 10 Trade-in Vehicles
1.
Ford Explorer 4WD
2.
Ford F150 Pickup 2WD
3.
Jeep Grand Cherokee 4WD
4.
Ford Explorer 2WD
5.
Dodge Caravan/Grand Caravan 2WD
6.
Jeep Cherokee 4WD
7.
Chevrolet Blazer 4WD
8.
Chevrolet C1500 Pickup 2WD
9.
Ford F150 Pickup 4WD
10.
Ford Windstar FWD Van
here is a link to stats
http://www.cars.gov/files/official-information/August26Stats.pdf
http://www.cars.gov/faq#category-06
The credit is NOT taxable income. From the link above:
Is the credit subject to being taxed as income to the consumers that participate in the program?
NO. The CARS Act expressly provides that the credit is not income for the consumer.
I used the program and turned in a 97 blazer (#7 on the list). Seemed like a waste to kill the truck, since it still ran well, but at 189k miles, leaking oil and trans fluid, and a couple dents, it made sense for us to accept the welfare payment for it.
The credit is NOT taxable income. From the link above:
Is the credit subject to being taxed as income to the consumers that participate in the program?
NO. The CARS Act expressly provides that the credit is not income for the consumer.
I used the program and turned in a 97 blazer (#7 on the list). Seemed like a waste to kill the truck, since it still ran well, but at 189k miles, leaking oil and trans fluid, and a couple dents, it made sense for us to accept the welfare payment for it.
Well thats good that its not taxed as income. This now goes against my error percentage. It now goes from 100% to 99.9% knowing everything.
I thought I heard on radio it would be taxed as income. This seems to be the 1st program that was a true give-away. Except we all have to pay it back later I suppose.
I thought I heard on radio it would be taxed as income. This seems to be the 1st program that was a true give-away. Except we all have to pay it back later I suppose.
Read this link. Right from the horses mouth.
http://www.cars.gov/faq#category-06
"Is the credit subject to being taxed as income to the consumers that participate in the program?"
"NO. The CARS Act expressly provides that the credit is not income for the consumer."
As for the sales tax: That was up to the state where the new vehicle was purchased. In Wisconsin the "voucher" was taken off the sale price of the new car as a dealer type discount(not as a rebate) so no state sales tax was charged on the "voucher".
http://www.cars.gov/faq#category-06
"Is the credit subject to being taxed as income to the consumers that participate in the program?"
"NO. The CARS Act expressly provides that the credit is not income for the consumer."
As for the sales tax: That was up to the state where the new vehicle was purchased. In Wisconsin the "voucher" was taken off the sale price of the new car as a dealer type discount(not as a rebate) so no state sales tax was charged on the "voucher".