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It’s been one year since the United States government threw some jumper cables onto slumping auto sales with the trade-in program known as Cash for Clunkers. Formally called the Cars Allowance Rebate System (CARS), the U.S. Government offered a $3,500 or $4,500 incentive in exchange for a 1984-2001 model year car. Attributed to the sale of around 700,000 vehicles within a 30 day period, the program was viewed as widely successful in stimulating an automotive sale bounce. In relations to the top-10 cars purchased under the Cash for Clunkers program, every car had a retail price starting under $30,000 meaning the government rebate accounted for 10-15% of the qualifying new car’s value.

According to LeaseTrader.com, droves of Cash for Clunkers-inspired vehicle lessees (who is said to account for 1 in 5 total vehicle sales during the incentive’s period) are actively seeking rescue from their contracts. In lease agreements required to be a minimum of five years, a degree of these commitments have fallen under the category of biting off more than a lessee can chew as monthly payments began to overwhelm the pocketbook.




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Cash For Clunkers Bites Back: 20% Of Leases Under Program Now Seeking Rescue From Contract

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