Consumer Car Buying Advice Blog

Chrysler Group announces a new cash incentive program designed to augment the federal Cash for Clunkers program that even bad credit car loan customers can take advantage of

Double CA$H For Your Old Car

From what we see here at Auto Credit Express, the latest program, dubbed “Double CA$H For Your Old Car” by Chrysler’s marketing department, involves a cash incentive on most Chrysler, Jeep or Dodge vehicles of up to $4,500 (as in previous incentive programs, the most likely non-candidates for the incentives would be the Dodge Viper, Dodge Charger and all SRT8 vehicles – although this has not been confirmed by the company).

These incentives are in addition to those offered by the U.S. Government CARS (Car Allowance Rebate System) program, meaning that consumers with an eligible CARS trade-in could receive as much as $9,000 towards the purchase of specific Chrysler, Jeep or Dodge vehicles.

“Everyone shopping for a new car or truck qualifies for an incentive of up to $4,500 – even if they don’t have a vehicle that qualifies under the U.S. Government’s program,” said Steven Beahm, Vice President – Sales Operations, Chrysler Group LLC. “This incentive is great in that it’s easy to understand and available to everyone.”

Program specifics

The incept date for the program, July 23rd, coincides with the start of the government’s Car Allowance Rebate System, which is more widely known as the “Cash for Clunkers” program. Under the government program, consumers can trade in a qualifying vehicle and receive either a $3,500 or $4,500 credit (depending on the total increase in fuel economy between the trade-in and the vehicle being purchased) towards the purchase of a more fuel-efficient new vehicle.

The federal program, however, does have its limitations – the most glaring of which requires that the vehicle which is to be traded in (other than a large pickup or cargo van) must have been rated by the EPA with a combined fuel economy figure of 18 or less miles per gallon.

“The administration’s program is aimed at getting less fuel-efficient vehicles off the road, and for vehicles that meet the requirements, offers a great incentive to do so,” Beahm said. “But we didn’t want consumers without qualifying vehicles to feel left out so we are offering up to $4,500 to everyone.”

Bad credit car loan buyers

The good news for bad credit car loan shoppers is twofold:

• Neither program is dependent upon a credit score, so even buyers with bad credit can potentially qualify for up to $9,000 in what is essentially additional down payment money
• Bad credit lenders will probably treat the money from government vouchers as cash down, meaning that borrowers will have less out of pocket cash to come up with

The Bottom Line

At Auto Credit Express, our business is to help people with bad, blemished, bruised and tarnished credit buy cars and reestablish their credit at the same time. Our national network of affiliate dealers, who are familiar with the CARS act, specialize in bad credit car loans. If you have any additional questions, our web site will help you determine how much car you can afford and, unlike other sites, our toll free number is listed on every page in case you have any additional questions.

When you decide to buy a car, our credit application can be filled out in the comfort and security of your own home. For more information, visit www.autocreditexpress.com.

Tags: auto loan

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