By all accounts, the cash for clunkers program has been a huge success. Never mind the fact that auto dealerships want nothing to do with the bureaucratic red tape and if at all possible will steer a customer toward conventional financing. The fact of the matter is that it has been a real boost to the economy.
So who really has benefited from this program?
- Some consumers, who traded up from old gas guzzlers to spiffy new fuel-efficient models,
- Auto dealers, who were able to dump inventory and pay their financiers,
- Banks, who all of a sudden, had some new auto loan volume, with up to $4,500 down-payments,
- Auto companies, especially Ford, Toyota, Honda and Nissan, who led the pack in sales. Conspicuously absent from