Another Cash for Clunkers Question

[troywellbuilt]

I can't seem to find an answer anywhere...

My wife has a clunker. Can she trade it in and we get a car in both our names? She's a stay at home mom and wouldn't qualify for a loan on her own, I imagine.

[Carm]

http://www.cars.gov/
If the cars meets the basic requirements, I dont think it will be a problem.
You would probably have to co-sign for your wife. Since they look at your household income, i dont think it would be a problem.

[Acer]

Go to cars.gov and dowload the Rule pdf here:
http://www.cars.gov/files/TheRule.pdf

It has all the details, but not in convenient FAQ form. You'll have to read it for yourself.

Here's what I found there:

(iii) Registration
The requirement that the trade-in vehicle be registered to the same owner for a
continuous period of one year prior to the transaction requires clarification. The agency
interprets this provision as requiring the trade-in vehicle to be registered to and owned by
the person purchasing or leasing the new vehicle under the program. In a transaction
involving more than one person, the trade-in vehicle must have been registered to and
owned by at least one of the persons purchasing or leasing the vehicle under the program.

So, as long as her name is on the new car, it's not a problem if your name appears, too.

This is not a CARS issue, but make sure both you and your wife are named in the financing application; I did not do that, and the finance company would not allow me to put my wife's name on the registration. I could change it later, but not during the purchase transaction.

[troywellbuilt]

Great news, advice. Many thanks!

[surfer33]

Program supposedly suspended as of midnight today.
The government is suspending the explosively popular "cash for clunkers" program fearing it would go broke before it could parcel out what it still owes dealers for a huge backlog of sales.

The pending suspension was confirmed by Bailey Wood, legislative director for the National Automobile Dealers Association (NADA), which had been called Thursday night by the National Highway Traffic Safety Administration, which administers the program. Rep. Candice Miller, R-Mich., confirmed as well, saying she had been told by congressional leaders.

"Obviously the program has been an immense success in stimulating automotive sales," Wood said.

"The thing has exploded. It has exceeded everyone's expectations," said Miller, who was involved in writing the original legislation, known as CARS, for Car Allowance Rebate System. "Throughout our history, it has been auto sales that have pulled us out of recession. People are more likely to buy cars than houses. Not to be too Pollyannaish, but we're gettin' our mojo back. This could be the pivot" that begins an economic recovery.

The White House said Thursday night that "dealers and consumers should have confidence that all valid CARS transactions that have taken place to date will be honored."