"Cash for Clunkers" Legislation in Effect

Abstract

<p>On June 24, 2009, the President signed the 2009 Supplemental Appropriations Act for Iraq, Afghanistan, Pakistan and Pandemic Flu<strong>1 </strong>which contained the Consumer Assistance to Recycle and Save Act of 2009,<strong>2 </strong>popularly referred to as the “cash for clunkers” legislation. The Act established, in the National Highway Traffic Safety Administration, a voluntary program to be known as the “Consumer Assistance to Recycle and Save Program” to provide electronic vouchers to offset part of the purchase price or lease price of a new fuel-efficient vehicle upon the surrender of an eligible trade-in vehicle to a dealer participating in the program.<strong>3 </strong>The vouchers may be used to offset the purchase price or lease price by $3,500 or $4,500.<strong>4</strong></p>