- You must have owned the vehicle you are trading in for at least one year
- The vehicle you are trading in must have been made in 1984 or later
- The vehicle you are trading in must get a combined (city and highway) 18 miles per gallon or less
- The vehicle you plan on purchasing must not exceed $45,000
The benefits are huge:
- You receive a great trade in amount
- Your new vehicle will be more fuel efficient which will save you money on gas
- Using your Credit Union Member Discount will provide you with even more rebates
- You'll get a great low auto loan rate when you finance with your credit union.
Let's take this example:
You have a 1999 Chevrolet Tahoe that gets 14 miles per gallon. You want to purchase a 2009 Chevy Malibu 2LT which gets 33 miles per gallon. With the Cash for Clunkers program, you will receive a voucher for $4,500 when you trade in your Tahoe. Pretty good deal, hunh?
"Clunkers" are divided into four categories: passenger cars, SUVs, pickups and minivans and, large light-duty trucks and work trucks. The vehicle's age, miles per gallon it earns, what the vehicle is used for and the vehicle's weight are all factored into the amount of the rebate you will receive. Hundreds of vehicles are eligible for the Cash for Clunkers program, but you need to take advantage of it soon, the program ends on November 1, 2009.
For more information on the Cash for Clunkers program, visit www.cars.gov and be sure to stop by your credit union to receive your Credit Union Member Discount and your pre-approved auto loan before heading to the dealer.