Hyundai Expedites Benefits of Cash for Clunkers
July 06, 2009
FOUNTAIN VALLEY, Calif. — To help its dealers enjoy the potential benefits of the recently passed Car Allowance Rebate System sooner, Hyundai announced it has sped up the implementation of the program to several weeks ahead of schedule.
Basically, the automaker is backing its dealer body with short-term cash advances while the government finalizes the program’s industry-wide launch.
In fact, Hyundai commemorated the first trade-in of an eligible clunker for a new Hyundai late last week. Katherine Michon of Arlington, Va., swapped her 15 mile-per-gallon 1995 Ford Explorer with a 26 mpg Hyundai Elantra Touring at Alexandria Hyundai in Virginia.
“We appreciate what Washington has done getting the program completed, but it’s clear that the wait has left many potential car-buyers on the sidelines,” suggested John Krafcik, president and chief executive officer Hyundai Motor America.
“We thought it was imperative to get funding to our dealers so that they could implement the program right away and satisfy the demand they’ve been hearing from consumers,” he continued.
According to officials, the following Hyundai models qualify for the program:
—2010 Genesis Coupe 2.0L
—Santa Fe 2.7L
—Santa Fe 3.3L