Today’s news:

Auto Plaza Mall: keep those old clunkers coming

On Monday August 3, the ownership of Plaza Auto Mall on Nostrand Avenue in Brooklyn met with its banks and finance companiesto put a plan together in case the government ran out of money and was not able to continue the Cash for Clunkers program.

Late Monday afternoon, the management ofPlaza Auto Mall, which includes Plaza Toyota, Plaza Honda, Plaza Hyundai and Accura Of Brooklyn, gave out this press release:

“We at Plaza Auto Mall are proud to announce that we have secured financing, which will enable us to complete and continue any transaction association with the government’s C.A.R.S. program, commonly known as ‘Cash For Clunkers’, from now and until August 31, 2009.

“This means even if the government runs out of money, Plaza Auto Mall will continue to take in as many clunkers as they can regardless if the clunker qualifies or not before August 31. Naturally, if it does qualify, as the rules of the C.A.R.S. Program states that being that it is not more than 25 years old and gets less than 18 miles per gallon and the government still has cash to give, Plaza Auto Mall will try to get funding from the program.

“However if the money runs out, Plaza Auto Mall of Brooklyn will still take anyones’ clunker and make a deal before August 31.

“We also have bought substantial inventory of cars that do qualify and would be very reasonable after the maximum clunker cash of $4,500.

“Acura of Brooklyn, for example, has a 2010 TSX with a suggested manufacturer’s price of $30,210, which,after the $4,500 clunker cash, would only cost $25,710.

“Plaza Toyota has a 2010 Corolla with a suggested manufacturers price of $17,920 that after the $4,500 clunker cash, would only cost $13,420.

“Plaza Honda has a 2009 new fit with a suggested manufacturer’s price of $15,420 that, after the $4,500 clunker cash, would only cost $10,920.

“And Plaza Hyundai has a 2009 Accent with a suggested manufacturer’s price of $14,560 that, after the $4,500 clunker cash, would only cost $10,060.”

The press release goes on to say that this does not include any manufacturer’s rebates or incentives that the buyer might qualify for, that would be applied to reduce the final purchase price.

This is an important point since some rebates and incentives could reduce the final purchase price as much as an additional $5,000 from the example they gave us. Ex: Toyota SUV MSRP $35,233 less $5,750 rebates and a maximum clunker cash of $4,500 gives you a net purchase price of $24,983.

Finally, Plaza Auto Mall has also announced that even though the Cash for Clunker program is suppose to only give up to $4,500 for new cars, Plaza will take your clunker in on a pre-owned car as well.

Even though Plaza Auto Mall knows they will have to put all of the clunker money themselves with no cash from the government, the management believes even if someone who owns a real clunker would be just as glad to get into a trouble free pre-owned car if they cannot make the numbers work on a new one.

It is important to note that the reason for Plaza Auto Mall to take these drastic and first time ever measures is because the Cash for Clunker program is believed to be running out of money. This week the Senate must approve another $2 billion to continue for at least another month.

With that in mind it is probably safe to assume the government clunker program will run out of money this month again.

Plaza Auto Mall of Brooklyn, with this announcement, has now made it possible for anyone with a true clunker that wants to get out before august 31 can, even if they want a pre-owned car instead of a new one.

To sum up in the words of one of the plaza Auto Mall managers, “The government program, Cash for Clunkers, might run out of money before August 31, but Plaza Auto Mall won’t.

Call 718-888-8888 for more information.

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