The U.S. Department of Transportation has released this week the final rules setting forth requirements and procedures for the Cash for Clunkers program under the Consumer Assistance to Recycle and Save Act of 2009.
For a complete copy, you can download here
The program named as the Car Allowance Rebate System is designed to help the economy and the environment by spurring new car sales.
Car owners can receive federal subsidies of up to $4,500 for the purchase of a new car when turning in an older vehicle to be scrapped.
Lawmakers had expected the program to generate about 250,000 vehicle sales and to have enough money to last until about Nov. 1.
President Obama signed the cash for clunkers” program into law on June 24.