Schaumburg Toyota

Only 1 Billion Dollars available, which will assist approx. 250,000 car buyers. Estimates are that the CARS fund will run out of money by the end of August. Don't miss out and BUY EARLY!

DO I QUALIFY?

Program Highlights

5 Important Things to Know

·       Your vehicle must be less than 25 years old on the trade-in date

·       Only purchase or lease of new vehicles qualify

·       Generally, trade-in vehicles must get 18 or less MPG (some very large pick-up trucks and cargo vans have different requirements)

·       Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in

·       You don't need a voucher, dealers will apply a credit at purchase

Frequently Asked Questions (From CARS.gov)

What is the Car Allowance Rebate System?
The Car Allowance Rebate System is a new program from the government that will help you pay for a new, more fuel efficient car or truck from a participating dealer when you trade in a less fuel efficient car or truck.

Do I need to get a voucher or sign up for this program?
No. You do not need a voucher and you are not required to sign up or enroll in this program. Participating new car dealers will apply a credit, reducing the price you pay at the time of your purchase or lease, provided the vehicle you buy or lease and the vehicle you trade in meet the program requirements. The dealer will then obtain reimbursement from the government.

How do I know if my car or truck is an eligible trade-in vehicle?
There are several requirements (but you also have to meet certain conditions for the car or truck you wish to buy). Your dealer can help you determine whether you have an eligible trade in vehicle.
Your trade-in vehicle must

·       have been manufactured less than 25 years before the date you trade it in

·       have a “new” combined city/highway fuel economy of 18 miles per gallon or less

·       be in drivable condition

·       be continuously insured and registered to the same owner for the full year preceding the trade-in

Does the program apply if I want to lease a vehicle, or must I purchase a vehicle?
Under the program, you may purchase a new vehicle or lease a new vehicle, provided the lease period for the new vehicle is at least five years.

How do I find out the combined city/highway fuel economy rating of my trade-in vehicle?

Go to http://www.fueleconomy.gov/feg/sbs.htm and click on the model year of your vehicle, the make, and then the model. Under the words "ESTIMATED NEW EPA MPG" in the red banner, there is a red number with the word "COMBINED" under it. That is the new combined city/highway fuel economy for your vehicle. You may then enter the make, model, and model year of a new vehicle you may want to buy and see its combined MPG for comparison.

Is there a cap on the price of the vehicle I can buy or lease under the program?
Yes. The manufacturer's suggested retail price cannot exceed $45,000.

What is the amount of the credit?
The amount of the credit is $3,500 or $4,500, and generally depends on the type of vehicle you purchase and the difference in fuel economy between the purchased vehicle and the trade-in vehicle. Different requirements apply for work trucks.

In addition to the credit, will I get the full value of my trade-in vehicle?
No. The law requires your trade-in vehicle to be destroyed. Therefore, the value you negotiate with the dealer for your trade-in vehicle is not likely to exceed its scrap value. The law requires the dealer to disclose to you an estimate of the scrap value of your trade-in vehicle.

For additional information from CARS.gov, please click here.