More cash for your clunker

Cash for Clunkers is a hit–and you can save even more money for trading in your old car for a new one with Tech CU!

It’s also known as the Car Allowance Rebate System (CARS)—a federal program passed by Congress and signed into law by President Obama on June 24. (The program was so popular that our government went through most of the funds dedicated to Cash for Clunkers the first week it was launched. Luckily, the program received a $2 billion injection.)

Here’s the deal: you can get a tax credit up to $4,500 if you trade in your older, less fuel-efficient vehicle for a new one that gets better mileage. If you want to take advantage of the deal, don’t wait—the program ends Nov. 1, 2009.

While we’re getting tax credits for trading in our clunkers, why not combine some other special offers to get the most money for our rides?

Check out Tech CU’s Fuel$mart program. If you purchase a hybrid vehicle (or one that gets 30 mpg) you’re eligible for the Fuel$mart loan—with a rate discount of .30%.  And Tech CU will give you an additional .25% rate discount if you buy your vehicle through The Car Store. Combined with a Fuel $mart loan, that’s a total rate discount of .55%!

Add up all the money you’d be saving on your new car with these rate discounts and the CARS tax credit and that’s a whole lot of cash that can go towards your ‘Grow Your Green’ goal!

To figure out whether you qualify for the CARS credit, check out Edmunds.com. They have a great eligibility calculator and at-a-glance chart:

Here are the basic requirements:

Trade-in vehicle:

• Is in drivable condition
• Has been both continuously insured, consistent with the laws of your State, and continuously registered to the same owner for at least one year immediately prior to the trading-in of your vehicle under the CARS program
• Manufactured less than 25 years before the date of trade in and, in the case of category 3 trucks, not later than model year 2001
• Has a combined MPG of 18 or less (this does not apply to category 3 trucks)

New vehicle:

• Is new and title has never been transferred
• Has manufacturer’s suggested retail price of $45,000 or less

There are also different categories of vehicles and restrictions for each too, so pay attention to that. The rescource center for more detailed information if you still have questions.