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Cash for Clunkers Insurance Binder Letter

Discussion in 'Gen 3 Prius Main Forum' started by plow, Jul 25, 2009.

  1. plow

    plow Junior Member

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    If you are going for Cash for Clunkers and in the hope you will not to be caught flatfooted here.... our dealer Toyota Wallingford, Connecticut is requiring a signed, on insurance company letterhead, a binder letter stating your clunker has been insured without interruption for the last year or longer. They are not accepting insurance clip and hold certs.

    It took 20 minutes to get this letter from our carrier, emailed .pdf which I have printed out. It might be wise for others to have a binder letter in hand.
     
    #1 plow, Jul 25, 2009
  2. MattsGen3

    MattsGen3 Junior Member

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    I am not sure your dealer is correct.

    According to the "Requirements and Procedures for Consumer Assistance to Recycle and Save Program" announced yesterday (see page 30 on the PDF document in this link

    "cars (dot) gov/files/TheRule.pdf"

    it is either, old insurance cards OR old insurance declaration pages OR letter from insurance company. So either should work.

    In any case since you have got the letter it should not be a problem for you.

    Also keep in mind they need to show/give you the scrap value of your trade in. However they are entitled to keep $ 50 portion of it.

    In general scrap values should go by weight. I have heard dealers are showing anywhere between $ 100 to $ 200 for the scrap value.. I was expecting to get $ 300 for my Dodge Grand Caravan (weighs almost 2 tons), but it is not a deal breaker, I will settle for less:)

    Did they deliver to you the car yet ? My dealer told me they cant do anything before dealers themselves get registered. He said Earliest for my delivery will be Monday 7/26.

    Matt
     
    #2 MattsGen3, Jul 25, 2009
  3. a64pilot

    a64pilot Active Member

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    USAA sent my dealer something by fax, it was all they needed. Didn't know about the scrap value. Should at least pay for an oil change shouldn't it?
     
    #3 a64pilot, Jul 25, 2009
  4. MattsGen3

    MattsGen3 Junior Member

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    Sure it should pay for a few oil changes, or may be for all weather mats etc...

    Matt
     
    #4 MattsGen3, Jul 25, 2009
  5. plow

    plow Junior Member

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    Matt:

    I'm just back from the dealer who told me I was the first person to file the paperwork at that dealership as required: Title, Registration and Insurance Company Letter (signed on company letterhead) to do the deal. I filled out a C.A.R.S survey, signed a C.A.R.S. required purchase form (you have to do this) and have a Deal Memo from the dealership. Process took about an hour. I was that dealership's first successful registrant! and they are the second largest dealership in the state.

    It appears what is happening is EVERY Cash for Clunkers application must be approved by the government before at least our dealership maybe all, will release the car!

    My paperwork will be submitted Monday morning. The new car is ready to roll.

    The only unclear issue is the scrap value. It appears to be $ 250 minus $ 50 - when I have that figure: I walk in with a certified bank check and the deal is done.

    Plow:)
     
    #5 plow, Jul 25, 2009
  6. NCKevin

    NCKevin New Member

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    Sorry, Matt. Not true. I did the same paperwork and walked with a car last night. Nothing needs to be authorized by the gov't that I know of. The dealer has to make sure it meets the requirements, but that's it. I brought my insurance card & registration in and that's it. It was a pretty quick and easy process. I didn't get any scrap value, btw.
     
    #6 NCKevin, Jul 25, 2009
  7. plow

    plow Junior Member

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    Hi NCKevin:

    I think your post was addressed to me rather than Matt.

    I guess dealerships have different criteria. In our case they would not accept insurance cards and demanded a Letter. I had the cards of course as well. Good for you to drive off in your new car. I have to wait a day or two I reckon.

    I guess my dealership is more conservative but then again they popped for free oil, tires and batteries for life, a back bumper applique and free pin striping along with free manicures on Monday mornings when my wife brings in the car for service or a free oil change. I wanted and will get the scrap value as the dealership has a $ 299 "Processing Fee" and that pretty well cancels it out. And fortunately no sales tax on the car here in Connecticut.
     
    #7 plow, Jul 25, 2009
  8. TangoPapa

    TangoPapa Sun-Th Prius... Fri-Sat Supra

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    I did the cash for clunkers rebate for our Prius IV on Friday at 8:30am. Went smooth without a hitch. Just brought in an old insurance identification card and bill as well as old registration from last year. Didn't have to sign anything out of the norm from the usual auto buying paperwork, only a release of responsibility for our older car.
     
    #8 TangoPapa, Jul 25, 2009
  9. cossie1600

    cossie1600 Active Member

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    Gosh, I hope you didn't purchase a car from Wallingford Toyota. Those guys are shady as hell. Instead of charging a fair price for a vehicle, they tried to sneak an extra $800 for dealer markup with what they call a mandatory appearance fee. Basically you are forced to pay $800 for them to give you a coat of wax on every Prius you buy from them. Anyway good luck with you, I know they wasted two hours of my time.

    I am going to bring my insurance card from June of last year year up until the latest policy renewal. I put a deposit on my Prius two weeks ago, they still won't release the vehicle due to the clunker money issue.
     
    #9 cossie1600, Jul 25, 2009
  10. plow

    plow Junior Member

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    No $800 or even $ 1 coat of wax for me. Deal is a deal. I bargain tough and so far these guys are fully gentlemen and gentlewomen at Wallingford Connecticut Toyota. I am sorry you had a bad experience with them, to date I have not.
     
    #10 plow, Jul 25, 2009
  11. cossie1600

    cossie1600 Active Member

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    Lucky you, they basically walked out with the number $24500 (somewhere around there). I then asked him how he got to that number when the MSRP is $22950. He finally told me about the "appearance fee" and the dealer fee that they have to add on every new Prius. It was just shady and annoying since I drove 45 miles to go there. Also they refused to let me drive the vehicle, so I was even more pissed. Maybe it's a race thing or an age thing, who knows, but I know there is no way I am ever going back there unless they give me a new car. If I am going to get rape at the dealers, I might as well go to one that is not as painful. You don't have to apolgize for them, they just lost a potential customer as I bought one from another dealer the next day.
     
    #11 cossie1600, Jul 25, 2009
  12. jdnow09

    jdnow09 New Member

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    For those of you that bargain OTD (out the door price including tax, fees, docs), was the dealer nice enough to give back a few hundred dollars of the OTD for the scrap value?

    The reason I asked is that during negotiating, I probably don't want to mention about the clunker car until I bargain the price first.

    John
     
    #12 jdnow09, Jul 26, 2009
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