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'Cash for Clunkers': Details on how it works

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'Cash for Clunkers': Details on how it works

The $1 billion Car Allowance Rebate System, coined "Cash for Clunkers," was signed into law by President Obama on June 24 and is designed to increase both auto sales and the fuel efficiency of the nation's automobiles.

All qualifying transactions from July 1 to Nov. 1 are covered under the program, assuming designated funds don't run out before then.

What vehicles qualify?

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