Within the past few days , there has been a lot of confusion -regarding the status of the 'Cash for Clunkers' program, which allows consumers to upgrade into more fuel-efficient vehicles.

Automakers and dealers had been informed on Thursday to stop processing car deals related to the program, after NHTSA officials suspended the program. Moments later a White House spokesperson said the program hasn't been suspended.

According to our sources, the government may have underestimated the popularity of the program. Congress only allocated $1-billion for the program initially, which is roughly 250,000 new-vehicle sales. Based on the success of the program and the uptick of floor traffic at new-car dealerships this week, many believe the program funds have been depleted. ...

As of Friday afternoon, the House passed legislation to infuse $2-billion into the 'Cash for Clunkers' program after NHTSHA reported that the $1-billion federal program was running out of money. The bill, which goes to the Senate this week, would transfer the new money from a U. S. loan guarantee program for renewable energy systems that was funded under the stimulus package earlier this year, according to Automotive News.

So if you're in the market, I would recommend that you not wait until November 1, 2009, which is suppose to be the last day of the program, since there is no guarantee money will be available in the kitty.

+House OKs $2B for 'Cash for Clunkers'

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