Cash For Clunkers Outrage

It seems the cash for clunkers deal may have hit a sour note. And CNBC’s Phil Lebeau is all over the surprising development.

"It is a story I've heard people whispering about over the last week," Lebeau says in his blog Behind The Wheel.

Talk of dealers holding off on completing Cash for Clunker sales until paperwork is "approved" by the Federal government has picked up in the last week.

Especially as more and more dealers have seen their inventory of vehicles run lower and lower. But today, when I heard two more cases of consumers being caught in a Clunker conundrum, I started to realize the end of this program is not going to be a good one for some buyers.

Take the case of Peter who e-mailed the following to me this morning.

"I purchased my new car 7/31 from the dealer's lot and still have not received it for my clunker.

The dealer refuses to release my car even though the NHTSA (see clearly states that the dealer should release the new car to the customer since it's on their lot and they should collect my clunker before they submit the voucher."

Hmmm..seems Peter is in Clunker hell. Stuck with a beater the dealer should have taken in, but frustrated he can't complete the deal? Are there other people suffering the same fate as Peter, who waits for his deal to be finished?

E-mail Lebeau at and let him know if this has happened to you. Let's see how many people are stuck in a Clunker situation.

Incidentally, Joe Terranova thinks this is fundamental evidence that it's time to get out of Ford .

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Trader disclosure: On Aug 24th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (BUCY) & Short (BUCY) Calls; Najarian Owns (C) Calls; Najarian Owns (FCX), Is Short (FCX) Calls, Owns (FCX) Puts; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PALM) Calls; Najarian Owns (V) & Short (V) Calls; Najarian Owns (YHOO) Call Spread; Terranova Owns (AMZN), (MSFT), (WFT), (BTU), (MA), (SHLD); Terranova Is Short (KBH); Terranova Works For (VRTS); J. Najarian Owns (AMD), (AAPL), (BX), (DRY), (LDK), (NTRS), (NUE), (FRE), (FNM), (NVLS); J. Najarian Owns (BAC) Preferred; Cortes Owns (SPX); Cortes Is Short Nasdaq 100; Cortes Owns (GS)