'Cash for Clunkers' Program Accelerates but Not for All

July 29, 2009 — -- This is the first week of the government's "Cash for Clunkers" program, and the Department of Transportation, reports that $35 million of the $1 billion budgeted for the program has already been spent.

When the funding runs, out the program ends, but until that day,thousands of Americans are taking advantage of it -- 8,000 deals have already been made.

Hanan Shemtov of Silver Spring, Md., made one of those deals Tuesday night. He traded in a 1991 Chevrolet G20 van worth only about $400 and got $4,500 in return through the government program.

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"It's actually the only reason I'm doing that," Shemtov said. "Otherwise I wouldn't have bought a new car."

Here's how the program works:

Auto dealership owner Scott Addison said he's seen "lots and lots of interest."

"We've got people coming out of the woodwork. I haven't seen this many clunkers in my life," Addison said.