President Obama recently signed into law the "Cash for Clunkers" program, now known as the Car Allowance Rebate System (CARS), which is expected to begin later this month.

While the CARS Act makes transactions on and after July 1 potentially eligible for credits under the CARS program, interested dealers and consumers may want to wait until all of the detailed issues that must be addressed in the implementing regulations are resolved and the final rule is issued, according to the National Highway Traffic Safety Administration (NHTSA), administrator of the program. Issuance will occur around July 23.

The government has established the CARS.gov website to help keep consumers informed on the project. The site features basic FAQs as well as information about what NHSTA is doing to prevent fraud.