Though it really hurts to bid farewell to your gas-guzzling SUV or sedan you are using for many years, you might realize it’s the right thing to do. The world’s economies (especially ours) is in shambles, oil prices are sky high and the environment is going nuts. With the passage of the Cash for CLunkers Bill, the Obama Adminisatration hopes it will somehow keep the ailing automotive industry afloat and contribute to the worsening environmental condition of the world.

The law comprises of a $1 billion fund with $50 million allotted for the administration. This Car Allowance Rebate System (CARS) Program will persuade gas-guzzler owner to buy or lease a new and more fuel-efficient ride. Ripple efect would include heftier auto sales for the industry, reduced oil consumption and lowered emissions.

Carsforgirls.com presents some Frequently Asked Questions (FAQ’s) regarding the new law. Read on to learn more about the program.