Wait to trade in your clunker

TYLER-Last week President Obama signed into law a program called the Car Allowance Rebate System or Cash for Clunkers.

The program aims to help you buy a new car in exchange for your old clunker.

The program officially began Wednesday, but officials say you may want to wait. That's because congress has given the National Highway and Traffic Safety Administration a 30-day grace period to work out the details. This means the details won't be set in stone until later this month.

But officials tell us you could go ahead and trade in your clunker, but both you and the dealer would be taking a major risk.

For more information on the program go to www.cars.gov [1]