Maricopa County prosecutors say 23-year-old Timothy Kissida remained in custody Monday on $250,000 bond.
Phoenix police say Kissida was driving his light blue BWM 325i shortly after midnight Aug. 8 when he hit 52-year-old bicyclist Charles Waldrop, who was riding home from work. Police say Waldrop's bike had lights and reflectors.
Kissida is also charged with leaving the scene of a fatal injury accident and tampering with evidence. A call to Kissida's attorney for comment on the indictment wasn't immediately returned Monday.
Kissida allegedly tried to use the Cash for Clunkers program to trade in his luxury car — telling a dealer that his BMW was damaged when he hit a javelina, a pig-like desert mammal.
Kissida was arrested after a tip to police.
To add insult to injury, his BMW did not qualify for the Cash for Clunkers program, according to the eligible trade-in vehicle list.
The popular $3 billion government rebate program downshifted to idle Monday evening Aug. 24, 2009.