Cash for Clunkers program to end on Monday

If you have been planning to take advantage of the program, you will have a few more days to trade in your old clunker and get the government incentive of up to $4,500.

Originally, Congress had allocated $1 billion for the program, but due to the popularity of the program that was extended to $3 billion, $1.9 billion of which has already been used.

The plan has done what the administration had hoped. Buyers hit the lots and bought more that 457,000 vehicles that qualified for the program, reducing inventories and leading the major automakers to re-hire employees and add additional shifts at their plants.

While consumers have embraced the program, not everyone has been so happy. A lot of auto dealers have been complaining about the lack of repayment from the government and decided to pull out of the program early.

The Obama administration is aware of the backlog in the processing of applications, but assures the dealers that their money is coming.

The government claims that 40% of applications have been processed, and that $145 million has already been paid out, which is a start, but still a very low percentage of the overall amount.

The Department of Transportation reports that on average, consumers that have traded in their old cars for the more fuel vehicles have increased their gas mileage by about 60%.

So, if you want to get in on the deal, you have until 8 PM EDT on Monday to trade in your old car.