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The U.S. government’s “cash for clunkers” incentive program will end Monday at 8 p.m., a month after it began, according to a government official.

The Transportation Department said Thursday the government will wind down the program on Monday at 8 p.m. EDT. Car buyers can receive rebates of $3,500 or $4,500 for trading in older vehicles for new, more fuel-efficient models.

“It’s been a thrill to be part of the best economic news story in America,” Secretary Ray LaHood said in a statement. “Now we are working toward an orderly wind down of this very popular program.”

Through Thursday, auto dealers have made deals worth $1.9 billion and are on pace to exhaust the program’s $3 billion in early September. The incentives have generated more than 457,000 vehicle sales. Administration officials said they have reviewed nearly 40 percent of the transactions and have already paid out $145 million to dealers.

Administration officials said applications for rebates will not be accepted after 8 p.m. EDT Monday and dealers should not make additional sales without receiving all the necessary paperwork from their customers. Dealers will be able to resubmit rejected applications after the deadline.

Senate Majority Leader Harry Reid, D-Nev., wrote LaHood on Thursday and urged the department to consider a policy that would reimburse dealers within five business days for all properly submitted vouchers.

“In order to capture a sale but also make use of the CARS incentive, dealers have been forced to effectively finance the CARS vouchers for buyers until the dealers are reimbursed by the federal government, placing a strain on dealers’ balance sheets that, if prolonged, could eventually offset some of the benefits of the program,” Reid wrote.

President Barack Obama

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said in an interview Thursday that the program has been “successful beyond anybody’s imagination” but dealers were overwhelmed by the response of consumers. He pledged that dealers “will get their money.”Alan Carr: Tooth Fairy LIVE

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