Car owners receive up to $4,500 for their clunkers to put toward new fuel efficient cars as part of the federal Cash for Clunkers rebate program.
The program ends next Monday, though it was supposed to last until at least September.
The feds believed Cash for Clunkers would fuel the nation's auto industry. What they didn't expect was the enormous response.
"I have dealers that have $200,000, $300,000, half-million, $1 million in receivables from the federal government," Texas Automobile Dealers Association president Bill Wolters said.
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Cash for Clunkers
As News 8's Bob Robuck explains, interested car buyers better hurry as the rebate program ends Monday.
 
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The government has had a tough time tracking all the Cash for Clunker applications. Many dealers have yet to receive reimbursements, and the program may already have exceeded its $3 billion cap.
Now the feds are slamming on the brakes, ending the program much earlier than expected.
This will be the last weekend for car buyers to take advantage of the program. That means dealership lots could get pretty packed. Some dealers, however, may not participate in Cash for Clunkers because they still have not received reimbursements for past applications.
Henna Chevroletin North Austin plans to see it through to the end, though the dealership hasn't gotten its reimbursements either. The program moved a lot of cars out of the dealer's lot, stimulating business.
"It would be my hope that they would find ways to reimburse the dealers who are out $3,500 or $4,500, truly, to keep the enthusiasm and keep everybody motivated to do this again if they choose to do it," Henna General Sales Manager Mark Rowe said.
JD Power predicts U.S. monthly auto sales will rise above the 1 million mark for August mainly due to the Cash for Clunkers program. The government credits the program for more than 450,000 car sales nationwide.
