A look at the Cash for Clunkers program, which is scheduled to end Monday

A look at the Cash for Clunkers program

The Department of Transportation said Thursday it intends to end the Cash for Clunkers program on Monday at 8 p.m. EDT. Here’s a look at the $3 billion car incentive program.

— Through early Thursday, more than 450,000 transactions have been submitted by dealers, representing a total of about $1.9 billion.

— The department has reviewed and processed more than 150,000 applications and approved $140 million in payments to dealers.

— Obama officials said “based on conservative estimates of valid deals transacted under the program,” the clunkers program will be able to accept new submissions until the Monday deadline.

— After the program closes, the department will not allow dealers to submit additional applications.

— Dealers are advised by the government not to agree to any more sales under the program in the coming days unless the dealer has received all the necessary paperwork from the consumer.

— The department said dealers were “strongly advised” not to submit applications with incomplete information. Any submitted applications with significant missing or incomplete information will risk rejection.

— By Friday, the department will have at least 1,100 public and private sector employees who will be reviewing transactions so they can be approved and dealers can be paid in a timely manner.

Source: Transportation Department.