The U.S. Transportation Secretary Ray LaHood said on Thursday that the government will end the $3 billion Cash for Clunkers program on Monday. Dealers must submit all applications for the rebate by 8 p.m. ET Monday.

The Cash for Clunkers program has been so popular with carbuyers it has quickly run through its initial $1 billion in its first week and leading lawmakers to approve an additional $2 billion in funding on Aug. 7.

As of Thursday, the program has recorded more than 457,000 dealer transactions worth $1.9 billion in rebates. Of this amount, the government has approved $140 million in payments to dealers, the agency said in its first disclosure of rebate figures.

The Cash for Clunkers scheme was designed to stimulate the US car industry, which has been hit badly by the global economic crisis.

Named the Car Allowance Rebate System, the program provides credits of as much as $4,500 for the purchase of a new car when turning in an older vehicle to be scrapped.