(WKTV) - It's a program that's been so successful that it's burned through nearly all of its billion dollar funding.

Now officials say the Cash for Clunkers program might be out of gas unless it gets more funding.

An Obama Administration official says the program will have to be suspended unless the senate approves $2 billion in funding later today.

Transportation Secretary Ray Lahood says that any car purchase made today or tomorrow should still qualify.

Some senators who voted for it earlier this year believe this funding should require consumers to buy much more fuel efficient vehicles than the program requires.

And some say used fuel efficient vehicles should also be in the mix.

So what does this mean for dealers in our area who are counting on the program for new car sales?

Obviously if it's not approved, it would be a huge loss for all dealerships, including those in our area.

Why?

According Alex Carbone of the Carbone car dealerships throughout the region, they have sold hundreds of cars already under the program. In fact, their inventory for some of the models that are eligible, is already gone! One of those that is already sold out is the popular Jeep Patriot.

Carbone said dealers expect the frenzy to continue until the money runs out.

If you are interested in the Cash for Clunkers program, your vehicle must have an EPA. rating of 18 miles per gallon or less, and you must trade it in for a more fuel efficient vehicle.

The dealers say just stop in, and they will tell you if your vehicle is eligible and show you what inventory they do have that is eligible.

That deal might get a little sweeter, as automakers have their own incentives, in addition to the government's.

"So your MSRP is 19,000?" asked Reporter Gary Liberatore.

"Yes, we have a 500 discount off of that," said Vic Gazzilli, a sales manager with Carbone. "In this case, a person can get $8,000 or $9,000 off depending on which they qualify for. So, you will be in the $11,000 to $12,000 range and still get the lifetime power train warranty with it."

Again, the senate is expected to vote on the $2 billion addition to the program this afternoon.