Figure out how to remove the top padded arm rest part from the rest of the console. Remove the piece of fabric that is currently covering the padded part (its probably held on by staples or tacks or sewn or something). Go to a fabric store (Joann's, Michael's, Walmart has some too) and pick out a fabric type that is similar to the old type, or similar to your seats, or whatever you like (leopard print perhaps

). Get a piece that is as big or bigger than the old piece of fabric. Cut to size using the old one as a template. Use a staple gun with short staples, or mimis how the old fabric was held on, to reattach the new fabric. Voiala!