A local news channel in Raleigh, N.C., reported on Dec. 7 that the North Carolina Division of Motor Vehicles (DMV) has identified 62 dealerships that have not delivered titles on vehicles paid in full within the time required by law.
Quoting DMV Commissioner Mike Robertson, WRAL-TV’s Website said the two-year trend intensified when the economy worsened. By law, the lien holder has 30 days to deliver.
"This is a problem, and it's gotten worse since the economy went down," DMV Commissioner Mike Robertson said.
Robertson told the news station that 11 of the 62 dealers investigated were large franchises backed by manufacturers. He likened the situation to “Ponzi schemes,” and said dealers are taking proceeds from one sale to pay off another sale.
The commissioner told the news channel that out of the 861 reported cases of consumers not receiving their titles, 520 are still unresolved because the state agency can't locate the title.