Automotive Finance Corporation (AFC), went to Arkansas and asked for reposession of the cars in New Jersey. Too bad AFC did not have the vehicles, they just converted the titles from New Jersey to Arkansas.
When Patrick Dunn's auto dealership in New Jersey went out of business a few months ago, something weird happened to "40 or 50" customers who had bought cars from him, writes Bob Braun at NJ.com.
The company Dunn had taken out business loans with, Automotive Finance Corporation (AFC), went to Arkansas and asked for reposession of the cars in New Jersey. The Arkansas department of motor vehicles assumed AFC meant for unsold cars on the lot, so they granted the requestand now AFC says it owns titles to cars that people are already driving and paying for.
AFC, part of ADESA and KAR HOLDINGS, Inc. Simply defrauded the Arkansas DMV, so the DMV need to take action against AFC. The original titles are in New Jersey, these "duplicate" or "counterfeit" titles are counterfeits.
Anyone who wants can likely sue for fraud and conversion and collect treble damages.
Federal authorities may want to look up "Misprision of felony" when they investigate Arkansas department of motor vehicles.
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