CARTERSVILLE, Ga. -- Cartersville Police Department investigators are working scam cases related to a local used car dealership.
North Georgia Financing, used to be located in Cartersville. Customers who have bought cars there are now saying they've been scammed, that they are unable to get titles to their cars.
The victims have had their cars repossessed by the title holders, or they cannot register their car to obtain tags, according to Chief Thomas Culpepper.
Several have invested money into the used car seller, or have consigned cars with the business. Although those victims still have the titles to their cars, they have received no payment from North Georgia Financing.
As part of the scam, Culpepper said investors would loan money to the dealer to purchase vehicles. When the dealer purchased a vehicle, usually at an auction, the investor would be given the title to hold until the car was sold and money paid back to the investor, when the title should be handed over.
North Georgia Financing never paid the investors back following the sale, meaning the investors maintained the title rather than giving it to the new owner.
Culpepper said victims are now paying the dealership for cars they cannot register.
Eight buyers and investors have reported the scam so far. Culpepper said one buyer paid the loan in full, but is still without a title.
Police have issued a warrant for the dealership owner, 64-year-old Terry Spruell of Kennesaw. He could face theft along with other charges.
Investigators ask that anyone who has had a similar experience with the used car dealership come forward while they continue working the case.