Yep. I had a 88 Caprice which was stolen, the bad guy swapped plates with his wrecked 88 Caprice and kept renewing them (you don't think anyone actually ever LOOKS at the VIN, do you?).
He put in a rocking stereo, velour interior, a bowling ball paint job (anyone remember those?), spoke wheels, etc.
I stopped him 18 months later for a traffic violation and looked at the VIN, arrested him, and called the owner. No comprehensive insurance so the title was still in his name, he came out and didn't recognize the car. He was happy to take it, but didn't recognize it.
The jerk in the back seat was all kinds of mad, wanting his stereo and wheels and such. I said once it's bolted to the car, it's part of the car and handed the keys to the owner.