I corresponded a few years ago with the Terrafugia group. They are a bunch of MIT grads with degrees in Engineering. At one time we were discussing the construction of a full scale mockup for them. That was some years ago and now they have a flying vehicle. I have to applaud their diligence and I wish them success.
About 4 years before I had ever seen the Terrafugia concept in 2005, I had built a model of a flying car. The wings were always a design problem to determine the best way to deploy and stow them. I was very glad to see that the Terrafugia group had chosen a similar solution to the wing problem as I arrived at on the model. Here are a few pictures. I do have a new design on the drawing board which can land on water too.
A nice link to go to to see many various designs of flying cars is
www.roadabletimes.com