It could come crawling out of its crypt on Halloween, covered in cobwebs and dust. It is the zombie debt, and a financial expert warns that debt collectors may try to haunt you with the debt, though it might not actually be a valid debt for any number of reasons.
Dealers want to be able to sell vehicles as Certified even if they are subject to open recalls. I addressed this travesty in my last post. A Blogger, Joanne Doroshow, recently posted a very apt blog on the subject.
Readers of this blog know that I consider Certified programs to be a complete scam. This is not real supevision and accountability and thus no real standards. It's a real and growing area of Dealer Fraud and Manufacturer Fraud as well.
Wells Fargo Bank has been on the receiving end of stern criticism over the past months for a scheme that involved more than a million fraudulently opened bank accounts. While that scandal has engulfed the company in controversy, a less-publicized scandal has mostly flown under the media's radar. Wells Fargo was recently fined $24 million by regulators for improper vehicle repossessions. The company repossessed cars from military personnel without first getting the required paperwork.