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Search resuls for: "Toyota Motor Credit"


2 mentions found


☆ Toyota to pay $60 mln for lending abuses, tarnishing credit reports, US regulator says
  + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +2 min
REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Toyota Motor Corp FollowNov 20 (Reuters) - Toyota (7203.T) will pay $60 million to settle a U.S. regulator's charges it illegally prevented car buyers from canceling unwanted product bundles that increased their monthly loan payments, and tarnished buyers' credit reports. The Consumer Financial Protection Bureau (CFPB) on Monday said Toyota Motor Credit, the automaker's U.S.-based lending arm, will pay a $12 million civil fine and $48 million to car buyers harmed since 2016. Toyota Motor Credit, based in Plano, Texas, provides financing for people who buy vehicles at Toyota dealerships, with nearly 5 million customer accounts as of Oct. 2022. Toyota Motor Credit was also accused of falsely telling credit reporting agencies that borrowers had missed payments, and failing to promptly correct negative information for more than 27,500 borrowers. Under a consent order, and without admitting or denying liability, Toyota Motor Credit agreed to make it easy to cancel unwanted product bundles.
Persons: David, Dee, Delgado, Jonathan Stempel, Chizu Nomiyama, Bill Berkrot Organizations: New York, REUTERS, Rights, Toyota Motor, Toyota, Consumer Financial Protection Bureau, Monday, Motor Credit, Toyota Motor Credit, Thomson Locations: Manhattan , New York City, U.S, Plano , Texas, Monday's, New York
☆ Toyota financing arm fined $60 million by consumer watchdog for car loan scam
  + stars: | 2023-11-20 | by ( Chelsey Cox | ) www.cnbc.com   time to read: +1 min
WASHINGTON — The U.S. financing arm for Toyota was fined $60 million Monday by a federal consumer regulator for preventing car buyers from canceling add-ons to their loans. "Toyota's lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports," said Consumer Financial Protection Bureau Director Rohit Chopra. Toyota Motor Credit Corp., or TMCC, violated the Consumer Financial Protection Act by preventing customers from canceling loan add-ons that cost on average between $700 and $2,500 per loan, according to a consent order. TMCC is ordered to pay $48 million in consumer redress and a $12 million civil money penalty to the CFPB's victims relief fund. "Given the growing burdens of auto loan payments on Americans, we will continue to pursue large auto lenders that cheat their customers," Chopra said.
Persons: WASHINGTON, Rohit Chopra, Chopra, Vincent Bray Organizations: Toyota, Financial, Toyota Motor Credit Corp, Consumer Financial, Bureau, Toyota Financial Services, CNBC Locations: The U.S
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