HomeWorldU.S. watchdog fines Toyota $60M for lending, credit misconduct

U.S. watchdog fines Toyota $60M for lending, credit misconduct


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Published November 20,2023


A Toyota emblem is seen throughout the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. (REUTERS File Photo)

The U.S.Consumer Financial Protection Bureau (CFPB) introduced Monday it ordered Toyota Motor Credit to pay $60 million for unlawful lending and credit score reporting misconduct.

“The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers’ credit reports with false information,” it stated in an announcement.

Toyota can pay $48 million to harmed shoppers, and an extra $12 million penalty into the CFPB’s victims aid fund, it added.

“Toyota’s lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports,” CFPB Director Rohit Chopra stated within the assertion.

The value of the bundled merchandise, financed by Toyota Motor Credit, averaged between $700 and $2,500 per mortgage, in keeping with CFPB.

“Thousands of consumers complained to Toyota Motor Credit that dealers had lied about whether these products were mandatory, included them on contracts without the borrowers’ knowledge, or rushed through paperwork to hide buried terms,” it added.

Source: www.anews.com.tr

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