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February 2, 2016

Posted  February 2, 2016

Toyota Motor Credit will pay up to $21.9 million in restitution to thousands of African-American and Asian and Pacific Islander borrowers who paid higher interest rates than white borrowers for their auto loans, without regard to their creditworthiness, as a result of the company’s past practices. Toyota Motor Credit will also change its pricing and compensation system to substantially reduce dealer discretion and accompanying financial incentives to mark up interest rates. The action is a result of a joint CFPB and DOJ investigation that concluded that Toyota Motor Credit’s discretionary pricing and compensation policies resulted in discriminatory outcomes. CFPB