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November 20, 2023

Posted  November 20, 2023

Toyota Motor Credit Corporation, the U.S.-based auto-financing arm of Toyota Motor Corporation, has been ordered to pay $60 million—including $48 million in consumer redress and $12 million in penalties—for illegal lending and credit reporting misconduct in violation of the Consumer Financial Protection Act and Fair Credit Reporting Act. According to aggrieved consumers, dealers misled them about optional products and services that could be sold bundled with vehicles, either representing that they were mandatory or including them on contracts without their knowledge.  Toyota Motor Credit then stymied attempts to cancel bundled products and services, directing consumers to a dead-end cancellation hotline, delaying or withholding refunds, and providing inaccurate refund information.  CFPB

Tagged in: Misrepresentations,