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Reuters reports that Toyota will pay $60 million to settle charges from U.S. regulators. The U.S. Consumer Financial Protection Bureau (CFPB) said on November 20 that Toyota Motor Credit Co., the automaker’s U.S. lender, will pay a $12 million civil penalty and $48 million to car buyers harmed since 2016. Dollar.
Thousands of borrowers complained to Toyota Motor Credit that dealers lied about whether the products were mandatory or rushed paperwork so they didn’t realize how much they were paying, according to the CFPB. Unnecessary product bundling increases consumers’ monthly loan payments and tarnishes buyers’ credit reports.
As of October 2022, Toyota Motor Credit Corporation had nearly 5 million customer accounts.
(Source: Reuters Image source: freepik)
