Wednesday, February 3, 2016

Toyota Follows Honda's Footsteps To Eliminate Predatory Automotive Lending Practices With $21.9 Million Settlement

As written by the Consumer Financial Protection Bureau..


Today the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) resolved an action with Toyota Motor Credit Corporation, under which Toyota Motor Credit will change its pricing and compensation system to substantially reduce dealer discretion and accompanying financial incentives to mark up interest rates. As part of today’s order, Toyota Motor Credit is also required to 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 its past practices.

Here's Toyota Financial Services response to the settlement:


With a commitment to fostering a fair and competitive auto finance lending market, Toyota Motor Credit Corporation (TMCC) today announced a voluntary agreement with the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) that addresses discretionary dealer compensation practices.  TMCC determined that a voluntary agreement was the preferred resolution of the agencies’ review, because it helps preserve consumer financing options while fairly compensating its dealer partners and upholding its commitment to fair lending practices.  TMCC is the latest of several lenders to enter into such an agreement.

TMCC does not tolerate discrimination of any kind, even perceived or unintentional, from its employees or business partners – this principle extends to fair lending practices.  While TMCC respectfully disagrees with the agencies’ methodologies to determine whether industry lending practices have been discriminatory, the company shares the agencies’ commitment to ensuring that consumers can count on competitive and fair auto financing options.  The actions TMCC will take under this agreement are intended to further that commitment.



To continue, reading CFCB click here.

 

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