Toyota Motor Credit ordered to pay $60 million in financial fraud settlement
Toyota has been ordered to pay $60 million ($12 million in civil penalties and $48 million to affected car buyers) by the Consumer Financial Protection Bureau (CFPB) for illegal conduct, Reuters reports. It is said that he was Toyota Motor Credit, the Japanese automaker’s U.S. financing arm, has engaged in illegal practices that prevent buyers from canceling bundles of unwanted products, hurting shoppers’ credit scores and reducing their monthly car payments. It is reported that the payment has been increased. Toyota Motor Credit is financing department An association of automobile manufacturers that provides financing to shoppers who wish to purchase an automobile manufactured by that manufacturer at a dealership. In October last year, the number of Toyota Motor His credit customers reached a total of 5 million. CNBC alleges Toyota Motor Credit violated the Consumer Financial Protection Act by preventing customers from canceling additional loans. These add-ons typically cost betwe...