Toyota Finance Arm Ordered to Pay $60 Million For Ripping Customers Off

The US Consumer Financial Protection Bureau (CFPB) has ordered Toyota Motor Credit Corporation to pay a $60 million settlement for ripping off customers with shady loan schemes that increased their monthly loan payments by preventing them from canceling product bundles. As one of the best-selling automakers in the US, the antics unfortunately affected many customers.

Toyota Motor Credit Corporation is the US-based financing arm of the Japanese automaker, providing financing for consumers. The company also offers optional products and services, usually sold in bundled packages.



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