According to overseas media reports, the U.S. Consumer Financial Protection Bureau (CFPB) recently announced that Toyota Motor Credit Corporation (TMCC)For forcing the borrower to add a bundled car loan product and illegally obstructing the cancellation of the product, thereby affecting the borrower's credit, and was charged. Toyota Motor Credit Corporation (TMCC) denies the accusations, butAgreed to $60 million settlement, of which $48 million will be paid to affected customers and $12 million will be paid to the CFPB Victim Relief Fund.
A report provided by the CFPB shows that when consumers complain about Toyota’s unnecessary bundled products and want to cancel or refund, they will be directed to the internal customer service team, and then they will fall into an endless tug-of-war.
It is reported that the additional cost of each car loan ranges from US$750 to US$2,500, and in some cases, Toyota dealers falsely stated to users that these products were mandatory.
The report will be released again.Between 2016 and 2021, a total of 118,000 consumers called the complaint hotline.
Moreover, after some customers returned their vehicle loans, TMCC did not report it to the credit agency in time, causing some users to default on their payments, which affected their credit ratings. There are 27,500 such users.
CFPB Director Rohit Chopra said: “As Americans become increasingly burdened with auto loan payments, we will continue to go after large auto lenders that defraud their customers.
Toyota Motor Credit has denied wrongdoing but agreed to terms and will pay $60 million to settle.