Toyota financing arm fined $60 million for car loan scam by consumer watchdog
Publishing timestamp: 2023-11-20 12:55:03
Summary
The Consumer Financial Protection Bureau has fined Toyota's financing firm, TMCC, $60 million for illegal lending practices. TMCC made it difficult for consumers to cancel add-on products and violated the Fair Credit Reporting Act. The company is ordered to pay consumer redress and a civil money penalty, and is prohibited from offering incentives for employees to sell add-on products. TMCC has admitted no wrongdoing but agreed to the terms of the consent order.
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Keywords: toyota motor corp, breaking news: business, products and services, transportation, breaking news: politics, washington, u.s. economy, business news, politics,