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Violation Tracker Individual Record

Company: Toyota Motor Credit Corporation
Current Parent Company: Toyota
Penalty: $60,000,000
Year: 2023
Date: November 20, 2023
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Violation Description: The Consumer Financial Protection Bureau ordered Toyota Motor Credit Corporation to pay $60 million in consumer redress and penalties for operating an illegal scheme to prevent borrowers from cancelling product bundles that increased their monthly car loan payments. The company withheld refunds or refunded incorrect amounts on the bundled products and knowingly tarnished consumers' credit reports with false information. The CFPB ordered Toyota Motor Credit to stop its unlawful practices, pay $48 million to harmed consumers, and pay a $12 million penalty into the CFPB's victims relief fund.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: Japan
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: motor vehicles
Specific Industry of Current Parent: motor vehicles
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.