Nov. 20, 2023 9:52 am ET
Federal regulators have ordered Toyota Motor’s auto-lending arm to pay $60 million in fines and consumer redress for allegedly preventing borrowers from canceling product bundles that raised their monthly loan payments.
The U.S. Consumer Financial Protection Bureau said Monday that Toyota Motor Credit Corporation has violated federal law by withholding refunds or refunding incorrect amounts on bundled products, unduly hurting consumers’ credit reports.
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