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Toyota unit to pay $60 mln for illegal lending, credit reporting misconduct, ET LegalWorld | Court Practice News

A U.S. regulator on Monday ordered Toyota’s U.S.-based auto financing unit to pay $60 million in fines and restitution for operating an illegal scheme to prevent borrowers from canceling product bundles that increased their monthly car loan payments.

The Consumer Financial Protection Bureau said Toyota Motor Credit will pay a $12 million civil fine, and $48 million to harmed consumers.

  • Published On Nov 21, 2023 at 01:23 AM IST

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