Toyota Motor Credit Corporation Settlement

Welcome to the website for the Toyota Motor Credit Corporation Settlement

The Consumer Financial Protection Bureau (“CFPB”) and the U.S. Department of Justice ("DOJ") have entered into a settlement (or “Consent Order”) with Toyota Motor Credit Corporation (“TMCC”) over allegations that TMCC’s dealer compensation policies resulted in African-American, Asian, and Pacific Islander buyers paying higher interest rates than non-Hispanic White buyers, without regard to creditworthiness. Toyota Motor Credit Corporation, while neither admitting nor denying the claims, voluntarily agreed to pay up to $21.9 million to repay eligible buyers. The company will also change its pricing and compensation system to substantially reduce dealer discretion and accompanying financial incentives to mark up interest rates.

To be eligible for a settlement payment:

• A buyer must have gotten an auto loan to buy a vehicle financed by Toyota Motor Credit Corporation between January 1, 2011, and August 1, 2016.
• At least one buyer on the contract must be African-American, Black, Asian, Native Hawaiian, or other Pacific Islander.
• The buyer(s) must also have been identified by the Government as having been overcharged by Toyota Motor Credit Corporation.

Buyers did not need to have an open account with Toyota Motor Credit Corporation to be eligible for a payment. It did not matter whether a Buyer’s account went into default or a Buyer’s vehicle was repossessed.

For additional information about this Settlement, visit the CFPB and the DOJ.