Toyota Motor Credit Corp. to Pay $7.6 Million Over Allegations of Unfair Lending Practices
Toyota Motor Credit Corp. will pay $7.6 million to settle allegations brought by the office of Attorney General Andrea Campbell that it engaged in unfair lending practices.
Much of that money — about $5.5 million — will go toward wiping out debts owed to Toyota by as many of 500 borrowers in Massachusetts, according to the attorney general’s office.
The balance of $2.1 million will go toward paying for the years-long investigation by the attorney general’s office, costs of implementing the agreement, and some direct payments to borrowers, according to the attorney general’s office.
The Toyota agreement is the latest in an ongoing and wide-ranging investigation by the attorney general’s office into “unfair and predatory collection practices” by lenders and those who service their loans.
Read the source article at bostonglobe.com