Toyota financing arm fined $60 million by CFPB for car loan fraud.

Toyota’s financing branch was fined $60 million by a federal consumer regulator for infringing on car buyers’ rights to cancel add-ons to their loans. The Consumer Financial Protection Bureau accused Toyota’s lending arm of illegally withholding refunds and making it difficult for borrowers to cancel unwanted services, ultimately tarnishing their credit reports. The average cost…

Read More