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This settlement is closed!
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Toyota Motor Credit Corporation has reached a $21.9 million settlement with the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) over allegations its dealer compensation policies resulted in certain minority groups paying higher interest rates than white buyers without regard to their creditworthiness.
If you are African American, Black, Asian, Native Hawaiian or other Pacific Islander and you obtained an auto loan to purchase a vehicle financed by Toyota Motor Credit Corporation between Jan. 1, 2011 and Aug. 1, 2016, you may be entitled to compensation from the interest rate discrimination class action settlement.
The Toyota Motor Credit settlement fund was established in 2016 after an investigation by the CFPB and DOJ found that Black and Asian/Pacific Islander buyers were charged an average of $100 to $200 more on their loans than white buyers. Thousands of buyers were reportedly affected by these discriminatory dealer markups.
The investigation found that Toyota Motor Credit’s discretionary pricing and compensation policies resulted in discriminatory outcomes. The CFPB and DOJ did not find that Toyota Motor Credit intentionally discriminated against Black and Asian/Pacific Islander consumers.
Notice of the Toyota Motor Credit Corporation settlement was mailed to eligible buyers in December 2017.
Toyota Motor Credit Corporation has neither confirmed nor denied the allegations but agreed to establish a settlement fund and change its policies to ensure it does not discriminate against loan applicants in credit transactions on the basis of characteristics like race and national origin.
“Toyota’s reforms will level the playing field to ensure that all eligible borrowers – regardless of their race or national origin – can sign auto loans with fair terms and reasonable interest rates,” Principal Deputy Assistant Attorney General Vanita Gupta, head of the Civil Rights Division, said.
“While dealerships deserve fair compensation for the valuable customer service they provide, federal law protects consumers against higher price markups simply because of what they look like or where they come from. We commend Toyota for crafting a new compensation system that strikes an appropriate balance for dealers and consumers.”
Who’s Eligible
You are eligible for a settlement payment under the following conditions:
- You must have received an auto loan to buy a vehicle financed by Toyota Motor Credit Corporation between Jan. 1, 2011 and Aug. 1, 2016;
- At least one buyer on the contract is African American, Black, Asian, Native Hawaiian, or other Pacific Islander; and
- The buyer must have been identified by the government as having been overcharged by Toyota Motor Credit Corporation.
Potential Award
Varies
Proof of Purchase
If you received notice of the Toyota Motor Credit Corporation settlement, you can submit a claim online by entering the unique identifier listed on the letter and your Toyota Motor Credit Account Number.
Consumers who submit the Settlement Eligibility Form must provide either the last four digits of their Social Security number or their Toyota Motor Credit Corporation Account Number.
Claim Form
NOTE: If you do not qualify for this settlement do NOT file a claim.
Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.
Claim Form Deadline
5/8/2018
Case Name
N/A
Final Hearing
N/A
Settlement Website
Claims Administrator
Toyota Motor Credit Corporation Settlement
Settlement Administrator
P.O. Box 3775
Portland, OR 97208-3775
Phone: 1-844-778-5953
Fax: 1-844-840-0630
info@TMCCSettlement.com
Class Counsel
N/A
Defense Counsel
N/A
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184 thoughts onToyota Motor Credit Corporation Discrimination Settlement
Everyone please contact the DOJ and sue them in small claim court. I qualified an they told me that I did not qualify. I have all the paper work to prove it. I am taking them to court. The right thing for this company to do is reimburse me the interest I paid. I had a credit score> 700 at the time I purchased my car. I knew something was not right when I walked out of the dealership with a 10.99 %. I refinanced with my credit union for 1.99% and since paid of for my Lexus. I am truly disappointed in Toyota.
I haven’t received anything. I have been calling checking on my case for over a year and they are giving me the run around. I think we all should start a CLASS ACTION lawsuit against the group who used us to get paid.
I received $322.00 of 20 million it not fair we were discriminated for our race and I fell it was a lie when they say it was intentional done why were it was a certain race that wasn’t charge what other were and in Mississippi on HWY 45 North Columbus I were treated like an animal after Iwent back after careful checking out my papers tryed to return the car they wouldn’t take it back after two days
I received my refund check for 144.84, settlement was for $21.9M and this is all we get where did the rest of the money go. where can we find out the details on how the money was allocated.
They kept it somebody’s need to contact Maxine water and have her look into this matter we been cheated out of our refunds they to repay us over again this time with a larger amount they can’t explain why they lied about this settlement
that’s what i’ll do.right now.
I’ve been with Toyota since 2011. I have an high credit score n my interest rate is ridiculous. They only gave me a check for $324. Something most definitely isn’t adding up.
Did anyone in Florida receive a check yet ? And I would like to ask Robens Alexis how many cars did she buy from Toyota ?
is it to late to file claim?
Yes. The cut off was last year.
Does anyone mind sharing the amount they received?
I receid $ 324.88 but unfortunately I lost the check some where. What can I do to regain it?
I lost my check as well, if you email the administrator on the site, they will provide you of the address to request a new check.
You can call them and they can reissue you a check.
Where is the rest of that money?
I bet they kept it and gave us the interest off it I wished that someone find there a. Mistakes and make them pay dearly we were cheated out of our money
They said that I did not send in the form but did I have both form that I turn in they are trying to get over on some people
I got my check today and was disappointed with the amount they cheated us and believe me when you get yours you would agree we waited a hole year for this amount it just disgusting to think about it discrimination all over again we should be owed a lot more