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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
I see why black people angry
I purchased a 2014 Camry in 2015 and the sticker price was 18,000. By the time i pay it off it shows i would be paying 30,000 for this car. Thats twice the price. I could of got 2 cars. This upsets me very much and we all need answers. We should be getting paid way more then couple hundreds. Should be thousands. Hope they do the right thing and give everyone what they deserve!
I agree!!
YOU ARE RIGHT
I bought to cars for my husband and myself. so imagine how I feel. you are absolutely right by the way.
I think it is so very sad that here in the 21st century we are still dealing with undercover bigotry and racial unfairness to have a company like Toyota to blatantly unfairly and unlawfully steal money from people of color Asians and Islanders they should be jailed it’s theft anyway you look at it when I paid off my car and requested a breakdown of exactly how much I have been charged I almost passed out I could not believe I paid that much I called back to Toyota and inquired as to why I was charged so much interest and of course the agent couldn’t respond to me with a good answer I will never ever purchase a car through Toyota nor will I ever purchase a Toyota. I think it is so very very sad because I used to really like Toyota and I always thought pretty highly of the company until I was notified how they really thought about me as a paying customer buying their product.
We are leasing a 2018 Toyota Camry with multiple manufacturer defects and would like to know if others are also experiencing similar defects…for example our tire was completely flat for a problem with the valve.
The front end of the car is not aligned–it’s seriously a significant defect where the front of the car–on the side sticks out about half an inch on the drivers side while the right/passenger side is perfectly aligned.
We do NOT even want this car anymore. Any suggestions are appreciated.
Thank you.
Will we be phoned, certified mail or email when all is settled?
Good question. Probably mail.
HR-When checking on my claim I was told I only had two claims but I had three (3) loans with Toyota Financial. I purchased a a 2005 in 2013, 2009 in 2014 and 2016 with a four year lease all under this financial system. I can understand the frustration from the employees when inquiries come in but we are not the guilty ones but the customers that trusted this institution. Do no continue to punish us for trusting you.
When will Toyota make good on this payment; how will it be determined how much payment will be?
Patricia, I was wondering the same thing. How would you know whether you’re being compensated the right amount? I’m sure it’s gonna be $1 per customer citing $21MIL were affected.
I was wondering the same things. I called today and was told no update is available. I’m sure we are all owed hundreds if not thousands.
I was told when I called to inquire as to how much I actually would be refunded I was told by the employee it is based on the number of people that comply with this class action suit not everyone is going to respond to this class action suit not everyone will register in a timely manner in order to be considered a refund so the amount of money shown to all of us is just a guesstimate it’s going to be more than that they hit us with a low-ball figure pending the number of customers responding and initiating their claim with this. They really need to hurry up and calculate because the deadline has already passed exactly when we will be refunded money do us I want my money and I want it now!!!!!!
This is so sad that a company would do such a thing and they are saying it was only 100-200. I’m sure they owe us way more than that.
What about the people that leased cars? Because they are trying to get $30,000.00 out me for car that wasn’t worth no more than $25,000.00. My contact with them was for $24,000.00. They got $20,000.00 when they sold the car. Now they sent me a bill for $11,000.00.
I purchase my car at Toyota Plano in Dallas Texas I received a letter went to the dealership and the sales guy tried to pretend that he did not know anything about it. But he did he requested for me to refinance my car through them. I did not I went to a credit union and got a 3% interest rate but Toyota gave me 6% so that made me give them $3,000 too much within 3 years. I will no longer do business with Toyota at all. They don’t know that I went and got another Camaro SS from Kia great deal from Kia.
I know exactly what you’re talking about when I went to Toyota they play dumb with me too and I’m right here down the road from you in Oklahoma. I will never buy anything made by Toyota no will I ever do business with them right now I feel the only difference in Toyota and the KKK they wore their hoods and wear their hoods on their head Toyota is in the pen and then the machines that calculate figures.