Toyota Motor Credit Corporation Discrimination Settlement

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

BUYER LOGIN »

SETTLEMENT ELIGIBILITY 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

https://TMCCSettlement.com

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