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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
Hello,
When I talked to the administrator he said to call back on Monday for the mailing date and check amount. I forgot to include this in the last update
Thanks so much! I will be calling on Monday!
Hello,
I just spoke with one of the claims administers and he said if we call back next week he will have a check amount and a mailing date for us.
ABOUT TIME?
Great!! Thx
I spoke to a manager yesterday and was told checks will be mailed out the first quarter of this year. I asked so what months does that include? I was told the checks should start being mailed out between now and April.
Thank you for the update.
You’re welcome
Thanks for update
Still waiting for my check. Updated my address also.
where is the checks
Exactly where is my check too .
Monique Harriel I purchased my Toyota in 2011 …smh
I’m seeking an update with the settlement . Where is my check ?
I called today. Payout amounts are not available & there is no updated information available.
I just read the consent order. If I’m interpreting it correctly, it is void after 3 years from filing date which is 2/2/2016, therefore; we should receive a check by 2/2/2019. Please visit their page and see if I’m correct.
any updates
Haven’t seen any
Hadn’t seen any
Do the check s have to be out by February 2
Hopefully
Red, did you read the consent order? Answer to your question, that’s the way I interpreted it….Let me know what you think
I have not received any info for this settlement
The claim form for Ples Carter and Minnie Carter was returned but no check has been received. Mom can still be reached at 4811 West University Blvd, Dallas TX 75209. Ples is deceased- I, Ruby Smith, am executor of his estate. I may be reached at 4811 W University also. Thanks
They are full of it yes we are being misled, jerk around and they have even change the mailing date, and before you no it they are going to change it again by the time 2019 comes around. You shouldn’t have discriminated against from the very beginning so just go ahead and PAY Us.
We’ve already been discriminated once . I hope the lawyers are not trying to rob us as well . Where is my check ? I’m going to contact the Bar Association regarding this urgent matter .