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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
IS IT TO LATE TO FILE A CLAIM I JUST RECIEVED MY CARD IN THE MAIL ON 7/30/22
hello I need help I lost my check and I don’t know how to request it again from TMCC
i received a check that says TMCC Refunds drawn on The Huntington National Bank, I just want to know if this check is legit so i can cash it.
hey julia i recived that same check any word on if this was real or not?
The Toyota dealership required me to put up 18000 dollars down.to get my tundra. Payment were 105 a month for five years
How can we file a class action suit against the ones handling the settlement? I filed the paperwork before the deadline. I called them constantly asking if they had received my forms, Each time I was told they had everything and they would call if any more information was needed. After I read that checks were being mailed, I called again to inquire about the status of my request and was told it was under review. After several months of this, I asked if they could let me know what the problem was. It was then I was told I needed to send in more information and I had not opted into the claim. They said they would send the paperwork out again, but since it would be after the deadline, they could not guarantee I would be paid. I believe there are enough of us that had the same thing happen to them.
They did me the same way paid off a 2012 Toyota Tundra and the payments was 752.00 dollars a month that was the husband truck. I
Same
This is the exact same thing that has happened to me. Toyota disqualified me from the class and I am qualified. They have refused to answer any of my questions
So unfair! My fellow Class members do what ever is right in pursuit to fairness. Why one a dealership treat customers differently? even when equally qualified.(Money) and now the court system seems to treat the class the same way.I would image the lawyers have received their compensation.God bless this Class.
How does this process work? I am going through the same thing and they are giving me the same rehearsed non response when I call the line.