Commitment to Fair Lending Practices

Toyota Motor Credit Corporation Reaches Voluntary Agreement with CFPB and DOJ

Toyota Newsroom | With a commitment to fostering a fair and competitive auto finance lending market, Toyota Motor Credit Corporation (TMCC) today announced a voluntary agreement with the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice (DOJ) that addresses discretionary dealer compensation practices.  TMCC determined that a voluntary agreement was the preferred resolution of the agencies’ review, because it helps preserve consumer financing options while fairly compensating its dealer partners and upholding its commitment to fair lending practices.  TMCC is the latest of several lenders to enter into such an agreement.

TMCC does not tolerate discrimination of any kind, even perceived or unintentional, from its employees or business partners – this principle extends to fair lending practices.  While TMCC respectfully disagrees with the agencies’ methodologies to determine whether industry lending practices have been discriminatory, the company shares the agencies’ commitment to ensuring that consumers can count on competitive and fair auto financing options.  The actions TMCC will take under this agreement are intended to further that commitment.

Source: Toyota Newsroom | Read the full article here.