Toyota Motor Credit Corporation (TMCC) is committed to treating all individuals fairly and equitably in its lending and servicing practices. The fair lending laws require that creditors like TMCC make credit equally available to all creditworthy applicants seeking financing, treat applicants and borrowers fairly and consistently throughout the financing process, and avoid any practices that intentionally or unintentionally result in discrimination on a prohibited basis under the Equal Credit Opportunity Act (“ECOA”) or any applicable state or local laws (“Fair Lending Laws”).
It is TMCC Fair Lending Policy to comply with both the letter and the spirit of the Fair Lending Laws. Specifically, it is our policy to:
- Make credit products available to qualified applicants without discrimination on any prohibited basis;
- Market and advertise credit products to customers in a manner that helps ensure compliance with the Fair Lending Laws;
- Encourage all prospective applicants to complete and submit an application for credit, without regard to any prohibited basis;
- Make underwriting and pricing decisions based on clear, objective and non-discriminatory underwriting and pricing standards;
- Treat customers fairly and consistently in all aspects of a credit transaction, including marketing, underwriting, pricing, account servicing, collections, repossession, and recovery;
- Provide applicants with all disclosures and notices required by law;
- Respond promptly to any customer complaints alleging or indicating fair lending concerns;
- Implement appropriate controls that are designed to help ensure that third-party service providers that provide services related to the credit transaction establish, maintain and implement policies, procedures and training programs that are consistent with company policy and the Fair Lending Laws;
- Compensate TMCC team members and third-party service providers in functions related to the marketing, origination or servicing of credit products in a manner that promotes sound business practices consistent with TMCC’s Fair Lending Policy and the Fair Lending Laws;
- Train TMCC team members in the principles set forth in the Fair Lending Laws and TMCC’s Fair Lending Policy;
- Periodically test adherence to Fair Lending Laws and the company’s Fair Lending Policy by TMCC team members and third-party service providers and take appropriate remedial action related to any findings.