CFPB Director Rohit Chopra’s statement paints a vivid picture of the situation: “Toyota’s lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports.” He emphasizes the bureau’s commitment to tackling auto lenders who play fast and loose with their customers’ finances.
As the curtain falls on this chapter of Toyota’s story, it serves as a stark reminder of the power dynamics in consumer finance. The $60 million settlement is not just a figure; it’s a symbol of the ongoing battle for fairness in the labyrinthine world of auto loans.
