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Best Of The Web: U.S. Accuses Toyota Of Discriminatory Auto Lending

Dec 03, 2014 finance, Toyota

Toyota Motor Credit Corp., the lending arm of the world’s largest automaker, said it has been accused of discriminatory pricing of loans by the Justice Department and the Consumer Financial Protection Bureau.

In a securities filing Friday, the California-based lender said it has received a letter that its “practices resulted in discriminatory pricing of loans to certain borrowers in contravention of applicable laws, and informing us that they are prepared to initiate an enforcement proceeding unless we agree to a voluntary resolution satisfactory to them.”

Read the original story here : http://www.detroitnews.com/story/business/autos/foreign/2014/12/01/us-accuses-toyota-discriminatory-auto-lending/19740699/

finance, Toyota

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