Toyota Motor Credit Reaches Settlement With Massachusetts Attorney General Over Alleged Illegal Auto Loan Collection Practices

MT Newswires · 02/03 04:42

03:41 PM EST, 02/02/2023 (MT Newswires) -- Toyota Motor's (TM) Toyota Motor Credit reached a settlement with Massachusetts Attorney General Andrea Joy Campbell on Thursday to resolve its alleged illegal auto loan collection practices, according to the Office of the Attorney General.

Campbell secured more than $7.6 million, including about $5.5 million in debt relief. More than 500 borrowers across the state are expected to be eligible for debt relief, the attorney general's office said.

Toyota Motor Credit's alleged illegal practices included failure to provide sufficient information on calculation methods for deficiencies left on consumers' auto loans after the repossession of their cars, as well as making excessive collection calls to certain consumers, according to the attorney general's office.

Toyota Motor did not immediately respond to MT Newswires' request for comment.

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