Friday 15th December 2017,

Asian Americans

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LA Times: Toyota Settles Complaint It Charged Asians & Blacks More for Loans

posted by Randall

ToyotaToyota has settled charges it billed Asian customers $100 more for auto loans than White customers, reports the Los Angeles Times.

The same case from the Consumer Financial Protection Bureau also alleges Toyota charged Black customer $200 more than Whites.

The automaker did not admit guilt, but agreed to pay a fine of $21.9 million.

Federal regulators says Toyota charged its Asian and Black customers higher interest rates.

“No consumer should be forced to pay more money for a loan because of their race or national origin,” U.S. Atty. Eileen M. Decker of the Central District of California said.

The settlement includes $20 million in restitution for borrowers.

You can read about what Toyota plans to do going forward and about similar allegations against other automakers in the Los Angeles Times.

 

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