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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.”

The Justice Department and CFPB want Toyota Credit to pay fines and “changes to our discretionary pricing practices and policies, which changes could adversely affect our business. We intend to continue to cooperate with the agencies to achieve a mutually satisfactory resolution.”



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Justice Department Accuses Toyota Of Discriminatory Lending Practices In Over 235,000 Minority Loans

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