Massachusetts AG, Toyota Motor Credit Reach Over $7.6 Million Settlement for Collection Practices
February 03 2023 - 2:24AM
Dow Jones News
By Denny Jacob
Massachusetts Attorney General Andrea Joy Campbell on Thursday
said a settlement for more than $7.6 million with Toyota Motor
Credit Corp. was reached to resolve allegations of certain illegal
auto loan collection practices.
Ms. Campbell's office alleged that Toyota Motor Credit failed to
give certain consumers sufficient information about the calculation
methods for deficiencies left on their auto loans after their cars
were repossessed. The settlement also alleges that the company made
excessive collection calls to certain consumers, in violation of
the attorney general's debt collection regulations.
The attorney general's office said more than 500 borrowers
across the state are expected to be eligible for relief under the
settlement, which includes about $5.5 million in debt relief.
"It is our hope that the debt waiver and funds secured through
this settlement will assist hundreds of residents in getting the
relief they need and deserve," Ms. Campbell said.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 02, 2023 10:15 ET (15:15 GMT)
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