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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