Tag Archives: TMCC

ToyotaUk

Mazda North American Operations Renews Agreement for Toyota Motor Credit Corporation to Provide Private Label Financing Under the Mazda Financial Services Brand Name

About Toyota Motor Credit Corporation

Toyota Motor Credit Corporation (TMCC) operates within the United States to supply retail auto financing and leasing to prospects by means of auto dealerships. TMCC has a spread of merchandise to fulfill sellers’ financing wants and likewise provides prolonged service contracts and different car and cost safety merchandise by means of Toyota Motor Insurance Services (TMIS) and its subsidiaries.

TMCC provides its finance and safety merchandise to Toyota and Lexus prospects and sellers utilizing the Toyota Financial Services and Lexus Financial Services model names. Through its non-public label enterprise, TMCC additionally provides different finance and safety merchandise below the manufacturers of Mazda Financial Services and Bass Pro Shops Financial Services.

As of March 31, 2023, TMCC employed roughly 3,800 staff members nationwide, and had property totaling $137 billion. The firm is a part of a worldwide community of complete monetary companies provided by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

We announce materials monetary data utilizing the investor relations part of our web site (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to speak about our firm, our companies and different points. While not all data we put up on social media is of a cloth nature, some data could possibly be materials. Therefore, we encourage these desirous about our firm to assessment our messages on X, previously often called Twitter, at www.x.com/toyotafinancial and posts on Facebook at www.facebook.com/toyotafinancial.

The commerce title “Mazda Financial Services” and the Mazda and Mazda Financial Services logos are owned by Mazda Motor Corporation (Mazda) or its associates and are licensed to Toyota Motor Credit Corporation (TMCC). Retail installment accounts could also be owned by TMCC or its securitization associates and lease accounts could also be owned by Toyota Lease Trust (TLT) or its securitization associates. TMCC is the servicer for accounts owned by TMCC, TLT, and their securitization associates. Mazda Protection Products is a registered service mark of Mazda and licensed to Toyota Motor Insurance Services, Inc. (TMIS). Voluntary Protection Products are administered by TMIS or a 3rd occasion contracted by TMIS. Mazda is solely liable for its services and for promotional statements about them and isn’t affiliated with TMCC or its associates. Retail accounts and leases by means of Mazda Financial Services are topic to credit score approval by TMCC.

About Mazda North American Operations

Mazda North American Operations is headquartered in Irvine, California, and oversees the gross sales, advertising, elements, and customer support help of Mazda autos within the United States, Canada, Mexico, and Colombia by means of roughly 795 sellers. Operations in Canada are managed by Mazda Canada Inc. in Richmond Hill, Ontario; operations in Mexico are managed by Mazda Motor de Mexico in Mexico City; and operations in Colombia are managed by Mazda de Colombia in Bogota, Colombia. For extra data on Mazda autos, together with pictures and B-roll, please go to the net Mazda media middle at News.MazdaUSA.com.

Follow @MazdaUSA on social media: Facebook, Instagram, X, YouTube, and Threads.

Motorsport

Feds Fine Toyota $60M For Unfair Lending Practices and False Credit Reports

Toyota Motor Credit Corporation (TMCC), the financing arm of Toyota, has agreed to a $60 million settlement with the Consumer Financial Protection Bureau (CFPB). The CFPB accused TMCC of unlawfully preventing consumers from canceling bundled products often included in vehicle purchases and making false reports that negatively impacted buyers’ credit reports.

According to the CFPB, consumers who wanted to cancel unwanted products were directed to internal customer service teams where the process of getting them removed or refunded was unnecessarily difficult. The specific types of products are not specified, but the added costs ranged from $750 to $2,500 per auto loan. In some cases, Toyota dealerships allegedly misrepresented these products as mandatory, and refunds were sometimes not issued for the full amount. The CFPB reported that 118,000 customers encountered obstacles when trying to cancel unwanted services between 2016 and 2021.

CFPB Director Rohit Chopra stated, “Toyota’s lending arm illegally withheld refunds, made borrowers run through obstacle courses to cancel unwanted services, and tarnished their credit reports. Given the growing burdens of auto loan payments on Americans, we will continue to pursue large auto lenders that cheat their customers.”

On the credit front, the CFPB announced that TMCC falsely reported some accounts as delinquent to credit agencies, even though customers had returned lease vehicles. Furthermore, TMCC did not promptly correct these errors, resulting in incorrect data on the credit reports of 27,500 TMC customers, which lowered their credit scores.

Although Toyota admitted no wrongdoing, it agreed to the terms of the settlement. In a statement to Motor1, Toyota said, “Toyota Motor Credit Corporation is committed to doing what’s right for our customers and strives to consistently follow all federal and state laws in our sales, customer service, and administrative practices.”

As part of the settlement, TMCC will pay $48 million to affected customers and a $12 million penalty to the CFPB victims relief fund.