Toyota financing arm fined $60 million by consumer watchdog for car loan scam
www.cnbc.com
Toyota's U.S.-based financing arm was found to have violated federal law in its lending practices, according to the CFPB.

-The Consumer Financial Protection Bureau fined Toyota’s U.S.-based financing firm $60 million for illegal lending practices.

-Toyota Motor Credit Corp. made it difficult for consumers to cancel add-on products that cost an average of between $700 and $2,500 per loan.

-The firm also violated the Fair Credit Reporting Act by failing to correct inaccurate information given to credit reporting agencies, according to the CFPB.

This is cars related and relevant. Not sure why other posts are getting locked, people obviously want to talk about this given the comments.

  • daggersrule@alien.topBEnglish
    1·
    10 months ago

    I’ve done finance at Toyota, and obviously our pay was tied to selling finance products.

    My goal was to build value in those products that exceeded the cost, and I’ve bought and used many of them myself. I used my tire/wheel coverage today, cost 265 and got 800 in covered tires, two 35" bfg km3s.

    I also worked with guys who would slide shit in, make it hard to cancel, etc. They were douchebags. If someone wanted to cancel a product I sold them, I’d take it as me not doing my job well enough, it was a learning experience. Other guys weren’t like that, they’d make it hard to cancel. Those guys fucking sucked.

    I’m not sure how Toyota, or any brand, plans to pay finance managers without basing it on performance, tho.

    That’s like telling the entire world of finance that they need to be paid hourly. Great dream, but I don’t think Warren Buffet would have worked for $X/hr, no matter what x is.

    Commission sales do have a purpose in this world. People who can take a product and get it into people’s hands deserve compensation. Engineers and product designers generally suck at sales.