US consumer watchdog cancels Toyota settlement early
May 13 (Reuters) - The U.S. Consumer Financial Protection Bureau has canceled a 2023 settlement with the financing arm of Toyota (7203.T), opens new tab over allegations the auto giant illegally steered thousands of consumers into costly and unwanted product bundles, according to documents published by the agency.
The CFPB also specifically waived requirements that Toyota Motor Credit Corp (TOYOM.UL) pay tens of millions of dollars in refunds and redress to allegedly harmed consumers, according to an order.
The agency did not immediately respond to a request for comment, and the order dated Monday did not provide a reason for the decision.
However, Toyota said it welcomed the CFPB's action and was committed to "doing the right things" for Toyota buyers.
"We will continue to enhance our practices to deliver the best possible customer experiences," the company said in a statement.
In 2023, the CFPB ordered Toyota to pay a $12 million penalty and $48 million to car buyers who had been harmed since 2016.
According to the CFPB, thousands of borrowers complained that dealers lied about whether "add-on" products offering protection for things such as damage, theft or out-of-warranty coverage were mandatory, or that Toyota rushed the paperwork so buyers would not realize how much they were paying.
The regulator said Toyota Motor Credit made it "extremely cumbersome" to cancel the bundles, including by routing more than 118,000 borrowers to a hotline where agents were instructed to dissuade cancellations, and often failed to provide refunds.
The 2023 settlement had been due to last five years.
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