A settlement resolving allegations that Torrance-based Toyota Motor Credit Corp. discriminated against Black and Asian/Pacific Islander borrowers in auto lending was announced Tuesday by the Justice Department and the Consumer Financial Protection Bureau.
The company also agreed that it will not increase the interest rates it quotes to car dealers in order to fund additional non-discretionary dealer compensation.
The settlement provides about $20 million in compensation for borrowers who took out loans between January 2011 and last month and paid higher markups based on the alleged discrimination.
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