Toyota Motor Credit / TFS fined $60M by CFPB for hard to cancel add-ons

Over GAP of all things

In addition to paying the fines and restitution, the agency said Toyota Motor Credit will also be required to make it easy for consumers to cancel unwanted coverage, inform consumers that they can cancel the products online or in writing, and monitor dealers to make sure they don’t add products to customer loans without the borrower’s consent. The company will also be prohibited from tying employee compensation or performance metrics to consumer retention of bundled products such as the ones at issue in the case.

Just replace that penetration comp with survey results!

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This is Setf I’m assuming? Tfs and Setf are 2 different banks and setf def does shadier shit it seems.

As for adding products isn’t it the dealer that would be doing that?

Either way this is just a slap on the wrist from what they likely profit off this crap as usual. Banksters just chalk it up to a business expense unless they actually get a repercussion

It’s TFS, for sure. TFS accounts for 3/4 of the entire States, so it makes sense.

Toyota Motor Credit aka TFS

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I thought GAP was free? Salesman said GAP comes on all Mirai

GAP is definitely not free

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Don’t see it on my contract
FM manager said Toyota includes GAP on all Mirai due to the nasty depreciation

@Cody_Carter should know for sure :eyes:

You mean you don’t see a GAP included? Of course not, the Finance Manager sells it to you at certain cost.

Shouldn’t it be itemized?

It should be if you bought it.

I did not
He said it comes free with all Mirai that’s why he did not “pitch” it

Hmmmm, that is really weird. No, it definitely is not free.

It’s not including Gap but it’s a Gap waiver. Basically Toyota saying if there is a total loss they will clear it on your behalf

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Which is basically GAP

@IAC better take his like back

Good thing 99% of my buyers don’t get any products or get them pitched to them. My dealer knows they don’t want anything.

We will pitch it to the customer. And it’s really their choice.