[RealJustme]

Toyota Motor Credit Corp (TOYOM.UL), the lending arm of Toyota Motors Corp (7203.T), could face an enforcement action from U.S. authorities over its pricing of auto loans through dealerships and could be forced to reimburse borrowers or pay a fine, the company said late Friday.

On Nov. 25, the U.S. Department of Justice and the Consumer Financial Protection Bureau sent a letter to Toyota Motor Credit, saying that its auto lending practices "resulted in discriminatory pricing of loans in contravention of applicable laws," the company said in a filing with the U.S. Securities and Exchange Commission.

Unless Toyota Motor Credit agrees to a resolution with the agencies voluntarily, which would include "monetary relief" in addition to changes to its loan pricing policies, the Justice Department and the CFPB were prepared to bring an enforcement action, the filing said.

In other words Toyota must share the wealth and ignore a black's credit rating and income when deciding what kind of risk they are when giving them a loan. In the end people with solid credit ratings and incomes will have to pay more to make up for losses of high risk loans the DOJ wants blacks to receive.

Didn't that have negative results in the housing market loans of forcing banks to give high risk loans to minorities? Didn't the DOJ sue those same banks for giving what they called predictor loans to people they shouldn't have given the loans to? Didn't we share the wealth and bail the banks out by stepping in and paying for those bad loans?

[Malcolm]

PBR or BL....?

[elklindo69]

Toyota Motor Credit Corp (TOYOM.UL), the lending arm of Toyota Motors Corp (7203.T), could face an enforcement action from U.S. authorities over its pricing of auto loans through dealerships and could be forced to reimburse borrowers or pay a fine, the company said late Friday.

On Nov. 25, the U.S. Department of Justice and the Consumer Financial Protection Bureau sent a letter to Toyota Motor Credit, saying that its auto lending practices "resulted in discriminatory pricing of loans in contravention of applicable laws," the company said in a filing with the U.S. Securities and Exchange Commission.

Unless Toyota Motor Credit agrees to a resolution with the agencies voluntarily, which would include "monetary relief" in addition to changes to its loan pricing policies, the Justice Department and the CFPB were prepared to bring an enforcement action, the filing said.

In other words Toyota must share the wealth and ignore a black's credit rating and income when deciding what kind of risk they are when giving them a loan. In the end people with solid credit ratings and incomes will have to pay more to make up for losses of high risk loans the DOJ wants blacks to receive.

Didn't that have negative results in the housing market loans of forcing banks to give high risk loans to minorities? Didn't the DOJ sue those same banks for giving what they called predictor loans to people they shouldn't have given the loans to? Didn't we share the wealth and bail the banks out by stepping in and paying for those bad loans?

Where does it say that "blacks" were discriminated against in the complaint?

[RealJustme]

Where does it say that "blacks" were discriminated against in the complaint?
elklindo69 Posts: 1660Joined: Wed Jun 13, 2012 2:49 pm

You really are losing it Elk, are you that far gone? The DOJ (Obama) goes after Toyota for discrimination in their loan procedures and you question who that is? :shock:

[elklindo69]

Where does it say that "blacks" were discriminated against in the complaint?
elklindo69 Posts: 1660Joined: Wed Jun 13, 2012 2:49 pm

You really are losing it Elk, are you that far gone? The DOJ (Obama) goes after Toyota for discrimination in their loan procedures and you question who that is? :shock:

So you want to criticize the DOJ for enforcing the law?

:shock:

[RealJustme]

So you want to criticize the DOJ for enforcing the law?

What law requires businesses to give loans to those they feel can't pay it back? Waiting...

Once again, it's Obama making his own laws and using a government agency to harass those who don't go along with his agenda.