Toyota and Lexus Discriminates Against Black Consumers But Appears in the Movie Black Panther
Toyota Motor Credit Corporation (Toyota) and Lexus has engaged in a “pattern or practice of discrimination against African-American borrowers in auto lending” according to the Department of Justice and the Consumer Financial Protection Bureau (CFPB).
Toyota abusive and discriminatory practices, include but are not limited to, charging black consumers higher interest rates, increasing interest rates on loans targeting black consumers, and charging dealerships higher prices for vehicles sold to black consumers.
According to the Department of Justice, their investigation revealed that Toyota Motor Credit system of subjective and unguided pricing discretion …show more content…
Toyota Motor Credit and Lexus continues to defraud black consumers and women. The company continues to defraud consumers with their build a car-online program, which falsely advertises that consumers can build their vehicle and have it delivered to a dealership.
However, without the permission, authorization, or knowledge of consumers, TMC uses this platform to secure financial information. Their unauthorized use of credit histories adversely impacts black consumers by informing dealerships in advance of their race and alleged credit scores.
By the time the black consumer reaches the dealership, the sales representative offers vehicles at a much higher price than offered to their white counterparts. The dealerships will extend higher interest rates that TMC have pre-approved specifically for the black consumer.
Lexus and TMC continues to violate consumer rights by impermissibly making inquiries into their credit history under false pretenses. Then, TMC lies and misrepresents to the consumer that these credit inquires do not impact their credit scores because they are not “hard inquires.” “Hard inquires” lowers credit
Toyota Motor Credit Corporation (Toyota) and Lexus has engaged in a “pattern or practice of discrimination against African-American borrowers in auto lending” according to the Department of Justice and the Consumer Financial Protection Bureau (CFPB).
Toyota abusive and discriminatory practices, include but are not limited to, charging black consumers higher interest rates, increasing interest rates on loans targeting black consumers, and charging dealerships higher prices for vehicles sold to black consumers.
According to the Department of Justice, their investigation revealed that Toyota Motor Credit system of subjective and unguided pricing discretion …show more content…
Toyota Motor Credit and Lexus continues to defraud black consumers and women. The company continues to defraud consumers with their build a car-online program, which falsely advertises that consumers can build their vehicle and have it delivered to a dealership.
However, without the permission, authorization, or knowledge of consumers, TMC uses this platform to secure financial information. Their unauthorized use of credit histories adversely impacts black consumers by informing dealerships in advance of their race and alleged credit scores.
By the time the black consumer reaches the dealership, the sales representative offers vehicles at a much higher price than offered to their white counterparts. The dealerships will extend higher interest rates that TMC have pre-approved specifically for the black consumer.
Lexus and TMC continues to violate consumer rights by impermissibly making inquiries into their credit history under false pretenses. Then, TMC lies and misrepresents to the consumer that these credit inquires do not impact their credit scores because they are not “hard inquires.” “Hard inquires” lowers credit