Toyota Financial Services (TFS), the credit arm of the Japanese carmaker, has been fined $60 million by the US Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency (OCC) in connection with an investigation into TFS’s loans. The investigation found that TFS had unfairly saddled customers with overly loaded loans between August 1, 2013 and April 30, 2018 due to deceptive practices. Specifically, TFS had been making customers take on other credit products when they had not requested them, and at times were not aware of them. As a result, customers had to pay fees on products they had not requested or wanted. It is estimated that this resulted in over 28,000 customers being charged over $4.1 million in unfair fees. The OCC and CFPB both found that TFS had violated the Consumer Financial Protection Act, which prohibits unfair, deceptive, or abusive acts or practices in consumer financial markets. The OCC and CFPB ordered Toyota to refund these customers the $4.1 million plus interest, and also imposed a civil penalty of $60 million. Additionally, TFS must provide clear and conspicuous notice to all affected customers regarding the refund of their money. The investigation also revealed that TFS had misled customers by telling them that these add-on products were a good value and would protect them from potential losses. In reality, the products had a very low coverage limit and had excessive fees and expensive premiums. Toyota expressed remorse for the situation, saying that it had acted swiftly to address the issues in the investigation and had since made changes to its practices to better serve its customers. It has also implemented new policies and procedures to ensure that customers are no longer subjected to such unfair practices. The $60 million fine serves as a reminder that deceptive practices will not be tolerated in the consumer credit market. Toyota Financial Services must continue to be vigilant about honoring its customers’ rights and ensure that customers are not left vulnerable to excessive fees and products not requested.