Toyota Ordered to Pay $60 Million for Misleading on Auto Loans

(Bloomberg) — The lending arm of Toyota Motor Corp. will pay $60 million to settle allegations by a US regulator that it misled customers into buying extra products that boosted their payments and then gave them a runaround when they tried to cancel.

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Toyota Motor Credit Corp. allegedly lied about whether the extras were mandatory or rushed through paperwork to hide them, according to a Monday statement by the Consumer Financial Protection Bureau. Toyota unreasonably…