Toyota Australia Finance has been hit with a massive class-action lawsuit after being accused of charging customers more interest than they needed to, the suit alleges.
News.com.au is reporting law firm Echo Law is alleging the company used a ‘flex commission’ sales structure that incentivised salespeople to charge higher rates of interest than necessary. They say customers were never informed they could pay a lower rate, breaching financial regulations.
The class action is seeking compensation on behalf of all customers who took out a Toyota Finance dealership loan between 1 January 2010 and 31 October 2018 that were affected by these practices.
Did you finance a new Toyota during this time?
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