What could this mean for the brand?
Recently, Toyota has come under a lot of fire for an offense most would consider pushy at best and greedy harassment at worst. Initially accused of violating national laws concerning the collection of debt, the Japanese brand has since folded and signed a deal. However, just as any company in its right mind would have, they haven’t taken any responsibility and maintain their own innocence.
See the gutsy thing an automotive CEO said about doing business in China here.
One major charge that has been alleged against the auto manufacturer is not providing the proper information to its consumers that utilize debt. Adding on top of that, multiple counts of harassing calls have been reported which may also be in violation of debt regulation laws. Essentially, a lot of people have been feeling like a small fish in the eyes of a massive loan shark, but there is one thing that doesn’t really make sense. Why pay so much if you could easily refute the charges and avoid publicity?
Don’t get this case wrong, this settlement is not a small number, especially when you consider what that money is going toward. Overall, $7.6 million is the figure settled upon by the Japanese car manufacturer but the craziest part is where all of that cash may end up. That’s because $5.2 million is said to be dedicated to debt relief efforts for their customers which may spell a lot of good times for some lucky Toyota owners out there. However, it’s very possible that money won’t ever reach the ordinary Toyota buyer but until things are finalized it is really unclear what will happen.
