CFPB orders Toyota to pay $60 million for preventing car buyers from canceling insurance, maintenance options

The Consumer Financial Protection Bureau ordered Toyota’s U.S.-based auto-financing subsidiary to pay $60 million to harmed consumers for illegally blocking customers from canceling insurance products that inflated monthly payments.

The agency said that the company bundled a product known as GAP (Guaranteed Asset Protection) insurance — which covers the difference between a new car’s value, which constantly decreases, and what a customer owes on an auto loan in case the vehicle is lost, damaged or stolen — as well as Credit…