Documents: Toyota Boasted Saving $100M On Recall

WASHINGTON – New documents shared with congressional investigators show that Toyota officials boasted saving $100 million by successfully negotiating with the government on a limited recall over complaints of sudden acceleration.

The documents were turned over to the House Oversight and Government Reform Committee and were obtained by The Associated Press on Sunday.

In an internal presentation in July 2009, Toyota said it saved $100 million by negotiating an “equipment recall” of floor mats involving 55,000 Toyota Camry and Lexus ES350 vehicles in September 2007.

The savings are listed under the title, “Wins for Toyota-Safety Group.”

Congress is scheduled to hold two hearings this week on Toyota, which has recalled 8.5 million vehicles to deal with problems with accelerator pedals and brakes.