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Honda finance to pay $24M for discriminatory lending practices

Honda has found itself in hot water in the United States over allegations of discriminatory lending practices. However the Japanese automaker's American subsidiaries are taking actions to not only alter its practices, but compensate the victims of such past discrimination. According to the Consumer Financial Protection Bureau, some Honda dealers were found to have offered less preferential loans to customers of African-American, Hispanic, Asian, and Pacific Islander ethnicities than they have offered to white customers, irrespective of their individual financial situations. The American Honda Finance Corporation has allowed dealers to mark up individual loans by two percent or more, depending on the length of the loan's contract, thereby opening the door for dealers to set interest rates at their discretion. And that discretion, according to the CFPB and the Department of Justice, has been applied in a discriminatory fashion, in violation of the Equal Credit Opportunity Act. Honda, for its part, refutes the allegations and maintains that its practices have not been racially or ethnically discriminatory. The company is nevertheless taking measures to address the charges. For one thing, Honda's US financial arm is reducing the amount of wiggle-room it gives its dealers to only 1.25 percent above the buy rate for short-term loans (5 years or less), and one percent for longer-term loans. It has also set up a $24-million fund to compensate victims of the alleged discrimination, coordinating with the CFPB on the dispersal of said funds. The CFPB reports that "because of Honda's responsible conduct," it is not seeking penalties to be levied against the company for the alleged discrimination. STATEMENT BY AMERICAN HONDA FINANCE CORPORATION RE: Settlement with the Department of Justice and Consumer Financial Protection Bureau Jul 14, 2015 -- American Honda Finance Corporation (AHFC) has reached an agreement with the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) that shows our commitment to work together to be part of the solution and to establish the path forward that best supports our Honda and Acura customers and dealers with clear and convenient financing options. AHFC strongly opposes any form of discrimination, and we expect our dealers to uphold this principle as well. We firmly believe that our lending practices have been fair and transparent.

Honda and Acura add garage door control to Apple CarPlay, Android Auto

You’ll soon be able to use Apple CarPlay or Android Auto in your Honda or Acura to open and close your garage door. ItÂ’s a new feature made possible through a partnership with the Chamberlain GroupÂ’s myQ Connected Garage service. Honda says that all of its 2023 and 2024 model year vehicles will be compatible with this new tech, but it also says that “millions of older Honda and Acura models supporting Apple CarPlay and Android Auto also have compatibility.” ThatÂ’s especially great to hear that the convenience is not just going to be limited to brand-new models. As for how it works, the system is fairly straightforward. You can set a geofence that will automatically prompt you with a system notification when you get within a certain distance of your garage. Follow the onscreen instructions to open, and your garage door will do as you command. The same can be done to close your garage door. For this tech to work, Honda says that youÂ’ll need a compatible garage door opener, but thereÂ’s a good chance you already do because myQ is compatible with most openers on the market today from LiftMaster and other Chamberlain brands. If your opener is already myQ enabled, then you wonÂ’t need to do anything. However, if you have an older style, Honda says you can use a “myQ Smart Garage Control device” to upgrade it into one. Honda is offering everybody one for free if you sign up for its 30-day demo subscription of the service, so donÂ’t worry about having to buy one. However, if you do wish to continue beyond that 30-day free trial, a three-year subscription costs $129, while a five-year subscription will run you $179. The real benefit to this system is that youÂ’ll be able to open and close your garage door from anywhere, not just within the range of where your opener or car-linked button will work. Of course, myQ has a phone app that will do the same, but this allows you to do the task directly through the carÂ’s interface without needing to yank out a phone. Honda says this tech is functional as of today, so go ahead and try it out if you have all the necessary garage door tech in place.

Acura NSX production car headed for Detroit debut?

Auto Express is reporting that Honda is set to unveil the production version of its upcoming Acura NSX at the 2013 Detroit Auto Show. The news comes courtesy of an unnamed "top exec" for Honda Brazil speaking at the Sao Paulo Motor Show. The concept version of the Japanese supercar is currently on display there. Interestingly enough, the same unnamed source claims the production iteration will remain aesthetically identical to the show car. You won't hear any qualms from us on that front.
Of course, the timing of the production debut is a little confusing. For starters, when Acura unveiled the concept last year, the company told the world it would be at least three years before production began. That would give the street-worthy model a 2014 or 2015 designation, the latter being cited more often in media accounts. Thus, we'll keep an eye out for the hybrid supercar in Motown, but we're going to stop short of holding our breath... it might be a while.