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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.

'Tornado' at Rose Bowl Fan Fest wreaks havoc on Honda display

California's been host to some oddball weather for the past few years - particularly oddball, even for California, that is. An example of which struck again during the Honda Fan Fest at the Rose Bowl in Pasadena on New Year's Eve. A robust dust devil – labeled a "tornado" by the anonymous videographer – planted itself among the stands and then rolled across the lawn, twirling several vendor stands and an inflatable tent around in the air, seemingly damaging some new Honda and Acura models that were on display where some attendees had sought refuge. Thankfully, no one was seriously hurt, but four people were treated for injuries - probably including the committed Fan Fest worker who tried to grab a flying canopy and got spun around and thrown to the ground. Which is kinda the way Oregon treated Florida State. We had to watch it twice, because the first time, we couldn't take our eyes off the cow. Check out the chaos in the video above. News Source: adsport via YouTube Auto News Honda Safety Videos California

Honda builds up new Civic Type R ahead of Geneva debut

It's been a long time coming, but it's almost here. Or almost there, we should say, because it sadly won't be coming (at least in this form) to the United States. We're talking, of course, about the new Honda Civic Type R – a hot hatch we've been anticipating for about a year and a half now through a series of prototypes and concept cars. It's finally set to bow just weeks from now, in final production form, at the 2015 Geneva Motor Show. But before it does, Honda is giving us yet another taste of what to expect with a trio of teaser images and some juicy details. That Honda's new hot hatch would be powered by its new 2.0-liter turbo four we already knew, but now the Japanese automaker is telling us that it'll produce enough juice to propel the Euro-spec pocket rocket up to a top speed of 167 miles per hour. In a hatchback. That feat will be enabled in large part by its advanced aerodynamics, elements of which we can begin to see from the teaser images – including a big front splitter, deep side skirts, a giant rear wing and an almost completely flat underbody. It'll also be kept in check by a set of Brembo brakes with 13.8-inch drilled discs clamped by four-piston calipers up front and packed into a unique set of 19-inch alloys. It'll all be wrapped for the show stand in classic Japanese racing white, and we're even given a glimpse inside the cabin, where we can see red-glowing instruments, a red center marker at the top of the steering rim and that +R button we were promised. It's all shaping up to be a rather tempting package indeed, but will have to fend off the likes of the new Ford Focus RS and ever-improving challengers from the likes of Renault and Seat to dominate the European hot hatch scene. Hopefully we won't have to wait too long to see in what form Honda brings the fight to America, too.