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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.

Xcar samples the new Honda Civic Type R

Honda is in the midst of launching the long-awaited new Civic Type R into an increasingly competitive hot-hatch market – in Europe, at least – and naturally had the good sense to invite Xcar to come and drive it. After a lengthy gestation period, Honda finally unveiled the new Type R at the Geneva Motor Show just a few months ago, driving 306 horsepower to the front wheels through an old-school six-speed manual transmission. That's more muscle than you'd get in just about any front-drive hot hatch to date, including the Volkswagen GTI, Seat Leon Cupra, and Renaultsport Megane 275 - not to mention some all-wheel drive machinery like the VW Golf R and Subaru WRX STI (if only by a nose). All of that adds up to a recipe for one heck of a ride if we've ever seen one, and we'll have our own impressions on how it drives soon enough. But if "soon enough" can't come soon enough for you, check out the video above to see what Xcar has to say about it.

Honda 'Hands' ad is a worthy successor to 'Cog'

The 2003 Cog commercial from Honda may have been named one of the best car commercials of all time, but an all-new spot called Hands looks to be even more entertaining even if it's digitally enhanced. The two-minute video - which starts and ends with a nod to Cog - highlights just about all facets of Honda's universe of products from passenger cars to racecars, the HondaJet to leaf blowers, motorcycles, ATVs and even Asimo.
Celebrating 65 years of innovation, the advertisement is as informative as it is amusing, and it even injects a little humor, too, like a glass of water being squeezed from the FCX Clarity. We just hope that the 1:10 mark of the video isn't hinting at a CR-V Convertible. We're not sure when Hands will air or if we'll see it on television here in the US, but the video is posted below; as an added bonus, we've also included the video for Cog.