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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.

2020 Colorado Winter Driver's Notes | Behind the Wheel S02 // E12

2020 Mercedes-AMG GLC 63 I’ve had bad luck with SUVs this winter. Especially performance ones. First, I got a 2019 Range Rover Sport SVR delivered on summers right as two feet of snow fell, rendering it undriveable. Then, coronavirus cancelled Easter Jeep Safari as well as my trip out to Moab in the 2020 Jeep Wrangler Rubicon Diesel. Thankfully, when this 469 horsepower luxury mall crawler was dropped off, the sun shone down and the snow (mostly) held off.  The first thing that I noticed was there were a few blank buttons throughout the cabin, something that you may see in an entry model vehicle, but IÂ’m not accustomed to seeing in an AMG. Not a great look for a vehicle with an $80,000 price tag. Thankfully that was where the disappointment ended. As soon as you press the start button, the engine fires up and the exhaust note is incredible. Hopping on the highway ramp near my house, I floored it, and the biturbo V8 had me pressed back into the driver's seat, and this wasnÂ’t even the S version that our staff drove last year. Inside and out, the GLC 63 was everything youÂ’d expect from Mercedes. The interior was immaculate, and while the infotainment wheel and touch pad may take some getting used to for someone who isnÂ’t familiar, by now I have it down so that I can use it without looking. And while the V8 left me smiling ear to ear, I was most impressed by the amount of useable interior space there is. I happened to be moving at the time of this review and while all of my large furniture was shoved into the back of a moving van, I was able to fit almost everything else in the back of the GLC. 2019 and 2020 Fiat 500X Trekking ItÂ’s hard to say goodbye to an AMG and then turn around and be excited when a Fiat 500X pulls in your driveway (I know, I know, automotive journalist problems). That being said, when the red Fiat pulled up, I found myself admiring it. I am very familiar with the 500X. Back in 2016 Autoblog had one for a year as our long term test vehicle. I drove that car everywhere, multiple trips up north in Michigan, and even tracked it at Gingerman Raceway for a few laps before the brakes started smoking.  The 2019 model I had in my driveway and the 2020 model I drove in the snow up in the mountains feel very similar to that car. The interior is stylish and surprisingly roomy. The greenhouse is airy.

McLaren, Honda confirm F1 divorce, coupling with new partners

The news broke recently that McLaren F1 and its engine partner Honda would split ways after the 2017 season. Neither party commented the news initially, but there is now a confirmation from both sides. In addition, McLaren confirmed today that they will be using Renault engines for the next three F1 seasons. This will be the first time that a McLaren Renault F1 car will compete. McLaren's Executive Chairman Shaikh Mohammed bin Essa Al Khalifa praised Honda in his statement, while acknowledging that the 2015-2017 joint venture hasn't been successful enough: "Although our partnership has not produced the desired success, that does not diminish the great history our two companies have enjoyed together, nor our continued efforts to achieve success in Formula 1. At this point in time, it is in the best interests of both companies that we pursue our racing ambitions separately." Zak Brown, McLaren's Executive Director echoed that statement, adding that "It is certainly not for the want of effort on the part of either Honda or McLaren," and that the company hopes to see Honda get back to the top. At the moment McLaren has achieved 11 points and ninth place in the standings, with Honda power. Regarding Renault, Brown said, "Today's announcement gives us the stability we need to move ahead with our chassis and technical program for 2018 without any further hesitation." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. As for Honda, they announced today that an agreement was reached on providing engines for Scuderia Toro Rosso for the 2018 season. As Honda's president Takahiro Hachigo said, "Toro Rosso is an experienced team with a youthful energy and history of nurturing the stars of the future. Everyone at Honda is looking forward to working with Toro Rosso." About McLaren, Hachigo said, "Honda will continue the fight together with McLaren all the way to the end of the 2017 season, and then continue its F1 racing activities in 2018 and beyond." Related Video: News Source: Honda, Formula 1Image Credit: Xavier Bonilla/NurPhoto via Getty Images Motorsports Honda McLaren Renault Racing Vehicles F1 toro rosso renault sport scuderia toro rosso takahiro hachigo