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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, Acura lay out future plans: HR-V and more coming in 2022

Automakers and PR representatives are notoriously tight-lipped about upcoming vehicles. The infamous line that all of us in the car news business are familiar with is, "We cannot comment on future product." But this week, Honda opened up a little bit and laid out its big reveals for the coming year, and it's going to be a busy one. It all starts with the 2023 Honda HR-V, shown in the renderings above. The company didn't share a whole lot of details since it was focusing on the broad product plans, but it did note that it will be "unique to North America." It's not clear if it's just styling, which is abundantly obvious compared to the European HR-V and Japanese Vezel shown below, or if it will have a different platform and powertrains. We suspect the latter, since looking at the renderings, not only does it have a meaner, more aggressive look, but the glass in the greenhouse is different, as are the door handles. The HR-V is only the start of the big product rollout. More SUVs follow starting with the new CR-V, and then the new Pilot. A new Accord is coming, and of course there's the imminent Civic Type R. Acura's rollout is a bit more modest, with the big launches being the new Integra and the Type-S version of the MDX. Honda HR-V / Vezel View 11 Photos Plug-in hybrids aren't part of the plan There's one thing that Honda isn't including in its plans, and that's plug-in hybrids. When asked why, American Honda's executive Vice President of National Operations Dave Gardner noted that public and governmental feelings have moved from just reducing emissions to eliminating them entirely. As such, the time and effort to develop plug-in hybrids doesn't make sense when that could be applied to fully electric cars. Conventional, non-plug-in hybrids are still planned, and Honda is expecting ever increasing hybrid sales in the next few years. The company is expecting half of Accord sales will eventually be hybrid. As for Acura, hybrids aren't planned to be a big part of sales, with the brand jumping straight to EVs. Speaking of EVs, Honda's first North American electric car is still planned to be the Prologue. It's the electric model that's going to be based on a General Motors product. It's slated for the 2024 model year, and Honda is anticipating around 70,000 annual sales for it to start. Acura will get a counterpart to the Prologue, which may be named ADX. Related video:

Can Fernando Alonso win Indy? Here's why and why maybe not

SPEEDWAY, IN – The month of May has been a joy ride for Fernando Alonso at Indianapolis Motor Speedway. The two-time Formula 1 champion came to Indy having never turned left in a race car without also turning right. But he acquired such a feel for Indy's 2 1/2 -mile rectangle during a month of practice and qualifying that he's considered a strong contender to win the 101st Indianapolis 500 on Sunday, rookie or not. "You're not trying to bring somebody on who has very little experience driving very high-performance cars," said 2003 Indy 500 winner Gil deFerran, who this month has helped Alonso learn the nuances that make the speedway such a tough place to conquer. "I suppose it would be a little bit different if you were dealing with a younger, much less experienced person." Driving a McLaren Honda from the potent Andretti Autosport team, Alonso was consistently near the top of the speed charts in practice, he qualified fifth fastest at 231.300 mph, and he handled runs in heavy traffic like a driver who'd done it many times before. But those were the prelims. The race is another creature. "The car felt the best (it has) in the last two weeks. I was making some moves, taking some different lines. I am extremely happy." Other drivers say the speedway looks different on race day when the crowd, expected to top 300,000, fills the grandstands and makes an already narrow track seem even tighter. The three-wide rolling start is something Alonso has never experienced, and he will see the green flag from the middle of the second row between Takuma Sato and J.R. Hildebrand. And the space he'll be given by his competitors in the first 180 laps may disappear In the last 20 when it's every driver for themselves. Can a rookie like Alonso win this race? Absolutely, as Andretti driver Alexander Rossi showed last year when his team used a fuel-mileage strategy to win in his first taste of Indy. We're talking about Fernando Alonso here, who easily could show his rookie stripes to the rest of the field most of the day. His best lap in Friday's final practice, 226.608, was fifth fastest in the field and, more important, he said the car felt comfortable in heavy traffic. "The car felt the best (it has) in the last two weeks," Alonso said. "I was making some moves, taking some different lines.