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2015 Honda Civic Type R revealed [w/video]

Earlier today, we told you how Honda has revealed a trio of new turbocharged VTEC engines, including the one that will be used in the 2015 Civic Type R. That's the winged, Batmobile-esque creature seen here. Ahead of a formal introduction at the Tokyo Motor Show, Honda is flaunting its new Civic Type R with images of the car testing at the Tochigi test track and video of the front-wheel drive hot hatch being put through its paces on the Nürburgring.
While the US is getting revamped Civic sedans and coupes, European customers will soon be able to opt for the 2015 Type R with its new Earth Dreams 2.0-liter turbo engine producing more than 276 horsepower. Honda has also made sure to give the car a styling that matches its powerful engine with a more aggressive front end, massive fender flares and a liftgate wing with unusual airplane-like canards. Honda is still withholding the Type R's official specs until the unveiling, but we can tell that the bigger wheels make room for beefier brakes.
The Civic Type R won't launch until 2015, but Honda has released the video posted below showing WTCC driver Gabriele Tarquini working the car around the 'Nürburgring, along with a brief press release. Check 'em both out and be sure to let us know what you think of this matte-black hot hatch in Comments.

As US exports top 2 million, is America becoming the world's source of cheap cars?

North American auto production is booming with 2014 figures just shy of the of the 17.3-million vehicle record set in 2000. With more models being built on the continent, even more are being shipped overseas. Factories in the US exported 2.1 million cars last year – the highest number ever. About half of those went to Canada and Mexico, but more than ever have been heading to places like the Middle East and China. The upswing comes in part from from after-effects from the Great Recession, according to The Wall Street Journal. With a weak dollar and lower production costs after the financial crisis, building vehicles in the US was relatively cheaper and more competitive in the world. At the same time buyers around the world are going crazy for crossovers. According to the WSJ, BMW and Mercedes-Benz are already exporting the majority of their US production of these models overseas. Both automakers have also announced investments to expand production further here to send more vehicles abroad. Even Honda has been shipping more models out of the country than it imported here. There is a concern this international strength could start slowing because the dollar is strengthening against other currencies, though it's too early to know what the actual effect of this could be, according to the WSJ. "Of course, we closely watch currency exchange, but we don't make changes in production or allocation based on temporary fluctuations in the exchange rate," Ford North American boss Joe Hinrichs told the newspaper. Related Video: News Source: The Wall Street Journal - sub. req.Image Credit: BMW Plants/Manufacturing BMW Ford Honda Mercedes-Benz exports us auto production

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.