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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.

2016 Honda Accord Coupe V6 Quick Spin

Popular opinion is that Honda has not been a friend to enthusiasts in recent years. The company killed the awesome S2000, got away from building low-cost driver's cars like the CRX, ruined the Civic Si (on multiple occasions, most notably in 2002 and again in 2012), and kind of neutered Acura into a listless near-premium brand devoid of its original charm. But there are bright spots: We're finally going to get a Civic Type R in the US, and while the new NSX is a long way from the lightweight original, it's still an extremely impressive specimen. And then there's the Accord Coupe, which doesn't necessarily look like a typical performance Honda on first glance. Honda has been building the two-door Accord for decades, even as virtually every other mainstream brand has abandoned the segment. What's even more interesting, is that Honda makes one for the car guys. The company builds a V6-powered, two-door coupe with a six-speed manual transmission that probably accounts for maybe half a percent of the Accord's overall volume. Such a blatant disregard for things like economies of scale could only be achieved by a brand with a real passion for performance. Now that the Accord has been fully refreshed for 2016, we set out to revisit our V6/manual hero. Driving Notes This naturally aspirated V6 produces 278 horsepower and 251 pound-feet of torque, which admittedly isn't as much as you'd get from the slightly larger V6 engines you'd find in the likes of the Dodge Challenger, Chevrolet Camaro, or Ford Mustang. But the Honda is extremely willing to rev. That, combined with a startlingly smooth, linear torque curve, means the 3.5-liter Earth Dreams V6 is remarkably composed in both normal and aggressive driving. Low-end grunt is easy to access, despite the 6,200-rpm torque peak, while the throttle response is relatively sharp for what you might expect in an Accord. It sounds spectacular too, with a howly, Civic Si-worthy exhaust note and a notable lack of any piped-in induction silliness. It simply sounds like, you know, an engine – and a very good one at that. The buttery smooth, six-speed manual transmission has a light action, making this a true case where all you need to shift is a flick of the wrist. The clutch pedal is light and the catch point is almost too broad, meaning it's easy to ride the clutch until you get used to this setup. Once you adjust, heel-and-toeing this front-drive coupe actually becomes an entertaining activity.

New Honda Civic Natural Gas goes on sale end of November

For folks who prefer to put natural gas directly into their vehicle rather than converting it to electricity first, CNG vehicles offer a cleaner alternative to gasoline power while still using a traditional powertrain. If you're looking for a sedan that runs on CNG, your current options are pretty limited - especially in the US - and you'll almost certainly be taking a look at Honda. The 2015 Honda Civic Natural Gas goes on sale starting November 19 in 37 states. The new CNG-powered Civic sedan has a base MSRP of $26,740 (not including $790 destination fee). Opt for the Leather Navi trim, and you're still looking at a starting price below $30,000 (before destination), at $29,390. It comes equipped with a seven-inch touchscreen audio display, rearview camera and LaneWatch display as standard features. It's built at Honda's Greensburg, IN manufacturing facility. The 2015 Civic Natural Gas can only be had with the five-speed automatic transmission. Its fuel economy is rated at a gasoline gallon equivalent of 27 miles per gallon in the city/38 highway/31 combined. It's not quite as impressive as the Civic Hybrid's 44/47/45 rating, but you will be burning natural gas, which burns cleaner and can be sourced from North America, if you're into that sort of thing. Furthermore, the American Council for Energy-Efficient Economy called the Civic Natural Gas one of its top 10 greenest vehicles of 2014, and Kelley Blue Book as one of its 10 Best Green Cars. Learn more in Honda's press release below. 2015 Honda Civic Hybrid and Civic Natural Gas Provide Superior Environmental Performance With Sophistication and Value - Automotive and environmental experts recognize the Civic Hybrid and Civic Natural Gas as among the best green cars of 2014 - Available features include 7-inch touchscreen Display Audio, leather-trimmed seats, Honda LaneWatch™ and standard rearview camera - 2015 Civic Hybrid launches Nov. 5, and 2015 Civic Natural Gas goes on-sale in 37 states beginning Nov. 19 TORRANCE, Calif., Nov. 4, 2014 /PRNewswire/ -- Joining the already released 2015 Civic Sedan, Civic Coupe and Civic Si, the 2015 Civic Hybrid and Civic Natural Gas vehicles provide consumers with additional choices for even greater fuel efficiency and environmental performance from an already fuel-efficient lineup. The 2015 Civic Hybrid launches at Honda dealers nationwide on November 5 with a manufacturer's suggested retail price (MSRP) starting at $24,7352.