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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 refresh adds Apple CarPlay, Android Auto

The ninth-generation Honda Accord gets a thorough refresh for 2016, and the big theme here is technology. Inside and out, the updated Accord packs a host of upgrades in an effort to keep Honda's best-seller fresh in the minds of consumers. The big news is a new, seven-inch Display Audio infotainment interface with two of the latest in-car tech must-haves: Apple CarPlay and Android Auto. These come standard on EX models and above. The revised infotainment system doesn't replace the outgoing two-screen setup inside the Accord, however. There's a larger, 7.7-inch screen above the Display Audio screen, with steering wheel-mounted controls that allow access to things like audio information, the rear-view camera, and side LaneWatch camera. Outside, the car looks more tech-focused, with expanded LED lighting. All cars now have LED taillamps, and the Touring trim adds full LED headlamps. With its restyled front fascia, the 2016 Accord looks a lot more Acura than Honda, for better or worse. Both sedan and coupe body styles are available, with a new, larger 19-inch wheel option on upper-level models. Powertrains carry over largely unchanged. On the base end there's a 2.4-liter, naturally aspirated inline-four, available with either a continuously variable transmission or a six-speed manual 'box. Honda will continue to offer its 3.5-liter V6, as well, with six-speed manual or automatic transmissions. Check out the new Accord in the gallery above, and scroll down below for the official press blast. The 2016 Honda Accord hits dealers in August. Honda Introduces the Highest Tech Accord Yet in High Tech's U.S. Hub—Silicon Valley - Upgraded 2016 Accord features one of the first applications of both Apple CarPlay® and Android Auto™ in a volume-produced vehicle - More dynamic styling, including first 19-inch wheels on Accord - Honda Sensing™ safety and driver-assistive tech available on all trims - New 7-inch Display Audio touchscreen interface MOUNTAIN VIEW, Calif., July 23, 2015 – Honda introduced a refreshed 2016 Accord loaded with advanced technology in Silicon Valley today, the first time the company has launched a new vehicle in the U.S. tech hub. Coming to market in August, the 2016 Accord will be the first Honda model and among the first high-volume cars in the marketplace to feature both Apple CarPlay® and Android Auto™. These and other major upgrades to technology and features make it the most high-tech Accord ever.

Driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime | Autoblog Podcast #651

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick. This week, they talk about driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime. Then they discuss James' experience testing the new Yakima CBX cargo carrier, Autoblog readers' preference for the GMC Hummer EV over the Tesla Cybertruck, and Mercedes-Benz taking a larger stake in Aston Martin. Lastly, they help James' father find a new car in the Spend My Money segment. Autoblog Podcast #651 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 BMW M2 Competition 2021 Honda Odyssey 2021 Toyota RAV4 Prime Testing the Yakima CBX Cargo Carrier on the Subaru Outback 75% of Autoblog Twitter follower prefer the GMC Hummer EV over the Tesla Cybertruck Mercedes-Benz to boost stake in Aston Martin to 20%, lend it some tech Spend JamesÂ’ fatherÂ’s money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: