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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.

YouTube viewers prefer BMW

BMW owners sometimes get a bad rap as being snobbish, rude drivers, but according to a new study by the online marketing company ZEFR, Bimmer aficionados also have a close relationship with the brand's vehicles. With well over 4 billion YouTube views, the German automaker is the industry's king of the road online. Making the popularity even sweeter for marketers, 95 percent of those clicks are for fan videos, which represents loads of free advertising. BMW isn't the only automaker with such an extensive following. Honda comes in a close second with around 4 billion views, and Mercedes-Benz is just a little behind it. Among all brands, it's the norm for fan-made videos rather than the official ones to get the lion's share of the clicks, generally 95 percent or more. "YouTube has become a treasure trove for connecting with the right people for automakers," Dave Rosner, ZEFR marketing boss, said to Automotive News. Beyond just a popularity contest among brands, automotive videos are big business on YouTube, according to ZEFR's research. Enthusiasts are leading the way, too. Racing is by far the most-watched category with 895,000 clips generating a staggering 8.2 billion views. Classic cars are also a very hot topic with 305,000 videos getting 1.6 billion clicks. Surprisingly, when it comes to watching auto videos, sedans are most popular on YouTube with over 9 billion views, according to Automotive News. Meanwhile, SUVs, performance vehicles, and pickups were each around 3 billion or less. You can check out the full study for yourself, as a PDF, here. Related Video:

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