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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.

Japan wants to boost fuel-cell numbers 100x by 2020

How many hydrogen refueling stations will Japan need? Can each station handle 250 fuel-cell vehicles? They can in the Japanese government's new plans for hydrogen fuel-cell vehicle growth and station deployment throughout the country. With Prime Minister Shinzo Abe continuing to trumpet fuel cells as the advanced powertrain of the future, the government says the number of fuel-cell vehicle on its roads will multiply by 100 within the next four years, according to the Japan Times. Specifically, Japan, which is home to about 400 fuel-cell vehicles today, hopes to have 40,000 by 2020 and a whopping 800,000 by 2030. More importantly, Japan has 80 stations either in operation or slated to be deployed soon, and hopes to double that number by the end of the decade. For perspective's sake, the US has about two-dozen publicly accessible hydrogen fuel cell stations today, according to US Department of Energy. The newer ones are can dispense 100 kilogram a day, which can fuel 20-25 cars a day. Japanese automakers Honda and Toyota appear to be trying to do their parts in the H2 plan. Earlier this month, Honda started leasing its Clarity fuel-cell vehicle in Japan and is planning to bring them to California later in the year. The vehicle, which is priced at about $68,000 in Japan, is said to be able to travel about 466 miles on a full hydrogen tank, per the more lenient Japanese driving cycle (roughly 300 miles on the US scale). Honda will start production at a rate of 200 vehicles a year. With skin in the game, though, Honda indicated late last year that it was frustrated with what it said was the slow pace of fuel-cell station deployment in Japan, according to Bloomberg News. Honda was collaborating with hydrogen supply company Iwatani Corp. on what they called a "Smart Hydrogen Station," though that concept was in its testing phase as of last December. The Mirai also started sales in Japan and debuted in limited numbers in California last year. Last fall, Toyota set a rather lofty goal of selling 30,000 fuel-cell vehicles a year by 2020 as part of its Toyota Environmental Challenge 2050. Related Video: News Source: Japan TimesImage Credit: YOSHIKAZU TSUNO via Getty Images Green Honda Toyota Hydrogen Cars

Honda S660 set for Yokkaichi production next year

Roadsters, you might argue, are best when they're small and nimble. If you're thinking of the Mazda MX-5 Miata, you're on the right track, but there have been even smaller ones: pint-sized, three-cylinder roadsters like the Daihatsu Copen, Suzuki Cappuccino and Smart Roadster. But the most iconic and enduring of them was surely the Honda Beat.
Designed by Pininfarina, the Beat was - not unlike the F40 was for Enzo Ferrari - the last car approved for production by company founder Soichiro Honda. It complied with Japan's strict Kei car regulations and packed a tiny, naturally aspirated 656 cc that produced just 63 horsepower. The cult classic ended production in 1996, but six months ago Honda hinted at a revival with the presentation of the S660 concept at the 2013 Tokyo Motor Show. Now it seems Honda - or Yachiyo, we should say - is gearing up to put it into production at the same factory that produced the Beat two decades ago.
That plant is the Yokkaichi factory, a facility owned by Yachiyo Industry Co., Ltd. that builds small cars on contract for Honda. It was slated for a major expansion a few years ago until Honda shifted some of its small car production to its own plant in Suzuka, but continues to build the N series of boxy, upright hatchbacks, as well as small commercial vehicles like the Life and Vamos lines. The reintroduction of a small roadster line to the factory's output sometime in 2015 will undoubtedly be a cause for celebration in Yokkaichi. For our part we can only hope that American Honda CEO Tetsuo Iwamura gets his way and manages to bring the S660 to the US in the near future.