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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.

Honda Ridgeline sorta takes class victory on Baja race debut

The Ridgeline Baja Race Truck was unveiled at SEMA earlier this month to serve not only as Honda's new off-road racing platform, but also as a preview for the upcoming second-generation pickup. Technically, it scored a class victory on its race debut in the SCORE Baja 1000. To be fair, it was also the only vehicle in that class. Though clearly a purpose-built racer, not a modified from showroom stock truck, the Baja truck features bodywork patterned after the forthcoming production model – especially at the front end. It also uses the same block, cylinder heads, and crankshaft as the 3.5-liter V6 that powers the current Ridgeline and will power the upcoming one. In race trim, it's been twin-turbocharged up to 550 horsepower. Honda Performance Development and Proctor Racing Group entered the custom-built Ridgeline in Class 2 (for forced-induction engines up to 3.6 liters) at the Baja 1000 this past weekend. Driving duties were shared by Honda spokesman Sage Marie and experienced off-road racers Jeff Proctor and Jason LaFortune. They completed the 821-mile loop to and from Ensenada, Mexico, in 25 hours, 9 minutes, and 47 seconds. That's about ten hours behind the Ford F-150 trophy truck and the Honda CRF450X that won outright, but that's beside the point. It's impressive enough that the truck finished on its debut in such a grueling race under such punishing conditions, even if it didn't have any competition. Honda Ridgeline Baja Race Truck Conquers Baja 1000 Nov 22, 2015 - ENSENADA, Mexico - Off-road racing truck debuts with Class 2 victory - Completes desert endurance event in first attempt - Racing machine previews second-generation Honda Ridgeline Developed by Honda as a preview to the introduction of the new, second-generation Honda Ridgeline, the driving trio of Jeff Proctor, Sage Marie and Jason LaFortune piloted their Ridgeline Baja Race Truck to the Class 2 victory in this weekend's 48th running of the SCORE Baja 1000. Built jointly by Honda Performance Development, the North American motorsports arm of American Honda, and the Proctor Racing Group, the tube-frame Unlimited Class 2 off-road Ridgeline Baja Race Truck made its competition debut at the brutal Baja event, which this year consisted of an 821-mile loop that started and finished in Ensenada, Mexico.

Toyota Camry, Honda Civic inventories mounting as US automakers make inroads

Two of the hottest-selling cars in America aren't quite as hot as they used to be. The Toyota Camry and Honda Civic are both seeing dealer supplies increase in the face of renewed competition from the much-improved Detroit Three.
According to a report from The Detroit News, the Camry's dealer inventory is 15 days higher than its seasonal average, while the Civic is 25 days above average. Things aren't expected to get better for Toyota and Honda, as RBC Capital Markets analyst Joseph Spak marked the two Japanese offerings as "at risk for reduced output."
The Detroit Three, meanwhile, are seeing supplies dwindle as demand increases, especially for the Ford Fusion, which has seen an 18-percent increase in 2013 sales, and the Chevrolet Cruze, which was second only to the Camry in June 2013 sales.