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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 Civic Concept is your average neon green, turbocharged show stealer [w/video]

At an auto show where the hottest cars and concepts are increasingly shown off the night before the official doors even open, surprises are rare. But Honda pulled off a big one this afternoon, with a nuclear green Civic Concept that takes dead aim at the brand's naysayers. Honda "concept" cars have tended towards the literal in recent years, and never has that been more exciting than with this coupe. The prelude to the tenth-generation Civic has a face that fits in well enough with the company's current lineup, but the rest of the bodywork feels far more JDM-inspired. The sides are complex without being too busy, and the bold graphic elements, especially the wraparound taillight, seem punctuate the mass. You might not dig the green meanie as much as we do, but if you're a Honda fan (even lapsed) the performance news should have you high-fiving your nearest bro. To start, Honda has confirmed that this Civic will be the first in the US to incorporate turbocharged VTEC engines. The turbo'd 1.5-liter four will get hooked up to both a six-speed manual and a CVT. Civic is also going to get a bodystyle that Honda has neglected in our country for too long: the five-door hatchback. A moment of silence, please... Of course sedans and coupes will be part of the mix, too. But perhaps the most exciting news for lead-footed fan boys will be the inclusion of both a Civic Si and the Nurburgring-champion Civic Type R for our market. We'd both hoped and suspected that the Type R might make the leap to North America, and Honda hasn't disappointed. The gen-ten Civic will go on sale in the US this fall, though no specifics have yet been offered about which variants will be first and last. Stay tuned. Honda Debuts Sportiest Civic Design in Brand History with 10th-Generation Civic Concept at New York International Auto Show - 10th-generation, 2016 model year Civic focuses on sporty, fun-to-drive dynamics - Civic lineup to include Sedan, Coupe, and 5-door Hatchback body types, as well as Si and Type-R versions - First Honda model to apply new VTEC® Turbo engines in North America Civic, America's most popular small car is designed, developed and produced in North America Today Honda unveiled its ultra-sporty Civic Concept at the New York International Auto Show as the brand prepares to launch its completely reimagined 10th-Generation Civic models beginning this fall.

Average transaction prices climb to a record $36,270 in January

The automotive sector made a hash of the numbers last month, a mess of pluses and minuses clogging the transaction-price charts according to Kelley Blue Book. The overall industry rose one percent, even though buyers bought fewer cars and light vehicles in January 2018 vs 2017 using the selling-day adjusted rate. Due to January transaction prices rising to $36,270, a record for January, the value of new vehicles sold climbed more than $1 billion compared to January 2017. KBB's transaction prices don't include customer incentives, which changes the complexion slightly; average incentive spending rose to just over ten percent. The average transaction price in December 2017 was $36,756, so January dropped a bit - nothing unexpected, with the month annually blamed for "January doldrums." More revealing is the fact that the average transaction price in January 2017 was $34,910. This year's plumped-up figure came courtesy of the continued shift to crossovers, SUVs, and light trucks, which shouldn't surprise anyone who's read an automotive blog in the past 20 years. That category comprised nearly 70 percent of new vehicle sales for the month. Some manufacturers profited more than others, though. Fiat Chrysler managed 12.8 percent fewer sales in January compared year-on-year, but the company's vehicles sold for $1,300 more. The Ford brand suffered a 6.3-percent dip in sales, but brand transaction prices increased $2,000, while a Lincoln sold for $8,700 more on average. General Motors sold more cars and sold them for more money; overall GM transaction prices rose four percent, or $1,270, while a GMC traded hands for seven-percent more than in January 2017 and a Cadillac got $2,300 more on average. Of KBB's listed automakers, the Volkswagen Group got the most of out its customers, transaction prices rising at the German automaker by 5.6 percent to $42,243 in January 2018 compared to a year earlier. American Honda followed with a 4.3-percent increase to $28,991, GM in third at 4.1 percent to $40,313. Find your next car at Autoblog using our new and used car listings or the Car Finder tool. Broken out by segment, minivans rocked the table, transaction prices leaping by 7.9 percent to $35,380 compared to January a year earlier. Luxury cars boasted the next-highest rise, at 3.6 percent to $58,533.