Dx, Hb, Orig Honda Parts Clean Inside, Leather, Stereo, Door Lock Alarm, Grey on 2040-cars

Auto blog

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.

2017 Honda Accord Hybrid launches with best-in-class fuel economy

After a one-year hiatus, the Accord Hybrid is back. Billed as a 2017 model, it goes on sale this spring. Honda has not detailed pricing for the new version, but American Honda Executive Vice President John Mendel says it will be similar to the 2015 model. The big items are 212 horsepower, an increase of 16, and EPA fuel economy ratings of 49 city, 47 highway, and 48 combined miles per gallon. All of those numbers are class-leading for midsize hybrid sedans. On paper the city figure is lower than the previous Accord Hybrid, rated at 50 mpg, but there's a reason. In 2017 the EPA is revising the fuel economy numbers downward to bring them more in line with real-world results. A similar adjustment happened in 2008. The new Accord Hybrid is certified for 2017, while competitors like the Chevrolet Malibu (47 city/46 hwy/46 combined) and Toyota Camry (43/31/39) use the current rules. Honda says the improvement is about four percent, so if the new car carried a 2016 sticker, the highway figure would be as high as 52 mpg. View 19 Photos Honda's reveal is light on other details about the new Accord Hybrid. The company stated only that the fuel economy gains come from a total re-engineering of the powertrain that includes new electric motors and a revised 2.0-liter Atkinson-cyline gasonline engine. A lithium-ion battery pack in the trunk eats up about two cubic feet of cargo space. The physical layout of the hybrid drive is the same as in the previous Accord, with two motors and a single-speed transmission for the gas engine. An explanation of the three drive modes is below. Honda engineers clarified that while the generator motor near the engine usually charges the battery it will also assist the drive motor in sending power to the front wheels at high speeds or loads. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Honda Sensing, the brand's name for its suite of autonomous and electronic safety system, is standard in the Accord Hybrid. That includes lane-keeping assist, adaptive cruise control, autonomous emergency braking, and blind-spot warning. You can't tell that the Accord Hybrid has an aluminum hood by looking, but sharp eyes will pick up the unique wheel and blue accents to the headlights and taillights. Otherwise the 2017 Accord Hybrid looks and feel exactly like a conventional Accord, save for the "EV Mode" button on the right side of the center console.

Minivan market not what it used to be, but margins make up for it

Residual values for last year's minivans are higher than they were in 2000.
Much like the station wagon was the shuttle of Baby Boomer generation, the minivan has been the primary means of transport for Generations X and Y. Just as the boomers abandoned the Country Squire, though, those kids that were toted around in Grand Caravans and Windstars are adults, and they certainly don't want to be seen in the cars their parents drove.