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Beleaguered Takata unlikely to seek automaker assistance

Takata is continuing to deal with the massive airbag recall for millions of vehicles, but even if it doubles production, it could take years the company to build enough replacement parts to properly repair all of the affected models. If the supplier takes a hard enough financial hit whether through fines, lawsuits or just the cost of making the components, then the business might not be able to keep up production. Such a situation could put automakers in the very difficult predicament of deciding whether to provide Takata with financial assistance. Honda for one has little interest in lending further support to the beleaguered supplier, according to The Wall Street Journal. The Japanese automaker recently dropped its annual sales targets to put a larger emphasis on vehicle quality, partially in response to the inflator recall. It also struck a deal with another company for replacement parts and was rumored to abandon Takata for some future business. Honda CEO Takanobu Ito did leave the door barely cracked for possible aid. "Takata itself needs to figure out how to fulfill its duties, but if it makes any request to automakers, then we would think about that," he said, according to The Wall Street Journal. There isn't much likelihood of Takata needing a bailout, though. According to The Wall Street Journal, analysts aren't concerned about the company's short-term fortunes, and the supplier had about $728 million in cash as of last September. News Source: The Wall Street Journal - sub. req.Image Credit: Toru Yamanaka / AFP / Getty Images Earnings/Financials Recalls Honda Safety Takata airbag recall

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 not ready to give up on CR-Z, Civic Hybrid in US just yet

Honda has already killed off the CR-Z in Europe, so news that the car is no longer going to be sold in Australia isn't exactly a surprise. In fact, Car Advice says that both the CR-Z and the Civic Hybrid are coming to the end of the line Down Under following disappointing sales. Honda sold only 370 CR-Zs in Australia in 2012 and then 58 in 2013 and 86 in 2014. These cancellations got us thinking: what does the future look like for these vehicles in the US? Well, stateside, CR-Z sales dropped almost 20 percent in 2014, compared to 2013, to 3,562 units. The Civic Hybrid sold just 5,070 units, a drop of almost 35 percent. Both of these vehicles use the aging Integrated Motor Assist (IMA) mild hybrid system, which the company's other hybrids (like the Accord) do not. Does that mean Honda hybrid fans will soon no longer be able to buy a CR-Z or Civic Hybrid? Not so fast, says Angie Nucci, Honda PR's senior environment and safety specialist. "The 2015 CR-Z went on-sale in early October and the 2015 Civic Hybrid went on-sale the following month in November," Nucci said. "Since these vehicles went on-sale fairly recently, it is simply too early to discuss future models at this time." Still, in Australia, the CR-Z and Civic Hybrid are both officially leaving the line-up. The company say that three new "Hybrid Sport" models will be coming at some point, starting with the Accord Hybrid later this year. The next one will be the NSX and then the Jazz Hybrid. The Jazz is another name for the Fit, which we do not get in a hybrid version in the US. Featured Gallery 2014 Honda CR-Z Hybrid View 14 Photos News Source: Honda, Car Advice via Green Car Reports Green Honda discontinued