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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.

Formula 1 seeking independent engine supplier

Formula 1 could get a new engine supplier in the near future, if Bernie Ecclestone and the independent teams gets their way. According to Autosport, the FIA is soon to open the contract up for bids, and there are already several manufacturers that have expressed interest. Currently Mercedes, Ferrari, Renault, and Honda supply engines – both to their own premier teams (Red Bull and McLaren for the latter two) but also to other teams like Williams, Sauber, and Toro Rosso. Because the new turbocharged V6 hybrid power units cost those four suppliers so much to develop, they're charging their customer teams big bucks – around $20-30 million per season – to provide the engines. These costs are much higher than the $10 million or so it used to cost to purchase a V8 engine under the previous regulations. Ecclestone figures it's time to bring in another supplier who will not run their own team and not play favorites, but will supply engines to private teams at a lower cost. There are already a number of potential suppliers under consideration. One of them is said to be Cosworth, which has a long history in the series stretching back to 1963. The British firm stepped back between 2007 and 2009, returned in 2010, and dropped out again after 2013. The development could be of particular benefit to Red Bull, which has been unable to find an engine supplier and could be forced out of the series as a result. The team has long been powered by Renault, but that relationship has grown sour. And the other three engine manufacturers have not been forthcoming in offering an alternative arrangement for the team. Related Video: News Source: AutosportImage Credit: Cosworth Motorsports Ferrari Honda Infiniti McLaren Mercedes-Benz Renault F1 engine contract

OK Go ride Honda UNI-CUB ? in latest amazeballs music video

When Honda unveiled the slimmed-down ?eta version of its Uni-Cub last year, it might have thought the minimalist electric vehicle would find its most enthusiastic audience inside office buildings, where it would simultaneously lighten the load of worker drones and perhaps inject a bit of rolling robotic tech-type fun into an otherwise drab and dreary day. It was wrong. Clearly, this personal mobility machine was destined for greater things. Honda paid for the new video, which was shot a half-speed. When you watch it, you'll know why. For instance, it could be used for electric unicycle square dancing (Okay, technically the Uni-Cub ? employs one wheel and a caster-type ball, thereby disqualifying it from unicycle status, but whatever.) Or even better, it could be a platform upon which the power pop group OK Go and a few hundred Japanese school girls could perform awesome maneuvers, including the aforementioned electric unicycle square dancing, in their latest totally amazeballs video. Honda reportedly paid for the new video, which was shot at half-speed and when you watch it, you'll know why. Where before we thought this curious device, with its intuitive steering and self-balancing, would only really ever find a place as a demonstrator of Honda's engineering prowess, we now see it as a foregone conclusion that it will infest our daily lives and fill them with fantastic choreographed journeys of art. Thank you for opening our eyes, Ok Go. To have your own eyes opened, just scroll below for the visual accompaniment to I Won't Let You Down from the new album, Hungry Ghosts. As is the band's wont, it's all done in one take, and is sure to drop your jaw. Ok, go! This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.