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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 Baja race truck previews 2017 Ridgeline at SEMA [w/video]

Honda is heading to this year's SCORE Baja 1000 with a mean-looking, race-prepped Ridgeline Baja Race Truck in the unlimited class. The tube-framed pickup makes a grand debut at the 2015 SEMA Show, but take a good look at the styling on display here. While it's a lot more aggressive than the real thing, it previews the production model that arrives in the first half of 2016. The race truck looks seriously tough with huge fenders, chunky off-road tires, and tons of LED lighting. According to Honda, "the front fascia, hood, roof, bed, and side profile" all feature elements that are inspired by the upcoming production version. Based on the version here and earlier teases, those cues suggest a more traditional, pickup-like appearance than the previous Ridgeline. Of course, any Baja truck needs serious power, and for this Ridgeline that comes from Honda Performance Development's HR35TT racing engine. The twin-turbocharged, 3.5-liter V6 makes around 550 horsepower in this application. Look closely at the front to find a hidden hood scoop that sends cool air to a custom intake plenum. Check out the gallery above for a look at the Baja Ridgeline at the SEMA Show. The video below shows off the tube-frame chassis underneath, and offers a great look at the engine, too. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Honda Announces Return to Baja at 2015 SEMA Show, Ridgeline Baja Race Truck Hints at Styling Direction for All-New 2017 Ridgeline Pickup Nov 3, 2015 - LAS VEGAS Today at the 2015 SEMA Show, Honda revealed its Ridgeline Baja Race Truck, a purpose-built racing machine that marks Honda's return to off-road truck racing, while also providing an early glimpse at the styling direction for the all-new 2017 Honda Ridgeline pickup that will hit dealer showrooms in the first half of next year. The Honda exhibit also showcased a multifaceted display of personalized Honda cars, SUVs, powersports products and two- and four-wheeled racing machines. The Honda Ridgeline Baja Race Truck, in red, white and black Honda Racing livery, will compete in this year's running of the SCORE Baja 1000. The tube-frame unlimited class off-road truck is powered by a twin-turbocharged V6 developed by Honda's U.S.

Honda Civic overtakes Toyota Corolla as America's best-selling compact

The battle to claim October's best-selling compact sedan title has been won by the Honda Civic. The Japanese four-door sold 27,328 units, leaving the Toyota Corolla - September's title holder - in its wake with 23,637 units sold. In terms of year-to-date sales, the Civic sits at 280,899 units, with the Corolla trailing at 257,184 vehicles.
Sitting in third place, separated by a significant gap from the leaders, is the Chevrolet Cruze with 16,087 units sold. The Ford Focus earned fourth, with 15,108 units moved out of showrooms. (It is interesting to note that while the Civic and Corolla have both enjoyed double-digit sales increases year-over-year, the Cruze and Focus have seen significant decreases during the same period.)
Sales of the Hyundai Elantra hit 14,876 units, putting it in fifth place, with the Volkswagen Jetta earning sixth place with 11,710 units. Rounding out the ten top sellers were the Nissan Sentra (8,399 units), Mazda3 (7,647 units), Dodge Dart (5,617 units) and Subaru Impreza/WRX (4,923 units). The Kia Forte (4,706 units) and Volkswagen Golf (2,249 units), eleventh and twelfth respectively, have fallen behind.