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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.

Toyota, Mazda drop Takata as Mitsubishi, Subaru weigh options

It's not a very good time to be Takata right now. Fresh on the heels of longtime partner Honda ditching them, Toyota and Mazda have both come out and said they will not use the company's airbag inflators if they continue to rely on ammonium nitrate. Bloomberg reports that Subaru and Mitsubishi are also contemplating a divorce. "The inflator using ammonium nitrate produced by Takata will not be adopted by Toyota," President Akio Toyoda said during a briefing today. "What's most important above anything else is the safety and peace of mind of customers." Mazda echoed that position, simply saying it "will not use Takata airbag inflators which contain ammonium nitrate in our new cars." When you lose three huge OEM accounts in as many days, it's certainly going to have a deleterious effect on your fortunes. In Takata's case, that's meant a staggering 39-percent drop in their share price over the last three days. Yesterday alone, the company saw a 6.2-percent fall, Bloomberg reports. As the business publication reports, though, Takata isn't going down without a fight. The company is "considering some plans to survive," including a fundraising plan that will see it potentially offer up additional shares for sale. Still, at least one analyst doesn't see whatever company survives staying involved in the airbag inflator business. "I really don't see how they're going to be able to survive as an inflator manufacturer," Valient Market Research founder Scott Upham told Bloomberg. "When your major clients publicly come out and say that they're not going to use your products anymore, it makes this very difficult to sustain your business." News Source: Automotive News - sub. req.Image Credit: Carlos Osorio / AP Honda Mazda Mitsubishi Subaru Toyota Safety supplier

2015 Honda CR-V

Honda sold 335,000 CR-Vs in 2014, meaning the long-running compact CUV accounted for one in every four Honda-badged vehicles sold. And honestly, it's not too difficult to see why. It's efficient, comfortable, reasonably well equipped and reliable, much as it has always been. While it's arguably the least-exciting entry in what is, to be frank, a fairly dull class, the CR-V has always been remarkably competent at being all the vehicle its customers could possibly need. The facelifted 2015 model is all of those things and more, as we found out during a full week at the helm. Honda has been remarkably consistent in the slow evolution of the CR-V's styling over the years. If you were to compare the rear of the third-generation model (released way back in 2007 and updated in 2010) with the back of this fourth-generation version (released in 2012 and freshened for this most recent model year) you'd be hard pressed to tell one from the other. The 2007 model featured tall taillights that got wider at the bottom, while a low rear bumper, large aperture and upright tailgate made access to the rear cargo area a piece of cake... just like the 2015 model shown above. Honda has been more progressive in front for its new CR-V, however, retaining the same wide, canted headlights and three-slat grille that first appeared in 2012, but this time lining them in LED accents (as is the trend nowadays). As for the interior, the material quality is easily among the best in this fiercely competitive segment, with soft, attractive dashboard plastics. We aren't crazy about the faux leather stitching, although that's true on a lot of vehicles in this class. Other accents, like the thin strip of faux wood at the bottom of the dash, look good and have a quality feel. The leather-wrapped steering wheel is a nice item, too, and we couldn't be happier about Honda's decision to replace the old-fashioned ruched leather on the seats with cleaner, tauter hides. Those seats are quite wide and comfortable, as well, although they aren't exploding with side support for cornering (it's a Honda CR-V, after all). Visibility is excellent fore, aft and laterally, regardless of how you set up the seat. In back, leg and headroom are both in abundance, while the bench seat should prove adequate throughout a family's normal use, or on long drives. That isn't to say there aren't problems in the cabin, though.