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honda financial services customer service a unit of American Honda Motor Company, makes and finances automobiles, motorcycles, power equipment, and components. In addition, the company offers various consumer leasing and financing options such as auto loans and leases. The company operates in the United States and internationally. Honda Financial Services was founded in 1980.
CFPB and Justice Department: Honda to Pay $24 Million to Resolve Race, National Origin, and Ethnicity Discrimination in Auto Lending
The United States Department of Justice and the Consumer Financial Protection Bureau (CFPB) today announced a landmark settlement with American Honda Finance Corporation (Honda) to resolve claims that it violated the Equal Credit Opportunity Act by discriminating against thousands of African-American, Hispanic, and Asian/Pacific Islander borrowers in auto lending. Honda’s pricing and compensation practices resulted in these borrowers paying higher interest rates than non-Hispanic white borrowers, regardless of their creditworthiness.
Under the settlement, Honda will significantly limit dealer discretion to charge higher interest rate markups, and it will implement other measures aimed at lessening future discrimination. The company will also set aside $24 million to compensate borrowers harmed by its past conduct. An administrator will locate and distribute funds to affected borrowers. The department and the CFPB will announce additional details about the compensation process once it is finalized.
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