The Department of Justice and the Consumer Financial Protection Bureau have reached a $24 million settlement with American Honda Finance Corporation to resolve claims that it engaged in a pattern or practice of discrimination against thousands of African-American, Hispanic and Asian/Pacific Islander auto loan borrowers. The settlement requires that Honda limit dealer markups on its auto loans, and significantly limits the discretion car dealers have to vary interest rates from the prices that Honda initially sets based on a borrower’s objective creditworthiness. It also requires that Honda hire an administrator to contact and distribute funds to victims and report to the Bureau on its efforts.
Honda Financial Services provides financing for vehicles sold by Honda or Acura and other auto manufacturers as well as power equipment, marine products, motorcycles, auto parts and accessories. The company is headquartered in Torrance, California and operates several branches throughout the United States.
To contact a representative, call the Honda Financial Services phone number provided above. You can also contact the Honda Financial Services customer service team via social media, email or live chat.
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As an indirect auto lender, Honda makes most of its auto loans through car dealerships nationwide that help consumers buy and pay for a vehicle. Honda allows the dealers to mark-up its loan interest rates to generate compensation, even though the rates the dealer charges reflect a borrower’s creditworthiness. The practice violates the Equal Credit Opportunity Act and injured thousands of minority borrowers from January 2011 through July 14, 2015. honda financial services customer service