Honda Financial Services Customer Service Settlement Announced

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The Department of Justice and the Consumer Financial Protection Bureau today announced a settlement with American Honda Finance Corporation (Honda) that resolves allegations that the nation’s ninth largest auto lender discriminated against thousands of African-American, Hispanic, and Asian and Pacific Islander borrowers in its auto lending business. The settlement requires Honda to significantly limit the discretion car dealers have to charge consumers interest rate markups that are not based on objective creditworthiness criteria. The settlement also provides $24 million in compensation to victims of past discrimination by Honda. Honda will pay these funds to a third party administrator who will locate and distribute the compensation to eligible victims at no cost to them. Honda will also monitor its practices and test different approaches to lessening discrimination in the future, and will regularly report to the CFPB on its efforts.

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