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In the settlement with the Department of Justice and the Consumer Financial Protection Bureau (CFPB), Honda agrees to pay $24 million in compensation to thousands of auto loan borrowers who were victims of discrimination under the Equal Credit Opportunity Act, as well as to take steps to avoid such violations going forward. Honda also agrees to limit dealer markups on its auto loans, a practice that the CFPB found was one of the most common ways that car dealers violated federal consumer finance laws.
Honda is an indirect auto lender, meaning that it does not directly make auto loans to consumers. Instead, Honda sets a risk-based interest rate for each loan, which it conveys to car dealers nationwide. The dealers then add a markup on top of the loan’s interest rate to generate additional compensation. The CFPB’s complaint alleges that, from January 2011 to July 14, 2015, Honda permitted dealers to charge higher interest rates on loans made to African-American, Hispanic, and Asian/Pacific Islander borrowers than on loans made to non-Hispanic white borrowers, regardless of the borrowers’ creditworthiness.
During the course of this investigation, we received hundreds of complaints from Honda’s customers regarding issues with their auto financing. The vast majority of these issues were related to dealer markups on auto loans. To ensure that this type of misconduct is not repeated, Honda will limit its dealer markups to no more than 100 basis points, which will be equivalent to one percentage point for most of its auto loans. The company will also develop and implement a new training program for its employees to teach them about fair lending laws.