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(Corrects to show factors on which auto loan interest rate is based) WASHINGTON, July 14 (Reuters) – A U.S. auto finance arm of Honda Motor Co will pay $24 million in restitution over allegations that its loan pricing practices.
The Department of Justice and Consumer Financial Protection Bureau said Tuesday that Honda has agreed to make changes to its auto financing process after the company faced allegations that it charged minority car buyers higher.
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In some cases, those charges resulted in bank overdraft fees. In response, Honda Financial Services posted on its website saying payments in “pending” status would be processed within 2-3 days and no late fees would be.
As dealerships and finance companies might imagine. Volkswagen is the most.
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Honda Malaysia has signed an agreement with Maybank for an enhanced automotive business solution to facilitate the provision of a comprehensive range of financial services, Bernama reports. Maybank said in a statement that the.
. automaker Honda has agreed to pay $25 million to settle US claims that it discriminated against minority buyers by overcharging them for auto loans, US authorities announced Tuesday. American Honda Finance Corporation, a unit of.
Honda Marine offers several competitive finance rates. Financing is available for outboard engines, boats, and trailers.
The $24m that Honda will pay will go in to a fund to compensate affected borrowers. Car loans are the third-largest source of household debt in the US, after mortgages and student loans. AHFC will also pay $1m into a car finance.
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LOS ANGELES (AP) — Honda reached a settlement Tuesday to resolve allegations. "As long as a car dealer arranges financing, and there’s no control over what the car dealer can charge, there’s going to be abuse and there’s going to.
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American Honda Finance Corp. agreed to pay up to $25 million to settle U.S. claims that minority borrowers were overcharged for auto loans. The Honda unit that finances auto loans in the U.S. will offer $24 million in relief for.
The lenders agreed to pay between $18 million and $98 million to resolve the regulators’ claims. Part of the settlements reached with Honda Finance, Toyota Motor Credit and Fifth Third in 2015-16 required the lenders to cap dealer.
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But that was a rule Honda’s financing unit allegedly violated, resulting in thousands of African-American, Hispanic, and Asian and Pacific Islander borrowers paying higher interest rates than white borrowers for their auto loans. Now, as.
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Providing further stimulus to its domestic growth, Honda Motorcycles & Scooters India (HMSI), on Wednesday signed a Memorandum of Understanding with IndusInd Bank, offering retail finance to its customers at an attractive rate of.
Click to share on Twitter (Opens in new window) Click to share on Google+ (Opens in new window) Share on Facebook (Opens in new window) Click to share on Pinterest (Opens in new window) The Consumer Financial Protection Bureau.
Interest-free financing can make new cars even more attractive to shoppers. Here are some factors to keep in mind.
WASHINGTON, July 14 (Reuters) – A U.S. auto finance arm of Honda Motor Co will pay $24 million in restitution over allegations that its loan pricing practices caused minority customers to pay higher interest rates than white borrowers.
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