It seems that Honda has been over-charing their African-American and Hispanic customers for quite some time now, leading to a huge lawsuit in which they now must pay up!
The Federal Government started investigating American Honda Finance Corporation back in 2013 for violating fair lending laws.
According to CNN Money, “The Consumer Finance Protection Bureau found borrowers’ creditworthiness did not account for boosting loan rates. It said the AHFC made minorities pay $150 to $250 more on average more than white borrowers.”
Honda released a statement on Tuesday saying, “AHFC strongly opposes any form of discrimination, and we expect our dealers to uphold this principle as well. We firmly believe that our lending practices have been fair and transparent.”
How crazy is that because if you go to any hood, you’re guaranteed to see a BILLION Honda cars everywhere. SMH, shame on them! How many of you are going to call up Honda and ask for a refund on your monthly car note?
Source: CNNMoney
