Honda Set to End Discriminatory Lending Against Minorities
Past practices at Honda have cost minority borrowers thousands of dollars in higher interest rates compared to their white peers, with no regard to credit history. The company recently reached an agreement with the CFPB and Department of Justice to reduce discretionary markups by dealerships and implement a new compensation system. The CFPB and DOJ have high hopes that Honda’s actions will galvanize the rest of the industry to follow suit. [7/15/15]
