Honda Financial Services Customer Service

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Honda Financial Services is the auto finance division of American Honda Motor Co. Honda Financial Services specializes in financing the purchase of new and used Honda or Acura vehicles through retail installment sales contracts (leases) and loan agreements. It also provides service contract coverage and vehicle warranty protection, and offers a full range of auto-related products and accessories.

About honda financial services customer service The Department of Justice and the Consumer Financial Protection Bureau today reached a groundbreaking settlement with Honda to resolve claims that it engaged in a pattern or practice of discrimination against thousands of African-American, Hispanic, and Asian/Pacific Islander auto loan borrowers. Honda violated the Equal Credit Opportunity Act by allowing car dealers to charge inflated interest rates to these borrowers, regardless of their creditworthiness. On average, Honda’s discriminatory pricing and compensation structure required them to pay more than $250 more for their auto loans.

As part of the settlement, Honda will pay $24 million to a fund that will compensate affected borrowers. An administrator will locate and distribute the funds, and Honda will regularly report to the CFPB about its victim compensation activities. The company will also improve its monitoring and compliance systems to prevent future violations. Those improvements will include limiting dealer markup, and reducing the amount of credit it gives to car dealers in exchange for higher dealer profit margins. The company will also continue to provide training for its car dealer partners on the requirements of the ECOA.

Honda Financial Services Customer Service

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