Someone explain to Honda those aren’t American flags
American Honda Finance Corp. agreed to pay as much as $25 million to settle discriminatory lending allegations as the U.S. has stepped up its scrutiny of car loans, the third-largest source of household debt.
The Honda unit that finances auto loans in the U.S. will offer $24 million in relief to borrowers who were allegedly overcharged by dealers since 2011, according to a settlement Tuesday with the Justice Department and the Consumer Financial Protection Bureau. An additional $1 million will be spent on consumer education programs.
The federal government in recent years has secured large discriminatory lending payments from mortgage companies, including a $335 million settlement with Countrywide Financial Corp., and has now turned its attention to auto loans. As part of the settlement, Honda said it would limit the amount a dealer could markup the interest rate of the loan.
As our government has demonstrated time and again, you can lie, cheat and steal – and if you’re a big bank, you get a sizable fine. I guess that’s repayment to the state, somehow. No one does any time. None of the creeps who signed-off on screwing American citizens pay any penalty. Shareholders get the fine subtracted from any dividends they may have expected.
Toyota Motor Credit Corp. and JPMorgan Chase & Co. have each disclosed government investigations of discriminatory pricing related to loans.
Vanita Gupta said the Justice Department’s investigation of the auto-lending industry is continuing. Auto loans are the third-largest source of household debt after mortgages and student loans…
U.S. authorities allege that Honda violated fair-lending laws by allowing dealers to charge higher interest rates on loans sought by African-American, Hispanic and Asian borrowers.
The average African-American borrower paid about $250 more for the loan than a white borrower, the Justice Department ad the CFPB said in its complaint. Hispanics paid $200 more while Asian and Pacific Islander borrowers paid $150 more during the term of the loan, the U.S. said.
And that’s the flip side of bigoted business practices in 21st Century America. Corporate barons only have to look to the Republican Party and the gerrymandering done since the 2010 census to think to themselves – hey, these creeps are publicly redefining voting districts to discriminate against Black folks, poor white folks, students and seniors – why can’t I do the same thing?
Our creepiest politicians combine the theft of voting rights with lies about non-existent voter fraud to assemble a life’s worth of deceit and discrimination equal to anything since the days of Jim Crow – and our courts will fart around for decades without doing a thing. Plus, they have the example of the Supreme Court before them saying – it’s all right, racism doesn’t exist in our plastic TV-land anymore.
Why shouldn’t Honda try to get away with stealing? Our politicians, our government says it’s OK.