Honda Financial Services customer service is provided through phone numbers, email addresses, online chat, and social media. Customers can get help with credit cards, auto loans, leasing, payments, and statements. The company also offers special offers for college graduates, military members, and more. Honda Financial Services is a subsidiary of American Honda Motor Corporation.
Department of Justice and Consumer Financial Protection Bureau Reach Settlement With American Honda Finance Corporation
The United States and the Consumer Financial Protection Bureau today reached a landmark settlement with the nation’s ninth largest auto lender, American Honda Finance Corporation (Honda). The settlement resolves allegations that Honda engaged in a pattern or practice of discrimination in its auto lending by charging thousands of African-American, Hispanic, and Asian/Pacific Islander borrowers higher interest rates than non-Hispanic white borrowers, even though the borrowers had similar creditworthiness. The average African-American victim was obligated to pay over $250 more during the term of their loan because of the discrimination, and the average Hispanic and Asian/Pacific Islander victims paid over $150 more.
To remedy the harm caused by Honda’s practices, the agreement requires Honda to set a risk-based interest rate that it conveys to car dealers when they buy vehicles from Honda, and to limit dealer discretion to mark-up the interest rate by up to 2.25 percent for contracts with terms of 5 years or less and by 2 percent for contracts with terms of longer than 5 years. Honda will also be required to monitor and report on its efforts to avoid future discrimination.
The settlement announced today provides compensation of $24 million to victims. An independent administrator will locate and distribute the funds to affected borrowers. The department and the CFPB will provide additional details about the compensation process as soon as they are available.