honda financial services customer service If you have questions about your Honda or Acura lease, payment, fees or billing, contact your regional Honda Financial Services office.
Honda Financial Services (HFS) is a wholly owned subsidiary of American Honda Motor Company that provides financing for new and pre-owned vehicles, motorcycles, automobile parts and power equipment. HFS operates two distinct product lines: retail installment sales contracts and leases. HFS is headquartered in Torrance, California and has over 5,000 employees.
The Department of Justice and the Consumer Financial Protection Bureau announced today that Honda has agreed to pay $24 million to settle allegations that it violated the Equal Credit Opportunity Act by discriminating against thousands of African-American, Hispanic, and Asian and Pacific Islander auto loan borrowers. Under the settlement, Honda will limit dealer markups on loans that it purchases from car dealers and conveys to consumers. These markups are used to compensate car dealers for their work and often differ from the risk-based interest rates that Honda sets for the loans based on objective credit-related factors. The Bureau’s complaint alleges that, on average, African-American, Hispanic and Asian/Pacific Islander borrowers were obligated to pay more than $250 more over the life of their auto loans than non-Hispanic white borrowers.
The settlement also requires Honda to improve its monitoring and compliance systems. It will also allow the company to experiment with other approaches toward lessening discrimination and regularly report to the Department of Justice and CFPB on its progress. The company will also appoint an administrator to locate, distribute and administer compensation for victims of Honda’s past discrimination. The administrator will also make regular reports to the CFPB on its compensation activities.