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DaimlerChrysler Settles Discrimination Lawsuit

July 27, 2005

DETROIT -- DaimlerChrysler has agreed to settle a discrimination lawsuit involving its captive finance unit and minority car buyers, according to court documents.

Reuters reported that Daimler Chrysler North America LLC will issue 600,000 or 875,000 pre-approved loans — depending on certain limits on interest rate increases — to black and Hispanic people based solely on credit history.

The settlement also puts limits on the dealer markup on these loans.

DaimlerChrysler will also have to contribute $1.8 million to certain nonprofit groups for the purpose of consumer education and assistance, according to terms of the agreement.

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Man Accused of Identity Theft in Vehicle Purchases

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