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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