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