Toyota’s lending arm appears to be among the first companies to face trouble with the federal government over allegations of discriminatory loan practices.
Toyota Motor Credit has been accused of establishing a pattern of “discriminatory pricing of loans to certain borrowers,” according to a recent Securities and Exchange Commission form 8-K filing, first spotted by Reuters.

“[The Department of Justice and the Consumer Financial Protection Bureau] are prepared to initiate an enforcement proceeding unless we agree to a voluntary resolution satisfactory to them,” the document adds. “The Agencies have indicated that they are seeking monetary relief and implementation of changes to our discretionary pricing practices and policies, which changes could adversely affect our business.”

The CFPB earlier this year claimed that many auto lenders have been charging higher interest rates for certain lenders, even if the applicants qualify for better loan terms. Charging higher interest rates is not illegal, however the agencies suggest some lenders are violating anti-discrimination laws by disproportionately targeting minorities when pushing such loans.

The agency already squeezed a $98 million settlement out of Ally Financial, formerly General Motors’ lending division. Smaller players have also been forced to pay a collective total of $56 million in compensation.

The problem is partially blamed on individual dealers’ discretion in loan rate markup, however the CFPB has called for lenders to implement a system to monitor practices and prevent discrimination. Eliminating dealer discretion during the loan application process has been proposed as one strategy to help bring practices into compliance.

The DoJ and CFPB have not publicly announced a settlement or other action taken against Toyota Motor Credit.

Following on the heels of the 3-Series eDrive announcement, BMW has detailed plans to bring similar plug-in hybrid technology to all of its core models.
The company has big plans for the technology that is being developed for the current i-Series hybrids and EVs. The same electric motor and power-management components have been adapted for use in the 3-Series, and are said to be flexible enough to serve in a much wider range of platforms.

“All BMW Group models benefit from BMW i,” said BMW development head Herbert Diess. “The fundamental technology involved in battery cells, electric motors and the power electronics will be used in our upcoming plug-in hybrid models.”

The 3-Series eDrive is among the first concepts to preview the approach, combining a turbocharged four-cylinder gasoline engine with an electric motor. Drivers can expect a combined output of 245 horsepower and 295 lb-ft of torque, while on-board batteries provide up to 22 miles of electric-only range at speeds of up to 75 mph.

Hinting at future performance models, BMW suggests its eDrive technology can support combined output of more than 670 horsepower. Battery capacity will eventually be upgraded to support all-electric driving for up to 62 miles.

Aside from the 3-Series eDrive, the company has also mentioned an X5 eDrive as one of the upcoming hybrids. A production time-frame has not been announced for either model, which are still officially in the concept stage.

General Motors’ most powerful production car ever, the 2015 Corvette Z06, has begun rolling off the company’s Bowling Green assembly line.
The redesigned Z06 is said to offer the most choice in the model’s history, enabling customers to choose from an eight-speed paddle-shifted automatic transmission or a seven-speed manual gearbox. It is also the first Z06 to be available in convertible form since 1963, thanks to a stronger aluminum frame that virtually eliminates drop-top weight gain.

The new LT4 supercharged 6.2-liter V8 engine is SAE certified at 650 horsepower and 650 lb-ft of torque, propelling the coupe from zero to 60 mph in just 2.95 seconds with the automatic transmission. It finishes the quarter mile in 10.95 seconds — still faster than the more powerful Dodge Challenger SRT Hellcat.

The optional Brembo carbon-ceramic brakes help bring the Z06 coupe to a stop from 60 mph in just 99.6 feet, marking the best braking performance of any production car GM has ever tested. Skidpad performance is equally impressive, reaching 1.2 g of lateral acceleration — beating the Corvette’s previous best of 1.13 g.

The 2015 Z06 coupe starts at $78,995 (including freight), while the convertible model will fetch $83.995 when it arrives sometime next year.

Maserati and Airbus have announced that they have signed a multi-year deal that will give the Fiat-owned company access to advanced technology gleaned from the aeronautic field.
Specific details were not provided, but the technology that Maserati plans on using under license is centered around lightweight composite materials and metals. All of it has been developed by Airbus Group Innovations, the aviation giant’s in-house research and development department.

“By evaluating this broad spectrum of technologies, Maserati can benefit from Airbus Group capabilities exploited in several applications, such as airliners, helicopters and fast jets to spacecraft that are exploring the universe,” explained Maserati CEO Harald Wester in a statement published shortly after the deal was inked.

The first Maserati to incorporate Airbus-sourced technology will likely be the production version of the Alfieri concept (pictured) that was shown in Geneva earlier this year. Targeted squarely at the Porsche 911 and the Jaguar F-Type, the coupe is expected to land in showrooms in 2016.

The deal is part of Airbus’ Technology Transfer Framework program, which aims to help the company reap the rewards of economies of scale by sharing know-how with partners from outside of the aviation industry.

“We developed the Technology Transfer Framework with industry leaders such as Maserati in mind, and it is being selectively offered to a limited number of potential partners,” affirmed Wulf Hoeflich, the chief of Airbus’ technology licensing department.

Hoeflich did not disclose if Airbus is planning on working with other car companies in the near future.

Maserati is not the first automaker to team up with an aviation company. About two years ago, BMW and Boeing signed a multi-year collaboration agreement that called for both sides to share knowledge about carbon fiber.

A new report finds that Land Rover has decided to build the on-again, off-again Range Rover Evoque Convertible concept (pictured) that was presented at the 2012 edition of the Geneva Motor Show.
The topless crossover is set to slot above the existing Evoque Coupe on which it is based. It will be billed as an alternative to premium German drop-tops like the Audi TT but it is expected to remain a low-volume niche model designed primarily to boost Land Rover’s image.

The yet-unnamed convertible Evoque will reportedly be powered by members of Jaguar – Land Rover’s new Ingenium family of four-cylinder engines. A nine-speed automatic transmission will come standard all across the board, and buyers will likely be asked to choose between two- and four-wheel drive.

Like the equally-controversial Nissan Murano CrossCabrio that recently went out of production, the Evoque will utilize a conventional cloth soft top because the setup is lighter and easier to stow than a retractable hard top. The Evoque’s body needs to be totally re-engineered and stiffened in order to safely handle an open-top configuration, a process that is both expensive and time consuming.

The convertible is believed to be in the final stage of development and it could be presented at next year’s edition of the Geneva Motor Show. If the rumor proves true, look for it to go on sale in the second half of next year as a 2016 model.