McLaren cars were commonly sold on
Personal Contract Purchase (PCP) and
Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period, which began on 6 April 2007 and concluded on 1 November 2024. The FCA's probe into motor finance practices shed light on widespread issues with
discretionary commission arrangements that affected millions of consumers who financed their vehicles through these agreements.
How McLaren Cars Were Financed
McLaren cars are often purchased using PCP or HP financing plans provided by various lenders, including
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance. These finance products typically allowed buyers to make lower initial payments while securing the option to purchase the vehicle at a later date or hand it back with no further obligations.
For McLaren car owners who financed their vehicles during this period, PCP agreements often featured a Guaranteed Future Value (GFV), which was supposed to represent an estimate of what the car would be worth at the end of the agreement. HP plans, on the other hand, required full repayment of the loan amount plus interest over a set period.
The FCA Motor Finance Investigation
The FCA's investigation revealed significant problems with discretionary commission arrangements between motor finance lenders and retailers. These commissions were often paid in addition to standard fees, leading to an inflated cost for consumers who financed their vehicles through these agreements. According to the FCA estimate, 12.1 million eligible agreements (FCA, March 2026) by this issue, resulting in a total of £7.5 billion overcharged to customers across all makes and models, with an average customer loss estimated at £829 (FCA estimate).
The investigation found that many retailers were incentivised to push PCP and HP financing plans because they received higher commissions from lenders compared to outright sales or other financing options. This practice often led to consumers choosing more expensive finance deals than necessary.
How to Check Your Agreement Pay particular attention to any terms that mention additional fees or charges beyond standard interest rates and administrative costs.
You can also check if your finance agreement was arranged between 6 April 2007 and 1 November 2024. If the agreement falls within this period, it is likely affected by the FCA's findings. Contacting your lender directly to obtain a detailed breakdown of all fees and commissions paid during this time can help clarify whether you are covered by the FCA redress scheme.
If you suspect that your McLaren car finance agreement was overcharged due to discretionary commission practices, you should complain directly to your lender at no cost. Common lenders associated with McLaren cars include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
When making a complaint, gather all relevant documentation such as the original finance agreement, payment receipts, and any correspondence with your lender. Present these documents alongside a clear explanation of why you believe the discretionary
commission arrangement affected your finance deal negatively.
you do not need a
claims management company to handle this process for you. Complaining directly to your lender is free and can be done without any external assistance. If your complaint is not resolved satisfactorily, you may escalate it to the
Financial Ombudsman Service (
FOS) for further review.
Sources and References
- FCA estimate of affected agreements: 12.1 million
- Total overcharged amount: £7.5 billion (FCA estimate)
- Average customer loss: £829 (FCA estimate)
- McLaren car finance lenders: Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, Santander Consumer Finance
(FCA, 2024)
FCA Compensation: FCA Scheme Figures
The FCA confirmed on 30 March 2026 that 12.1 million motor finance agreements are covered by the FCA redress scheme. The FCA-estimated scheme average of £829 per eligible agreement per agreement, with a total of £7.5 billion set aside for consumers. The scheme covers PCP and HP agreements entered into between 6 April 2007 and 1 November 2024.
Two separate schemes apply: post-2014 agreements (implement by 30 June 2026) and pre-2014 agreements (implement by 31 August 2026). The final deadline to complain is 31 August 2027. You can complain to your lender directly for free. You do not need a claims management company.
Across 2,508 MOT tests in 2024, McLaren vehicles have an overall pass rate of 97.0%. This is above the national average of 79.6%. DVSA data covers 8 McLaren models with sufficient test volume.
- Overall pass rate: 97.0%
- Total MOT tests (2024): 2,508
- Models with data: 8
- National average: 79.6%
Best McLaren models for MOT pass rate
- McLaren 570: 95.1% pass rate (741 tests)
McLaren MOT Reliability Trend (2022-2024)
McLaren has been getting more reliable, improving from 95.9% in 2022 to 97.0% in 2024 (+1.1 percentage points).
- 2022: 95.9% pass rate (2,460 tests)
- 2023: 95.7% pass rate (2,644 tests)
- 2024: 97.0% pass rate (2,508 tests)
Based on 7,612 MOT tests across three years (DVSA open data).
Data source: DVSA anonymised MOT test results 2024, Open Government Licence v3.0.