Renault Car Finance Claims - PCP and HP Mis-Selling Guide

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Renault Car Finance Claims - PCP and HP Mis-Selling Guide

Last updated: 28 February 2026

Renault vehicles were commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the period from 6 April 2007 to 1 November 2024. This timeframe saw a significant investigation by the Financial Conduct Authority (FCA), which affected millions of car finance agreements across the industry, including those for Renault vehicles. According to the FCA's estimates, 12.1 million eligible agreements (FCA, March 2026) potentially impacted, with total overcharges amounting to £7.5 billion, averaging around £829 per customer (FCA estimate).

How Renault Vehicles Are Typically Financed

When purchasing a Renault vehicle on finance, customers often choose between Personal Contract Purchase (PCP) and Hire Purchase (HP). These agreements are commonly provided by various lenders including RCI Financial Services (Mobilize Financial Services), Black Horse, and MotoNovo Finance. PCP allows drivers to make lower monthly payments initially with the option to pay a final balloon payment to own the car at the end of the agreement or return it. HP, on the other hand, requires full repayment of the loan amount over a set period, usually with higher monthly payments.

The FCA Motor Finance Investigation and Renault Owners

The FCA investigation focused on discretionary commission arrangements (DCAs), which were financial incentives paid to car dealers by lenders for steering customers towards specific finance deals. This practice was widespread across the industry during the 6 April 2007 to 1 November 2024 period, affecting millions of consumers, including those who financed their Renault vehicles through RCI Financial Services (Mobilize Financial Services), Black Horse, and MotoNovo Finance. The investigation found that these DCAs often resulted in customers being overcharged for car finance agreements. According to the FCA's figures, an estimated £7.5 billion was overcharged across 12.1 million eligible agreements (FCA, March 2026), averaging around £829 per customer (FCA estimate).

How to Check Your Agreement

Date Range: The period of interest is from 6 April 2007 to 1 November 2024. Only agreements within this timeframe are eligible for redress under the FCA's scheme.
Lender Identification: Verify which lender provided your finance agreement. Common lenders for Renault include RCI Financial Services (Mobilize Financial Services), Black Horse, and MotoNovo Finance.

Which Lenders Provided Finance for Renault?

RCI Financial Services (Mobilize Financial Services)

RCI Financial Services, now known as Mobilize Financial Services, is a well-established provider of car finance. They offer various financing options to customers purchasing or leasing Renault vehicles. Historically, they have been involved in the DCAs that led to overcharging during the FCA investigation period.

Black Horse

Black Horse is another prominent lender for Renault cars. Known for offering both PCP and HP agreements, Black Horse played a significant role in providing finance solutions to Renault buyers. Like other lenders, their practices were scrutinized by the FCA due to concerns about DCAs leading to inflated interest rates.

MotoNovo Finance

MotoNovo Finance is another major provider of car finance for Renault vehicles. They offer competitive financing terms and flexible repayment options. During the period under investigation by the FCA, MotoNovo was also implicated in the use of DCAs that affected customers' agreements.

How to Complain Directly to Your Lender for Free

If you believe your Renault finance agreement was overcharged due to a DCA, you can complain directly to your lender for free without needing to engage with a claims management company. For RCI Financial Services (Mobilize Financial Services), Black Horse, and MotoNovo Finance, the process involves submitting detailed evidence of your agreement and any concerns about overcharging. You should gather all relevant documents such as loan agreements, correspondence with the lender, and proof of payments made during the affected period. Once you have compiled this information, contact the lender's customer service or complaints department to initiate a formal complaint. Remember: "You can complain directly to your lender for free - you do not need a claims management company."

What Compensation Could Renault Owners Receive?

Based on the FCA's estimates, Renault owners could be covered by the FCA redress scheme. ranging from £829 on average (FCA estimate). The exact amount of compensation will depend on several factors including:

Interest Rate Difference: Higher interest rates charged compared to market norms.
Term and Amount Financed: Longer terms or larger amounts financed may result in higher overcharges.

The FCA's redress scheme aims to provide fair and swift resolution for affected customers, ensuring they receive appropriate compensation based on their individual circumstances.

Escalating to the Financial Ombudsman Service

If your complaint is not resolved satisfactorily after 8 weeks or if you disagree with the lender’s decision, you can escalate your case to the Financial Ombudsman Service (FOS) for free. The FOS provides an independent service for resolving disputes between consumers and financial services firms. They will review your case based on fair treatment principles and issue a binding decision.

Timeline

The timeline for receiving compensation under the FCA redress scheme can vary depending on individual cases, but generally:

Initial Investigation: Lenders are required to investigate complaints thoroughly within 8 weeks.
FOS Escalation: If unresolved, you can escalate your case to the FOS.
Redress Scheme Implementation: The FCA’s redress scheme will process complaints systematically, aiming to provide fair compensation to affected customers.

Sources and References

Financial Conduct Authority (FCA). "FCA Redress Scheme for Motor Finance." [Accessed 2024].
ONS Census. UK Population Estimates. [Accessed 2021].
Key FCA Figures

The FCA confirmed on 30 March 2026: 12.1 million eligible agreements, £829 average compensation per agreement, £7.5 billion total redress at 75% consumer uptake, and £9.1 billion total cost to firms. The scheme covers agreements from 6 April 2007 to 1 November 2024. Two deadlines apply: 30 June 2026 for post-2014 agreements and 31 August 2026 for pre-2014. Final complaint deadline: 31 August 2027.

You can complain to your lender directly for free. You do not need a claims management company.

--- MLJ.org.uk (mlj.org.uk) is a free, independent information service. We are not a claims management company, solicitor, law firm, or financial adviser. We do not handle complaints, process claims, charge fees, or accept any percentage of compensation. This information does not constitute legal or financial advice. You can complain to your lender directly for free. You do not need a claims management company. If your lender rejects your complaint, you can escalate to the Financial Ombudsman Service at no cost. For personalised legal or financial advice, consult a qualified professional.

Frequently Asked Questions

How many Renault PCP agreements have been mis-sold?

According to the FCA estimate, 12.1 million eligible agreements were potentially mis-sold between June 2006 and December 2019. This includes a significant number of Renault PCP contracts.

What is a discretionary commission arrangement (DCA) in Renault car finance?

A Discretionary Commission Arrangement (DCA) is when a lender pays an intermediary a commission based on the type and volume of loans they originate. In the context of Renault PCP agreements, this can sometimes lead to inappropriate sales practices.

Can I complain directly to Renault for mis-sold car finance without paying fees?

Yes, you can complain directly to Renault about a potential mis-sale of your PCP or HP agreement at no cost. You do not need to use the services of a claims management company.

What is the Financial Ombudsman Service (FOS) and how does it relate to Renault car finance?

The Financial Ombudsman Service (FOS) is an independent body that can investigate disputes between consumers and financial service providers, including lenders like Renault. If you have a complaint about mis-sold Renault PCP or HP agreements, and the lender's response does not satisfy you, you may escalate your case to the FOS.

What does the FCA scheme cover

The amount of compensation varies based on individual circumstances but can include interest payments, fees, and other financial losses incurred due to the mis-sale. The average repayment per successful claim related to car finance is £829 (FCA estimate).

Important: MLJ.org.uk is an independent information resource. We are not a claims management company, solicitor, law firm, or financial adviser. We do not process claims, take fees, or provide advice. Where the law gives you a right to complain or claim directly (to a lender, council, FOS, court, or regulator), you can do so without paying a third party. MLJ.org.uk is operated by Copious Ltd, registered in England and Wales, company number 11437826.