The Abarth 124 Spider, a sporty roadster known for its distinctive design and performance, was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period from 6 April 2007 to 1 November 2024. This period saw a significant number of motor finance agreements being scrutinised for potential mis-selling practices.
How the Abarth 124 Spider was Typically Financed
The Abarth 124 Spider was typically financed through Personal Contract Purchase (PCP) and Hire Purchase (HP) arrangements, with average loan amounts ranging from £15,000 to £30,000. PCP agreements for the Abarth 124 Spider usually spanned a term of 36 to 48 months, providing flexible end-of-term options such as returning the car or opting for a final balloon payment to secure ownership.
Common finance providers for the Abarth 124 Spider included Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance. These lenders often structured PCP agreements with end-of-term options that required significant balloon payments to exercise the purchase option or return the vehicle without incurring additional costs.
The FCA Motor Finance Investigation
During its investigation into motor finance practices from 6 April 2007 to 1 November 2024, the FCA found widespread issues with
discretionary commission arrangements between dealers and lenders. These arrangements potentially led to customers being sold more expensive PCP agreements than necessary, often resulting in higher interest rates and larger balloon payments.
The investigation concluded that 12.1 million eligible agreements were affected (FCA estimate), involving a total of £7.5 billion (FCA, March 2026). On average, each mis-sold agreement resulted in an overpayment of around £829 (FCA estimate).
How to Check Your Agreement Look for terms like "DCA" (Discretionary Commission Arrangement) in your paperwork.
If your PCP agreement involves a significant balloon payment at the end of the term and was arranged during the specified period, it is advisable to check with your lender if there were any irregularities or mis-selling practices involved.
You do not need a
claims management company to handle your complaint. Common lenders such as Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance have dedicated teams to address customer complaints regarding mis-sold finance agreements.
To start the process, contact your lender directly through their customer service line or online platform. Provide them with detailed information from your original finance agreement and any relevant documentation that supports your claim of potential mis-selling practices.
You can complain directly to your lender for free and seek a resolution without engaging third-party services. If you are unsatisfied with the outcome, you may escalate your complaint to the Financial Ombudsman Service (FOS) at no additional cost.
Sources and References
- FCA estimates on affected agreements: 12.1 million eligible agreements (FCA, March 2026)
- Total mis-selling amount: £7.5 billion (FCA, March 2026)
- Average overpayment per agreement: £829 (FCA estimate)