The Genesis GV70 Electrified was commonly sold on Personal Contract Purchase (PCP) and Hire Purchase (HP) finance agreements during the Financial Conduct Authority's (FCA) investigation period, which ran from 6 April 2007 to 1 November 2024. This period saw a significant number of car buyers entering into potentially unfair motor finance deals.
How the Genesis GV70 Electrified was Typically Financed
The Genesis GV70 Electrified, often financed through PCP or HP agreements, typically carried financing amounts ranging from £15,000 to £30,000. Common lenders for the GV70 Electrified included
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance. These finance deals often featured a final balloon payment or Guaranteed Minimum Future Value (GMFV) at the end of the contract term, which could be challenging to meet for some borrowers.
The FCA Motor Finance Investigation
The FCA launched an investigation into motor finance agreements due to widespread concerns about
discretionary commission arrangements between dealers and lenders. These practices potentially led to inflated interest rates and mis-selling, affecting 12.1 million eligible agreements (FCA, March 2026) with a total of £7.5 billion (FCA, March 2026). On average, each affected agreement could have resulted in an overpayment of around £829 (FCA estimate).
How to Check Your Agreement Agreement Terms: Look for any indications that your loan originated from a dealer or lender known to be involved in discretionary commission arrangements.
- Relevant Dates: Ensure that your agreement falls within the critical period (6 April 2007 to 1 November 2024). This is when many finance deals were potentially mis-sold due to inflated interest rates.
- DCA Labeling: Check if your agreement mentions "Discretionary Commission Arrangements" or any similar terms that indicate the dealer was compensated based on the loan amount rather than service quality.
If you suspect that your Genesis GV70 Electrified finance deal was mis-sold due to discretionary commission arrangements, you can complain directly to your lender. Common lenders such as Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance all have dedicated teams to handle complaints.
- Gather Documentation: Collect all relevant documents including your finance agreement, payment receipts, and any communication with the dealer or lender.
- Contact Your Lender: Reach out to the customer service department of your lender via phone, email, or through their website's contact form.
- Explain Your Concerns: Clearly outline why you believe your finance deal was mis-sold. Refer to specific sections in your agreement that might indicate discretionary commission arrangements.
you do not need a claims management company to handle your complaint. You can initiate the process yourself and seek free assistance from your lender.
Sources and References
- Financial Conduct Authority (FCA) estimates on affected agreements, total value, and average overpayment.
- FOS guidance for finance agreement complaints.