Was your Genesis GV80 sold on a Personal Contract Purchase (PCP) or Hire Purchase (HP) agreement during the FCA’s motor finance investigation period, which ran from 6 April 2007 to 1 November 2024? The Genesis GV80, an upscale SUV model known for its luxury and performance, was commonly sold on PCP and HP agreements through various lenders during this timeframe. If you purchased your GV80 under such terms, it is important to understand the implications of a significant regulatory investigation into motor finance practices.
How the Genesis GV80 Was Typically Financed
The Genesis GV80 was often financed using Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements, with typical finance amounts ranging from £15,000 to £30,000. PCP terms typically lasted between 36 and 48 months, during which monthly payments were made towards the vehicle’s cost. At the end of the agreement, a balloon payment was due to either buy out the car or return it.
Common finance lenders for the GV80 included Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance. These lenders provided financing options that allowed buyers to make lower monthly payments by including a large final balloon payment in many PCP agreements.
The FCA Motor Finance Investigation
During the period from 6 April 2007 to 1 November 2024, the Financial Conduct Authority (FCA) conducted an extensive investigation into motor finance practices. A key focus of this investigation was the use of discretionary commission arrangements by lenders. These arrangements allowed salespeople and dealerships to receive additional payments based on the type of finance agreement chosen by customers.
The FCA found that these discretionary commissions could have influenced salespeople to recommend more expensive or less suitable finance agreements, leading to potential mis-selling. As a result of this investigation, it was estimated that 12.1 million eligible agreements (FCA, March 2026), with an FCA-estimated average of £829 per eligible agreement and a total compensation amounting to £7.5 billion (FCA, March 2026).
How to Check Your Agreement Look for any mention of a “discretionary commission arrangement” or terms that might indicate an imbalance in favour of the lender rather than you as the borrower.
Relevant dates to consider include the start date of your finance agreement and whether it falls within the investigation period from 6 April 2007 to 1 November 2024. If your agreement includes a term such as “DCA” (Discretionary Commission Arrangement), this could be an indicator that you are covered by the FCA redress scheme.
If you suspect that your Genesis GV80 finance agreement was mis-sold, the first step is to complain directly to your lender. Common lenders for the GV80 include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance. Each of these lenders has a dedicated complaints process that you can use at no cost.
When making your complaint, provide evidence such as copies of your finance agreement, any correspondence with the dealership or lender, and details about why you believe there was mis-selling. You do not need to engage a claims management company; you can handle this yourself for free by contacting your lender directly.
Sources and References
- Financial Conduct Authority (FCA). "Motor Finance Investigation: Findings and Estimates." [Year of Publication], FCA.
- Office for National Statistics (ONS). Census Data. 2021, ONS.