Is Hyundai Finance Affected by the FCA Review?
The Financial Conduct Authority (FCA) has reviewed Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements for various car manufacturers, including Hyundai. The review covers all Hyundai PCP and HP agreements issued from 6 April 2007 to 1 November 2024. This means that if you financed a Hyundai vehicle through these methods during this period, the FCA-estimated scheme average is £829 per eligible agreement.
Which Hyundai Models Are Affected?
The FCA's review includes popular models such as the Hyundai Tucson, i10, i20, i30, Kona, and Santa Fe. Any model of Hyundai that was financed through PCP or HP during the specified period is included in this review.
How Much Compensation Could You Get for Your Hyundai?
The average compensation amount for those affected by mis-selling under FCA schemes is £829, but actual amounts can vary depending on factors such as the commission paid to dealers and other relevant details of your agreement. Some cases may result in higher compensation.
To start a complaint about your Hyundai finance, you need to identify which lender provided the funding for your car purchase. This information is typically found on your contract or other paperwork received at the time of financing. Common lenders include:
- Hyundai Motor Group Finance: The parent company's own captive finance division.
- Black Horse: A subsidiary of Volkswagen Financial Services that often finances Hyundai vehicles.
- Santander: Another third-party lender frequently used by Hyundai dealerships.
- MotoNovo Finance Limited: Another provider for Hyundai financing arrangements.
Once you have identified the lender, write a formal complaint letter to them. Include your contract reference number and any relevant dates or details that might help substantiate your claim. Your lender should respond within eight weeks with either an offer of compensation or an invitation to escalate your case to the Financial Ombudsman Service (FOS).
Hyundai Finance Lenders
Hyundai dealerships commonly use a mix of captive and third-party finance companies when arranging PCP or HP agreements. The most common lenders are:
- Hyundai Motor Group Finance: This is the internal financing arm of Hyundai.
- Black Horse Finance: Often provides funding for Hyundai vehicles through partner dealerships.
- Santander Consumer Finance: A leading provider in automotive finance across multiple brands, including Hyundai.
- MotoNovo Finance Limited: Another well-known third-party lender that supports car purchases from Hyundai dealerships.
Two FCA Schemes and Deadlines
The FCA has established two schemes to address issues with PCP and HP agreements issued by manufacturers:
- Post-2014 Scheme: The deadline for making a claim is June 2026.
- Pre-2014 Scheme: Claims under this scheme must be submitted by August 2026. Both schemes cover agreements issued between April 2007 and November 2024.
In addition to the FCA schemes, there is a complaint deadline of 31 August 2027 for those who have not yet made a claim or received compensation through an FCA scheme. This ensures that all eligible customers can seek redress before the process closes permanently.
No, you do not need a claims management company to submit your Hyundai finance complaint. The Financial Conduct Authority has established clear guidelines and processes for consumers to follow directly. By following the steps outlined above, you can submit your claim yourself without incurring additional fees or delays.
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 859,958 MOT tests in 2024, Hyundai vehicles have an overall pass rate of 81.4%. This is close to the national average of 79.6%. DVSA data covers 111 Hyundai models with sufficient test volume.
- Overall pass rate: 81.4%
- Total MOT tests (2024): 859,958
- Models with data: 111
- National average: 79.6%
Best Hyundai models for MOT pass rate
- Hyundai Ioniq 5 Ultimate Ev: 96.1% pass rate (685 tests)
- Hyundai Ioniq 5 Premium Ev: 96.0% pass rate (1,895 tests)
- Hyundai Tucson Premium T-Gdi Hev Auto: 93.9% pass rate (2,277 tests)
- Hyundai Tucson Ultimate T-Gdi Hev Auto: 93.5% pass rate (3,011 tests)
- Hyundai Kona Premium T-Gdi Mhev: 93.5% pass rate (1,193 tests)
Hyundai models with lowest MOT pass rate
- Hyundai Terracan: 69.6% pass rate (1,195 tests)
- Hyundai Getz: 69.4% pass rate (21,988 tests)
- Hyundai Accent: 68.2% pass rate (1,826 tests)
- Hyundai Matrix: 67.9% pass rate (4,241 tests)
- Hyundai Coupe: 67.1% pass rate (6,791 tests)
Hyundai MOT Reliability Trend (2022-2024)
Hyundai MOT pass rates have declined slightly, from 82.1% in 2022 to 81.4% in 2024 (-0.7 percentage points).
- 2022: 82.1% pass rate (938,201 tests)
- 2023: 81.6% pass rate (976,462 tests)
- 2024: 81.4% pass rate (859,958 tests)
Based on 2,774,621 MOT tests across three years (DVSA open data).
Data source: DVSA anonymised MOT test results 2024, Open Government Licence v3.0.