The Hyundai IONIQ 6 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 significant scrutiny over motor finance practices, particularly regarding
discretionary commission arrangements that may have impacted customers who financed their vehicles with these products.
How the Hyundai IONIQ 6 was Typically Financed
Hyundai IONIQ 6 owners often financed their purchases through PCP or HP agreements, which allowed them to make lower monthly payments by retaining a significant portion of the car's value at the end of the agreement. For instance, typical financing amounts ranged from £15,000 to £30,000 with terms spanning 36 to 48 months (FCA estimate). Common lenders providing finance for Hyundai IONIQ 6 included
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance.
In PCP agreements, a 'balloon payment' is typically required at the end of the term to own the car outright. This final payment can be substantial and is often based on an estimated value (EV) agreed upon when the finance agreement was set up. If this EV turned out to be too high or too low, it could affect customers’ ability to secure a good deal for their next vehicle.
The FCA Motor Finance Investigation
The FCA's investigation into motor finance practices uncovered that many lenders offered discretionary commissions to car dealerships and brokers based on the volume of PCP agreements they facilitated. This practice raised concerns about potential conflicts of interest, as it could incentivize dealers to push customers towards more expensive financing options rather than recommending the best-suited product for their needs.
During the investigation period, 12.1 million eligible agreements (FCA, March 2026) by these discretionary commission arrangements (FCA estimate). These agreements collectively involved a total amount of £7.5 billion (FCA, March 2026) in finance provided by various lenders (FCA estimate), with an average cost to consumers estimated at around £829 per agreement due to inflated interest rates and other charges (FCA estimate).
How to Check Your Agreement Look for any mention of discretionary commissions or similar terms that might indicate an arrangement between your lender and dealer. check if your agreement has a Discretionary Commission Agreement (DCA) reference.
The relevant dates to consider are from 6 April 2007 to 1 November 2024, during which the FCA was actively investigating these practices. If you financed your Hyundai IONIQ 6 within this timeframe and suspect that discretionary commissions may have affected your agreement, it is advisable to contact your lender directly for clarification.
If you believe your Hyundai IONIQ 6 finance agreement was negatively impacted by the FCA’s findings on motor finance mis-selling, you can complain directly to your lender without involving a
claims management company. Common lenders for Hyundai vehicles include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
When contacting these lenders, be sure to provide all relevant documentation such as copies of your original finance agreement and any correspondence with the dealership. Clearly outline why you believe your agreement was affected by discretionary commission arrangements and request a review based on this information. Remember that the lender is required to respond to your complaint in line with regulatory requirements.
You do not need a claims management company to pursue your case; many lenders offer free dispute resolution services through their customer service departments or via external organizations like the
Financial Ombudsman Service (
FOS) if necessary.
Sources and References
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics (ONS) Census, 2021
Based on 41,967 MOT tests conducted in 2024 (source: DVSA anonymised test data), the Hyundai Ioniq has a pass rate of 90.8%. This is above the national average of 79.6%, meaning the Ioniq performs well in MOT testing.
The Ioniq pass rate is better than the overall Hyundai average of 81.4%. The average mileage at MOT for this model is 57,782 miles.
- MOT pass rate: 90.8%
- MOT failure rate: 9.2%
- Tests analysed: 41,967 (2024 DVSA data)
- Average mileage at test: 57,782 miles
- Hyundai average pass rate: 81.4%
- National average pass rate: 79.6%
Data source: DVSA anonymised MOT test results 2024, published under the Open Government Licence v3.0.