The Maserati MC20 is a high-performance sports car that 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 investigation uncovered widespread mis-selling practices in motor finance, particularly involving discretionary commission arrangements that benefitted both dealerships and lenders.
How the Maserati MC20 was Typically Financed
The Maserati MC20 is a car often purchased through PCP agreements, which typically range from £15,000 to £30,000. Common finance terms for these agreements are 36 to 48 months, with the final balloon payment (or Guaranteed Minimum Future Value) due at the end of the term. This structure allows customers to make lower monthly payments by deferring a significant portion of the total cost until the end of the agreement.
Several lenders commonly provided finance for Maserati MC20 purchases during this period, including Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance. Each lender had its own terms and conditions, but many agreements included provisions for early repayment penalties and restrictions on transferring the agreement to a new owner.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into motor finance arrangements in 2018, uncovering widespread mis-selling practices involving discretionary commission arrangements. These arrangements allowed dealerships to receive additional payments from lenders when customers took out certain types of finance agreements. As a result, the FCA estimated that 12.1 million eligible agreements were affected during the investigation period (FCA estimate), with an FCA-estimated average per eligible agreement of £829 (£829 average per eligible agreement) and a total amount of £7.5 billion (FCA, March 2026) (£7.5 billion (FCA, March 2026) total).
The investigation revealed that many customers who purchased their Maserati MC20 on PCP or HP agreements may have been charged more than necessary due to these discretionary commission arrangements. This could mean that the monthly payments, interest rates, or overall cost of the finance agreement were higher than they should have been.
How to Check Your Agreement Look for any references to discretionary commissions or early repayment penalties in your contract. check if there is a term that mentions "DCA" (Discretionary Commission Arrangement) or similar wording.
Relevant dates are also crucial: finance agreements signed between 6 April 2007 and 1 November 2024 may be affected by the FCA investigation. If you have any doubts, it is advisable to contact your lender directly for clarification.
If you suspect that your Maserati MC20 finance agreement was mis-sold due to discretionary commission arrangements, you can complain directly to your lender without the need for a
claims management company. Common lenders for Maserati MC20 purchases include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
When lodging a complaint with your lender, provide detailed evidence of any discrepancies or unfair practices you have identified in your finance agreement. This could include documentation showing higher-than-necessary interest rates or unexpected charges. It is important to follow the lender's complaints process carefully and submit all necessary information to support your case.
You can complain directly to your lender for free without needing a claims management company. The FCA requires lenders to handle such complaints promptly and fairly, ensuring that customers receive appropriate redress when mis-selling is identified.
Sources and References
- Financial Conduct Authority (FCA) investigation into motor finance arrangements (2018)
- Financial Ombudsman Service (FOS) guidance on motor finance disputes
- FCA estimates: 12.1 million eligible agreements (FCA, March 2026), £7.5 billion (FCA, March 2026) total, £829 average per eligible agreement refund