The Mazda MX-5, a beloved two-seater sports car known for its agility and affordability, was frequently sold on
Personal Contract Purchase (PCP) and
Hire Purchase (HP) finance agreements during the period from 6 April 2007 to 1 November 2024. During this timeframe, many car buyers who financed their MX-5 through these arrangements may have been affected by mis-selling practices identified in a Financial Conduct Authority (FCA) investigation.
How the Mazda MX-5 was Typically Financed
The typical finance amount for purchasing a new or used Mazda MX-5 ranged from £15,000 to £30,000. Popular financing options included Personal Contract Purchase (PCP), which often came with terms of 36 to 48 months, and Hire Purchase (HP). Common lenders who provided finance for the MX-5 during this period included
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance.
In a PCP agreement, borrowers make monthly payments while retaining ownership of the car until they reach an end-of-term decision. This decision can involve returning the vehicle or paying off any remaining balance plus a balloon payment to own it outright. Balloon payments, which are typically larger than regular monthly payments, are often a significant factor in determining whether a PCP agreement is suitable for a borrower.
The FCA Motor Finance Investigation
In its investigation into motor finance agreements between 6 April 2007 and 1 November 2024, the Financial Conduct Authority (FCA) found that many car buyers were affected by mis-selling practices. These issues stemmed from
discretionary commission arrangements that may have incentivised lenders to push more expensive or less suitable products onto consumers.
The FCA investigation uncovered a significant number of affected agreements: an estimated 12.1 million eligible agreements contracts (FCA estimate), involving a total of £7.5 billion (FCA, March 2026) in loans (FCA estimate). The average mis-sold amount per agreement was approximately £829 (FCA estimate).
How to Check Your Agreement Key indicators include:
1.
Date of Agreement: Ensure that your finance contract was signed between 6 April 2007 and 1 November 2024.
2.
Discretionary Commission Arrangements (DCA): Look for any mention of DCA or similar terms within the documentation. This can indicate a potential issue related to mis-selling.
If you believe your finance agreement may have been affected by the FCA's findings, it is important to complain directly to your lender without involving any
claims management company. Common lenders for Mazda MX-5 financing include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
Here are the steps you can take:
1.
Gather Documentation: Collect all relevant documents related to your finance agreement.
2.
Contact Your Lender: Reach out to your lender's customer service department or dedicated complaints team.
3.
Submit a Formal Complaint: Provide detailed information about why you believe your agreement was mis-sold, including any evidence that supports this claim.
You do not need a claims management company for this process; the
Financial Ombudsman Service (
FOS) can assist if your lender does not respond satisfactorily to your complaint. The FOS is an independent body that provides free and impartial help in resolving disputes between consumers and financial service providers.
Sources and References
- Financial Conduct Authority (2024)
- Office for National Statistics Census 2021
Based on 10,444 MOT tests conducted in 2024 (source: DVSA anonymised test data), the Mazda 5 has a pass rate of 67.9%. This is below the national average of 79.6%, meaning the 5 has a higher-than-average failure rate in MOT testing.
The 5 pass rate is slightly below the overall Mazda average of 80.2%. The average mileage at MOT for this model is 104,672 miles.
- MOT pass rate: 67.9%
- MOT failure rate: 32.1%
- Tests analysed: 10,444 (2024 DVSA data)
- Average mileage at test: 104,672 miles
- Mazda average pass rate: 80.2%
- National average pass rate: 79.6%
Data source: DVSA anonymised MOT test results 2024, published under the Open Government Licence v3.0.