Is Mitsubishi Finance Affected by the FCA Review?
The Financial Conduct Authority (FCA) has conducted a review of Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements for cars sold from 6 April 2007 to 1 November 2024. This includes all Mitsubishi PCP and HP deals during this period, regardless of the model or financing company involved.
The FCA's review covers over 12.1 million car finance agreements across various manufacturers, including Mitsubishi Motors. The total value of these agreements exceeds £7.5 billion, with an average compensation amount of £829 per agreement.
Which Mitsubishi Models Are Affected?
The FCA review affects all popular Mitsubishi models that were financed through PCP or HP during the specified period:
- Mitsubishi Outlander: A versatile SUV with a wide range of trim levels and powertrain options.
- ASX: A compact SUV ideal for urban driving, offering good fuel economy and space efficiency.
- L200: A popular pick-up truck known for its durability and versatility in various terrains.
- Eclipse Cross: A crossover SUV that combines the styling of a hatchback with the practicality of an SUV.
Any PCP or HP agreement for these models is covered under the FCA redress scheme, which aims to compensate customers who may have been mis-sold their finance agreements.
How Much Compensation Could You Get for Your Mitsubishi?
The average compensation amount for affected Mitsubishi finance agreements is £829. However, this figure can vary based on the specifics of your agreement and the commission paid to dealers during the time of sale.
If you believe that you were mis-sold a PCP or HP agreement for any of these models, it's important to check if you qualify for compensation under the FCA scheme. The amount you may receive depends on several factors, such as the terms of your finance contract and how it was marketed at the time.
If you believe that you were mis-sold a car finance agreement for your Mitsubishi vehicle, here's what you should do:
- Identify Your Lender: Check the paperwork from when you financed your car to determine who provided the finance. It could be Mitsubishi Motors Finance or another lender like Black Horse, Santander, or MotoNovo.
- Contact Your Lender Directly: Write a formal complaint letter to the finance company detailing why you believe the agreement was mis-sold and any relevant documentation supporting your claim.
- Wait for Their Response: The lender should respond within eight weeks. If they don't, or if their response is unsatisfactory, you can escalate your complaint to the Financial Ombudsman Service (FOS).
The FCA requires lenders to review and potentially compensate affected customers before a certain deadline. You should act promptly and follow these steps to ensure you have a chance at receiving fair compensation.
Mitsubishi Finance Lenders
When purchasing a Mitsubishi vehicle through finance, the deals are often handled by Mitsubishi Motors captive finance company or third-party lenders such as:
- Mitsubishi Motors Finance: The in-house financing arm of Mitsubishi Motors.
- Black Horse: A subsidiary of Toyota Financial Services that offers car finance options for a variety of manufacturers, including Mitsubishi.
- Santander: One of the UK's largest lenders offering competitive PCP and HP agreements.
- MotoNovo Finance: Another major player in the automotive financing sector that collaborates with various car brands.
Regardless of which finance company provided your agreement, you are covered by the FCA redress scheme. if your Mitsubishi was financed under a PCP or HP contract during the specified period.
Two FCA Schemes and Deadlines
The FCA has established two main redress schemes:
- Post-2014 Scheme Deadline: June 2026: If your finance agreement was entered into after April 2014, you must submit a claim by this date.
- Pre-2014 Scheme Deadline: August 2026: For agreements made between April 2007 and April 2014, the deadline is later in the year.
In addition to these specific deadlines for submitting claims, there is an overall complaint deadline of 31 August 2027. After this date, you will no longer be eligible to claim compensation through the FCA scheme or any other formal channels.
Do You Need a Claims Company?
No, you do not need a claims management company (CMC) to pursue your Mitsubishi car finance claim. The process is straightforward and can be handled directly with your finance provider.
CMCs often charge high fees for their services and may offer little additional value beyond what you could achieve on your own. By filing a complaint yourself, you avoid these costs and retain full control over the process.
To find out how to complain directly, gather all relevant documentation from when you purchased your Mitsubishi vehicle and contact the finance provider directly to initiate the redress procedure. If necessary, escalate your case through the Financial Ombudsman Service (FOS) for a fair resolution.
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 302,164 MOT tests in 2024, Mitsubishi vehicles have an overall pass rate of 79.8%. This is close to the national average of 79.6%. DVSA data covers 64 Mitsubishi models with sufficient test volume.
- Overall pass rate: 79.8%
- Total MOT tests (2024): 302,164
- Models with data: 64
- National average: 79.6%
Best Mitsubishi models for MOT pass rate
- Mitsubishi Asx Exceed 4X4 Cvt: 92.8% pass rate (726 tests)
- Mitsubishi Outlander Exceed Phev Cvt: 92.8% pass rate (922 tests)
- Mitsubishi Eclipse Cross Exceed 4X4 Cvt: 91.4% pass rate (918 tests)
- Mitsubishi Asx Dynamic: 91.3% pass rate (782 tests)
- Mitsubishi Outlander Exceed Cvt: 90.4% pass rate (1,525 tests)
Mitsubishi models with lowest MOT pass rate
- Mitsubishi L200 Double Cab: 69.5% pass rate (10,813 tests)
- Mitsubishi Shogun Pinin: 67.2% pass rate (1,462 tests)
- Mitsubishi Carisma: 67.0% pass rate (871 tests)
- Mitsubishi Grandis: 66.6% pass rate (1,178 tests)
- Mitsubishi Space Star: 62.7% pass rate (1,462 tests)
Mitsubishi MOT Reliability Trend (2022-2024)
Mitsubishi pass rates have remained stable: 79.8% in 2022, 79.9% in 2023, and 79.8% in 2024.
- 2022: 79.8% pass rate (356,208 tests)
- 2023: 79.9% pass rate (350,691 tests)
- 2024: 79.8% pass rate (302,164 tests)
Based on 1,009,063 MOT tests across three years (DVSA open data).
Data source: DVSA anonymised MOT test results 2024, Open Government Licence v3.0.