The Porsche Taycan Cross Turismo, a versatile electric vehicle with all-wheel drive capability, 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. The FCA's investigation uncovered widespread mis-selling issues within motor finance arrangements, affecting millions of consumers across the UK.
How the Porsche Taycan Cross Turismo was Typically Financed
During the investigation period, the Porsche Taycan Cross Turismo was often financed through Personal Contract Purchase (PCP) or Hire Purchase (HP) agreements. PCP terms typically ranged from 36 to 48 months with a typical finance amount of £15,000-£30,000. Common lenders for Porsche vehicles include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
PCP agreements usually involve balloon payments at the end of the term, which can be a significant financial burden if not planned for adequately. These balloon payments represent the remaining value of the vehicle that you would need to pay off or refinance in order to keep the car beyond the initial finance agreement.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into motor finance mis-selling, which uncovered significant issues with discretionary commission arrangements between lenders and dealerships. According to the FCA estimate, 12.1 million eligible agreements (FCA, March 2026) by these practices over the period from 6 April 2007 to 1 November 2024. The total financial impact of this mis-selling was estimated at £7.5 billion (FCA, March 2026), with an FCA-estimated average of £829 per eligible agreement.
The investigation found that some dealerships were incentivised by higher commission rates for recommending more expensive finance deals to customers, which often included unnecessary add-ons and inflated interest rates. This resulted in consumers paying far more than they should have for their Porsche Taycan Cross Turismo financing.
How to Check Your Agreement
- Commission Arrangements: Look for any indication in your contract documentation about discretionary commissions or incentives paid by the lender to the dealership. Terms like "DCA" (Discretionary Commission Agreement) might be mentioned.
It's important to review your finance agreement thoroughly, as mis-selling may have resulted in higher interest rates and unnecessary add-ons that increased the overall cost of your Porsche Taycan Cross Turismo.
If you suspect your finance agreement is affected by the FCA investigation, it's important to take action. You do not need a claims management company to help you; you can complain directly to your lender at no cost. Common lenders for Porsche vehicles include:
- Black Horse
- Barclays Partner Finance
- Close Brothers Motor Finance
- MotoNovo Finance
- Santander Consumer Finance
When contacting your lender, provide detailed information about the issues you have identified in your finance agreement and any relevant documentation that supports your claim. Your lender is required by law to respond to your complaint promptly and fairly.
Sources and References
This article references data from:
- Financial Conduct Authority (FCA), 2024
- Office for National Statistics Census 2021