The SsangYong Korando, a popular compact crossover SUV in the UK market, was commonly sold on
Personal Contract Purchase (PCP) and
Hire Purchase (HP) finance agreements during the period covered by the Financial Conduct Authority's (FCA) investigation into motor finance mis-selling practices from 6 April 2007 to 1 November 2024. This period saw numerous concerns raised about the way these financial products were sold, leading to a significant impact on car buyers across the country.
How the SsangYong Korando was Typically Financed
During the FCA investigation period, SsangYong dealerships frequently offered PCP and HP finance agreements for the Korando. These financing arrangements typically ranged from £15,000 to £30,000 with terms commonly lasting 36 to 48 months. Several lenders were active in providing these loans, including
Black Horse, Barclays Partner Finance,
Close Brothers Motor Finance,
MotoNovo Finance, and
Santander Consumer Finance.
PCP agreements for the Korando often included a balloon payment at the end of the term, which is an optional lump sum that must be paid if the customer wishes to own the vehicle outright. These payments were usually higher than what could reasonably be expected based on residual value estimates provided by dealerships during the sales process.
The FCA Motor Finance Investigation
The FCA launched a major investigation into motor finance practices after concerns were raised about
discretionary commission arrangements (DCAs). DCAs allowed car dealers to earn additional commissions beyond their basic fee when customers chose more expensive financial products, such as PCP deals with high interest rates or complex terms. This practice led to an estimated 12.1 million eligible agreements (FCA, March 2026) being affected across the UK market during the investigation period (FCA estimate), with a total of £7.5 billion (FCA, March 2026) in mis-sold finance deals and an average cost per customer of around £829 (FCA estimate).
How to Check Your Agreement Look for references to "discretionary commission" or "DCA," as these terms indicate that the dealer may have earned additional payments based on your chosen financing arrangement. The key dates to consider are from 6 April 2007 to 1 November 2024, which marks the timeframe of the investigation.
You should also check if you were offered a finance deal with higher interest rates or more complex terms than necessary for your needs. If any discrepancies arise, consult your agreement details and consider seeking advice from an independent financial advisor to understand your options fully.
If you suspect that your SsangYong Korando finance agreement was mis-sold due to DCAs or other unethical practices, the first step is to contact your lender directly. Common lenders for SsangYong include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
When you reach out to these lenders, provide them with evidence from your finance agreement that suggests mis-selling occurred. Be prepared to discuss the terms of your deal, any unusual charges or commissions paid by your dealership, and how this may have affected your monthly payments or overall cost of ownership.
You do not need a
claims management company to handle this process for you; it is possible-and often more efficient-to complain directly to your lender without involving third parties. This approach can save you time and money while ensuring that the complaint process remains straightforward and transparent.
Sources and References
- Financial Conduct Authority (FCA). (2024). FCA investigation into motor finance mis-selling.
- Office for National Statistics Census 2021
- Motor Finance Industry Association (MIFA)
Based on 6,675 MOT tests conducted in 2024 (source: DVSA anonymised test data), the SsangYong Korando has a pass rate of 75.4%. This is below the national average of 79.6%, meaning the Korando has a higher-than-average failure rate in MOT testing.
The Korando pass rate is in line with the overall SsangYong average of 76.7%. The average mileage at MOT for this model is 66,153 miles.
- MOT pass rate: 75.4%
- MOT failure rate: 24.6%
- Tests analysed: 6,675 (2024 DVSA data)
- Average mileage at test: 66,153 miles
- SsangYong average pass rate: 76.7%
- National average pass rate: 79.6%
Data source: DVSA anonymised MOT test results 2024, published under the Open Government Licence v3.0.