The SsangYong Torres 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, which ran from 6 April 2007 to 1 November 2024. This investigation uncovered significant issues with discretionary commission arrangements that affected millions of customers across various car brands, including SsangYong.
How the SsangYong Torres was Typically Financed
The SsangYong Torres was typically financed through Personal Contract Purchase (PCP) and Hire Purchase (HP) agreements. Common finance amounts ranged from £15,000 to £30,000, with typical PCP terms lasting 36 to 48 months. The most common lenders for SsangYong Torres were Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
PCP agreements often included a final balloon payment or option-to-purchase fee at the end of the term, which could be a significant amount depending on the initial finance agreement terms. It is important for SsangYong Torres owners to carefully review their finance documentation to understand the full extent of their financial obligations throughout the contract period.
The FCA Motor Finance Investigation
The Financial Conduct Authority (FCA) launched an investigation into motor finance agreements due to concerns about discretionary commission arrangements that may have led to unfair or misleading sales practices. According to the FCA, 12.1 million eligible agreements (FCA, March 2026) by these issues during the investigation period (FCA estimate). The total value of mis-sold motor finance agreements was estimated at £7.5 billion (FCA, March 2026), with an FCA-estimated average of £829 per eligible agreement.
The FCA's investigation revealed that car dealers and lenders may have offered incentives to sales staff based on the volume or type of finance agreements sold, which could have influenced the advice given to customers. This led to concerns about whether customers were adequately informed about their options, including the potential risks associated with certain types of financing.
How to Check Your Agreement Discretionary commission arrangements could have been indicated by terms such as “DCA” (Discretionary Commission Arrangement) or similar language within your contract.
Relevant dates to consider include agreements that were signed between 6 April 2007 and 1 November 2024, which are the boundaries of the FCA’s investigation period. It is crucial to review your finance agreement thoroughly and note any clauses related to commissions paid to sales staff or financial incentives tied to the type of finance agreement you chose.
If you believe that your SsangYong Torres finance agreement was affected by unfair practices, you can complain directly to your lender without incurring any costs. Common lenders providing financing for SsangYong Torres include Black Horse, Barclays Partner Finance, Close Brothers Motor Finance, MotoNovo Finance, and Santander Consumer Finance.
You do not need a claims management company to handle your complaint; many car owners have successfully resolved their issues directly with their finance provider. When making a complaint, ensure you gather all relevant documentation such as the original contract, correspondence with the lender, and any evidence of unfair practices or misleading information provided during the sale process.
Sources and References
- Financial Conduct Authority (FCA). "Motor Finance Market Study: Final Report." FCA, 2024.
- Office for National Statistics (ONS) Census. "Car Ownership Trends in the UK." ONS, 2021.
- Financial Ombudsman Service (FOS). "Guidance on Motor Finance Disputes." FOS, 2023.